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Tetra Tech: Q3 Results
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PASADENA, California - Tetra Tech, Inc. (NASDAQ: TTEK) announced results for the third quarter ended June 29, 2014, the declaration of a quarterly dividend and changes to the share buyback program.
Third Quarter Results
Revenue in the quarter was $629.5 million compared to $614.8 million in the third quarter last year. Revenue, net of subcontractor costs1, was $458.8 million compared to $475.1 million in the third quarter last year. Operating income was $39.2 million compared to a loss of $99.9 million in the third quarter last year. The results in fiscal 2013 included significant charges associated with fixed-price construction projects in the Remediation and Construction Management (RCM) segment, and a goodwill impairment. Diluted earnings per share (EPS) were $0.41 compared to a diluted loss per share of $1.21 in the third quarter last year. Earnings before interest, taxes, depreciation, and amortization (EBITDA2), were $51.6 million compared to a loss of $82.5 million in the third quarter last year. Backlog was $1.93 billion compared to $1.90 billion at the end of the third quarter last year and $1.82 billion at the end of second quarter fiscal 2014. Cash generated from operations was $58.1 million compared to $53.3 million in the third quarter last year.
Quarterly Dividend and Share Repurchase Program
On July 28, 2014, Tetra Tech’s Board of Directors declared a quarterly dividend of $0.07 per share payable on September 5, 2014 to stockholders of record as of August 15, 2014. Additionally, the Board has committed that the remainder of the $100 million buyback program be completed before the end of fiscal year 2014 through daily open market repurchases. As of June 29, 2014, $53 million of this program remained.
Tetra Tech’s Chairman and CEO, Dan Batrack commented, “While this quarter’s GAAP EPS was in line with guidance, our operational results were below our expectations due to weak performance in the RCM segment. Our front-end Engineering and Consulting Services and Technical Support Services segments have performed well, generating approximately 80 percent of the Company’s net revenue and nearly all of the Company’s cash flow and profit in fiscal 2014. We anticipate continued strong performance from our front-end segments.”
“We recognize the Company’s performance has been adversely impacted by the inconsistency in construction; thus, we are evaluating operational alternatives for the RCM segment. We anticipate that our evaluation will be completed and resulting actions will be initiated this quarter. The EPS guidance range for the fourth quarter includes an assumption that the RCM segment earnings will be de minimis, and does not include any potential RCM charges associated with the operational review. We expect the actions to be taken will significantly reduce the Company’s risk profile and allow management to focus on growing our higher margin technically differentiated services.”
Nine-Month Results
Revenue for the nine-month period was $1.86 billion compared to $1.92 billion in the year-ago period. Revenue, net of subcontractor costs, was $1.40 billion compared to $1.49 billion in the year-ago period. Operating income was $129.1 million compared to a loss of $20.4 million in the year-ago period. Diluted EPS were $1.31 compared to a loss of $0.42 in the year-ago period. EBITDA were $170.3 million compared to $25.8 million in the year-ago period. Cash generated from operations was $114.3 million compared to $115.3 million in the year-ago period.
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.
The Company’s guidance excludes any charges related to the RCM operational review, which may occur in the fourth quarter. Tetra Tech expects diluted EPS for the fourth quarter of fiscal 2014 to be in the range of $0.30 to $0.40. Revenue, net of subcontractor costs, for the fourth quarter is expected to range from $450 million to $500 million. Fiscal 2014 diluted EPS guidance is now expected to range from $1.61 to $1.71, and cash EPS3 guidance is expected to range from $2.30 to $2.60. Revenue, net of subcontractor costs, for fiscal 2014 is now expected to range from $1.85 billion to $1.90 billion.
About Tetra Tech (www.tetratech.com)
Tetra Tech is a leading provider of consulting, engineering, program management, construction management, and technical services. The Company supports government and commercial clients by providing innovative solutions to complex problems focused on water, environment, energy, infrastructure, and natural resources. With 14,000 staff worldwide, Tetra Tech’s capabilities span the entire project life cycle.
Source: Tetra Tech, Inc.
Tetra Tech, Inc.
