Tetra Tech: Q3 results
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PASADENA, California - Tetra Tech, Inc. (TTEK) announced results for the third quarter ended June 28, 2015.
Third Quarter Results
Revenue in the quarter was $575.1 million and revenue, net of subcontractor costs1, was $421.9 million. Revenue and revenue, net of subcontractor costs, increased 2% and decreased 1%, respectively, in the third quarter of fiscal 2015 compared to the same period in fiscal 2014, excluding the wind-down of the Remediation and Construction Management (RCM) segment and the impact from foreign currency translation. Operating income was $40.7 million and diluted earnings per share (EPS) were $0.43. Excluding an earn-out gain in the third quarter of fiscal 2014, operating income in the quarter compared to last year’s third quarter was up 35%, and EPS were up 39% compared to the third quarter of fiscal 2014. Cash generated from operations was $109.3 million, up 88% compared to last year’s third quarter.
On July 27, 2015, Tetra Tech’s Board of Directors declared a quarterly dividend of $0.08 per share payable on September 4, 2015 to stockholders of record as of August 17, 2015. Additionally, through the first nine months of fiscal 2015, the Company spent $75.5 million of the approved $200 million share repurchase program.
Tetra Tech’s Chairman and CEO, Dan Batrack commented, “Our business delivered solid performance in the third quarter supported by our water and environmental services for our government and commercial clients. Since the end of last quarter, we were awarded $1.4 billion of new contract capacity with our U.S. federal government clients and backlog in our ongoing operations grew 6%. We continue to improve our operating margin as demonstrated by the 35% increase in operating income, which contributed to a record quarterly cash flow from operations of $109 million. Our strong balance sheet will allow us to invest in our organic growth and acquisition strategies, while continuing to return capital to our shareholders through share repurchases and dividends.”
Revenue for the nine-month period was $1.7 billion and revenue, net of subcontractor costs, was $1.3 billion. Operating income for the nine-month period was $107.7 million and EPS were $1.14. Cash generated from operations was $134.1 million.
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 fourth quarter of fiscal 2015 to be in the range of $0.48 to $0.52. Revenue, net of subcontractor costs, for the fourth quarter is expected to range from $420 million to $450 million. For fiscal 2015, EPS is expected to range from $1.63 to $1.67, and cash EPS2 is expected to range from $2.85 to $3.01. Revenue, net of subcontractor costs, for fiscal 2015 is expected to range from $1.71 billion to $1.74 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.