Tetra Tech: Q3 Results
Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.
Tetra Tech, Inc. (TTEK) announced results for the fiscal 2016 third quarter ended June 26, 2016.
Revenue in the third quarter totaled $667 million. For ongoing operations1, revenue totaled $662 million, and revenue, net of subcontractor costs2 (net revenue), was $496 million, up 19% and 20%, respectively, compared to the same period in fiscal 2015. Operating income for the third quarter was $39 million, and on an ongoing basis totaled $44 million, up 8% compared to the previous year. Earnings per share (EPS) were $0.44, and on an ongoing basis totaled $0.50, up 16% year over year. Backlog of $2.3 billion was up 21% year over year.
Quarterly Dividend and Share Repurchase Program
On July 25, 2016, Tetra Tech’s Board of Directors declared a quarterly dividend of $0.09 per share payable on August 31, 2016 to stockholders of record as of August 12, 2016. Additionally, the Company has $25 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 generated strong results for the third quarter 2016, with ongoing revenue up 19%. Our organic growth for the quarter was driven by U.S. federal government and state and local projects. We also achieved significant growth in EPS, which totaled $0.50 for ongoing operations, up 16%. The integration of Coffey continues to progress well, and, since the acquisition, Coffey’s margin has doubled from 4% to 8%. In addition, during the third quarter, we won a number of key programs, including single-award contracts from USAID and DoD that increased our backlog to a record high of $2.3 billion.”
Revenue for the nine-month period was $1.9 billion and net revenue was $1.4 billion. Operating income for the nine-month period was $89 million and EPS was $0.89. On an ongoing basis1, operating income totaled $118 million and EPS was $1.29.
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 ongoing diluted EPS for the fourth quarter of fiscal 2016 to be in the range of $0.55 to $0.603. Net revenue for the fourth quarter is expected to range from $500 million to $550 million. For the fiscal year 2016, ongoing diluted EPS is expected to range from $1.85 to $1.903, and net revenue is expected to range from $1.9 billion to $2.0 billion.
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