Jim Wu, Investor Relations
Charlie MacPherson, Media & Public Relations
(626) 470-2844
PASADENA, California - Tetra Tech, Inc. (NASDAQ: TTEK) announced results for the third quarter ended June 29, 2014, the declaration of a quarterly dividend and changes to the share buyback program.
Third Quarter Results
Revenue in the quarter was $629.5 million compared to $614.8 million in the third quarter last year. Revenue, net of subcontractor costs1, was $458.8 million compared to $475.1 million in the third quarter last year. Operating income was $39.2 million compared to a loss of $99.9 million in the third quarter last year. The results in fiscal 2013 included significant charges associated with fixed-price construction projects in the Remediation and Construction Management (RCM) segment, and a goodwill impairment. Diluted earnings per share (EPS) were $0.41 compared to a diluted loss per share of $1.21 in the third quarter last year. Earnings before interest, taxes, depreciation, and amortization (EBITDA2), were $51.6 million compared to a loss of $82.5 million in the third quarter last year. Backlog was $1.93 billion compared to $1.90 billion at the end of the third quarter last year and $1.82 billion at the end of second quarter fiscal 2014. Cash generated from operations was $58.1 million compared to $53.3 million in the third quarter last year.
Quarterly Dividend and Share Repurchase Program
On July 28, 2014, Tetra Tech’s Board of Directors declared a quarterly dividend of $0.07 per share payable on September 5, 2014 to stockholders of record as of August 15, 2014. Additionally, the Board has committed that the remainder of the $100 million buyback program be completed before the end of fiscal year 2014 through daily open market repurchases. As of June 29, 2014, $53 million of this program remained.
Tetra Tech’s Chairman and CEO, Dan Batrack commented, “While this quarter’s GAAP EPS was in line with guidance, our operational results were below our expectations due to weak performance in the RCM segment. Our front-end Engineering and Consulting Services and Technical Support Services segments have performed well, generating approximately 80 percent of the Company’s net revenue and nearly all of the Company’s cash flow and profit in fiscal 2014. We anticipate continued strong performance from our front-end segments.”
“We recognize the Company’s performance has been adversely impacted by the inconsistency in construction; thus, we are evaluating operational alternatives for the RCM segment. We anticipate that our evaluation will be completed and resulting actions will be initiated this quarter. The EPS guidance range for the fourth quarter includes an assumption that the RCM segment earnings will be de minimis, and does not include any potential RCM charges associated with the operational review. We expect the actions to be taken will significantly reduce the Company’s risk profile and allow management to focus on growing our higher margin technically differentiated services.”
Nine-Month Results
Revenue for the nine-month period was $1.86 billion compared to $1.92 billion in the year-ago period. Revenue, net of subcontractor costs, was $1.40 billion compared to $1.49 billion in the year-ago period. Operating income was $129.1 million compared to a loss of $20.4 million in the year-ago period. Diluted EPS were $1.31 compared to a loss of $0.42 in the year-ago period. EBITDA were $170.3 million compared to $25.8 million in the year-ago period. Cash generated from operations was $114.3 million compared to $115.3 million in the year-ago period.
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.
The Company’s guidance excludes any charges related to the RCM operational review, which may occur in the fourth quarter. Tetra Tech expects diluted EPS for the fourth quarter of fiscal 2014 to be in the range of $0.30 to $0.40. Revenue, net of subcontractor costs, for the fourth quarter is expected to range from $450 million to $500 million. Fiscal 2014 diluted EPS guidance is now expected to range from $1.61 to $1.71, and cash EPS3 guidance is expected to range from $2.30 to $2.60. Revenue, net of subcontractor costs, for fiscal 2014 is now expected to range from $1.85 billion to $1.90 billion.
About Tetra Tech (www.tetratech.com)
Tetra Tech is a leading provider of consulting, engineering, program management, construction management, and technical services. The Company supports government and commercial clients by providing innovative solutions to complex problems focused on water, environment, energy, infrastructure, and natural resources. With 14,000 staff worldwide, Tetra Tech’s capabilities span the entire project life cycle.
Source: Tetra Tech, Inc.
Tetra Tech, Inc.
Jim Wu, Investor Relations
Charlie MacPherson, Media & Public Relations
(626) 470-2844