Tetra Tech: Q2 Results
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Tetra Tech, Inc. (TTEK) announced results for the second quarter ended April 2, 2017.
Second Quarter Results
Revenue in the second quarter totaled $664 million, up 6% year-over-year. For ongoing1 operations, revenue, net of subcontractor costs2 (net revenue), was $516 million, up 8% compared to the same period in fiscal 2016. Operating income for the second quarter was $43 million, and on an ongoing basis totaled $44 million, up 27% year-over-year. Earnings per share (EPS) were $0.46, and on an ongoing basis totaled $0.48, up 30% year-over-year. Backlog from our ongoing operations of $2.5 billion was up 18% year-over-year. Cash generated from operations was $109.1 million.
Quarterly Dividend and Share Repurchase Program
On May 1, 2017, Tetra Tech’s Board of Directors declared an 11% increase in the quarterly dividend, raising it to $0.10 per share payable on June 2, 2017 to stockholders of record as of May 18, 2017. Additionally, the Company has $180 million remaining under the previously approved $200 million share repurchase program. The Company anticipates expending $100 million in share repurchases in fiscal year 2017, of which $20 million was completed in the first six months.
Comments on Results
Tetra Tech’s Chairman and CEO, Dan Batrack commented, “Tetra Tech generated solid results for the second quarter, exceeding our quarterly guidance for both net revenue and EPS. Our performance this quarter was driven by broad-based growth across most of our end-markets, which resulted in our fifth consecutive quarter of backlog increase. Our Company continues to benefit from our technical leadership positions with our U.S. federal clients, specifically with the Department of Defense, and in U.S. state and local infrastructure markets, which contributed to our record high backlog. Given this trend and the strength of our six-month results, we are increasing our guidance for fiscal 2017.”
Revenue for the six-month period was $1.3 billion and net revenue was $1.0 billion. Operating income for the six-month period was $83 million and EPS was $0.92. On an ongoing basis, EPS totaled $0.97, up 23% year-over-year. Cash generated from operations was $50.4 million, up 67% year-over-year.
The following statements are based on current expectations. These statements are forward-looking and the actual results could differ materially. These statements do not include the potential impact of transactions that may be completed or developments that become evident after the date of this release. The Business Outlook section should be read in conjunction with the information on forward-looking statements at the end of this release.
Tetra Tech expects diluted EPS for the third quarter of fiscal 2017 to range from $0.50 to $0.55. Net revenue for the third quarter is expected to range from $510 million to $540 million. For fiscal 2017, Tetra Tech is increasing guidance and now expects ongoing diluted EPS to range from $2.10 to $2.25 and net revenue to range from $2.05 billion to $2.10 billion.
About Tetra Tech
Tetra Tech is a leading, global provider of consulting and engineering services. We are differentiated by Leading with Science to provide innovative technical solutions to our clients. We support global commercial and government clients focused on water, environment, infrastructure, resource management, energy, and international development. With 16,000 associates worldwide, Tetra Tech provides clear solutions to complex problems. For more information about Tetra Tech, please visit tetratech.com