Tetra Tech: Q2 Results
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Tetra Tech, Inc. (TTEK) announced results for the fiscal 2016 second quarter ended March 27, 2016.
The following presents results from ongoing operations1 with year-over-year comparisons on a constant currency basis. Revenue in the quarter was $617 million, and revenue, net of subcontractor costs2 (net revenue), was $476 million, up 15% and 14%, respectively, in the second quarter of fiscal 2016 compared to the same period in fiscal 2015. Operating income was $35 million and diluted earnings per share (EPS) were $0.37, up 29% and 36%, respectively, compared to the second quarter of fiscal 2015. Backlog of $2.1 billion was up 18% year over year.
Quarterly Dividend and Share Repurchase Program
On April 25, 2016, Tetra Tech’s Board of Directors declared a 13% increase in the quarterly dividend, raising it to $0.09 per share payable on May 27, 2016 to stockholders of record as of May 13, 2016. Additionally, the Company has $50 million remaining under the previously approved $200 million share repurchase program.
Comments on Results
Tetra Tech’s Chairman and CEO Dan Batrack commented, “Tetra Tech delivered strong results for the second quarter of fiscal 2016 with 36% EPS growth driven by a wide range of commercial, municipal and international development projects globally. Backlog increased to more than $2.1 billion, providing Tetra Tech a solid base for future growth. In addition to strong performance in our ongoing operations, our recent acquisitions have also advanced our growth strategy. Since the addition of Coffey this January, we have already begun to realize the benefit of our combined platforms, particularly in international development. In the second quarter, we further expanded our smart water and federal IT growth strategies through the acquisition of INDUS.”
Revenue for the six-month period was $1.16 billion and net revenue was $890 million. Operating income for the six-month period was $74 million and EPS were $0.79.
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 2016 to be in the range of $0.47 to $0.52. Net revenue for the third quarter is expected to range from $475 million to $525 million. For the fiscal year 2016, diluted EPS is expected to range from $1.80 to $1.95, and net revenue is expected to range from $1.8 billion to $2.0 billion. Cash EPS3 is expected to range from $2.70 to $3.00 for the full year.
About Tetra Tech
Tetra Tech is a leading provider of consulting and engineering services. For 50 years, the Company has supported commercial and government clients focused on water, environment, infrastructure, resource management, energy, and international development. With 16,000 staff worldwide, Tetra Tech provides clear solutions to complex problems. For more information about Tetra Tech, please visit tetratech.com