Tetra Tech: Q2 Results

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PASADENA, California - Tetra Tech, Inc. (TTEK) announced results for the second quarter ended March 29, 2015.

Second Quarter Results

Revenue in the quarter was $564.8 million and revenue, net of subcontractor costs1, was $432.8 million. Revenue and revenue, net of subcontractor costs, in the quarter were both up 3% compared to the prior year, excluding the wind-down of the Remediation and Construction Management (“RCM”) segment and the impact from foreign currency translation. Operating income was $30.4 million and diluted earnings per share (EPS) were $0.31. Operating income adjusted for non-operational items2 in the quarter compared to last year’s second quarter was up 26%, and EPS from operations2 were up 45% compared to the second quarter of fiscal 2014. Cash generated from operations was $19.3 million, up 33% compared to last year’s second quarter.

Quarterly Dividend and Share Repurchase Program

On April 27, 2015, Tetra Tech’s Board of Directors declared a 14% increase in the quarterly dividend, raising it to $0.08 per share payable on May 29, 2015 to shareholders of record as of May 14, 2015. Additionally, in the second quarter, the Company spent an additional $48.6 million of the approved $200 million share repurchase program. For the first half of fiscal 2015, Tetra Tech has returned $77.4 million to its shareholders through share repurchases and dividends.

Tetra Tech’s Chairman and CEO, Dan Batrack commented, “Tetra Tech had a solid second quarter, which reflects the strength in our water, environment and energy business. We continue to see a strong volume of orders and contract wins, which resulted in an 11% increase in backlog in our on-going operations on a constant currency basis. We are focused on advancing our strategic growth plan, as demonstrated by our announced acquisition of Cornerstone Environmental Group, in addition to returning capital to our shareholders through share repurchases and dividends.”

Six-Month Results

Revenue for the six-month period was $1.1 billion and revenue, net of subcontractor costs, was $869.8 million. Operating income for the six-month period was $67.0 million and EPS were $0.71. Cash generated from operations was $24.8 million.

 Business Outlook

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 EPS for the third quarter of fiscal 2015 to be in the range of $0.40 to $0.44. Revenue, net of subcontractor costs, for the third quarter is expected to range from $420 million to $470 million. For fiscal 2015, EPS guidance is now expected to range from $1.60 to $1.70, and cash EPS3 guidance is expected to range from $2.30 to $2.55. Revenue, net of subcontractor costs, for fiscal 2015 guidance is expected to range from $1.70 billion to $1.85 billion.

 About Tetra Tech (www.tetratech.com)

Tetra Tech is a leading provider of consulting, engineering, program management, and construction management services. The Company supports commercial and government clients focused on water, environment, infrastructure, resource management, and energy. With 13,000 staff worldwide, Tetra Tech provides clear solutions to complex problems.
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