14.11.14

Tetra Tech: Q4 & Full Year results

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PASADENA, California - Tetra Tech, Inc. (TTEK) announced results for the fourth quarter and fiscal year ended September 28, 2014.

Realignment of Segments

In the fourth quarter of fiscal 2014, Tetra Tech conducted a strategic review of our business. As a result, we initiated the realignment of our business to focus on our core front-end consulting and engineering business, which is highly differentiated in the market place. These services are primarily performed in the Engineering and Consulting Services (“ECS”) and Technical Support Services (“TSS”) segments. The Remediation and Construction Management (“RCM”) activities that closely align with our core business, including environmental remediation, oil and gas, solid waste, and utilities-related activities have been integrated into our front-end business. We plan to exit all other activities in the RCM segment in fiscal 2015.

Beginning in fiscal 2015, we reorganized our core operations to better align them with our markets, resulting in two renamed reportable segments. We will report our federal water, environment, and infrastructure activities in the Water, Environment and Infrastructure (“WEI”) reportable segment. Our Resource Management and Energy (“RME”) reportable segment will include our oil and gas, energy, global mining, waste management, remediation, utilities, and international development services. These changes are expected to produce significantly higher margins and more predictable results, while better enabling us to address our customers seamlessly.

Fourth Quarter Results

In the front-end ECS and TSS segments, revenue in the fourth quarter was $493.8 million, and revenue, net of subcontractor costs1, was $380.3 million. Operating income was $48.6 million, up 11% over the fourth quarter last year in the front-end segments. Earnings before interest, taxes, depreciation, and amortization (EBITDA2) were $50.7 million in the ECS and TSS segments, up 9% year over year.

In total, revenue in the fourth quarter was $622.2 million, and revenue, net of subcontractor costs, was $462.2 million. Operating income was $24.8 million, and EBITDA were $36.8 million. Diluted earnings per share (EPS) were $0.35, and cash generated from operations was $13.1 million. Backlog was $2.01 billion, up 5% compared to $1.91 billion at the end of the fourth quarter last year.

Fiscal Year Results

For the front-end ECS and TSS segments, revenue in fiscal 2014 was $1.88 billion, and revenue, net of subcontractor costs, was $1.47 billion. Operating income in the front-end segments was $167.9 million, up 44% over the last fiscal year. EBITDA were $177.5 million in the ECS and TSS segments, up 37% year over year.

In total, revenue for fiscal 2014 was $2.48 billion, and revenue, net of subcontractor costs, was $1.86 billion. Operating income was $153.8 million compared to $20.2 million, and EBITDA were $207.2 million compared to $81.5 million in fiscal 2013. Diluted EPS were $1.66 compared to a loss of $0.03 in fiscal 2013. Cash generated from operations was $127.4 million.

Quarterly Dividend and Share Repurchase Program

On November 10, 2014, Tetra Tech’s Board of Directors declared a quarterly dividend of $0.07 per share payable on December 15, 2014 to stockholders of record as of November 26, 2014. Additionally, the Board authorized a new program to repurchase up to $200 million of common stock over the next two years, following the recently completed $100 million buyback program.

Comments on Results

Tetra Tech’s Chairman and CEO, Dan Batrack, commented, “Tetra Tech’s front-end consulting and engineering segments continued to perform well, and were on plan for both the quarter and the year. Profit from the two front-end segments was up more than ten percent year over year, and new orders in the quarter were particularly strong, demonstrating that both our government and commercial end markets are strengthening. Through our realignment, we have significantly reduced the Company’s risk profile and are forecasting 12% to 13% EBITDA margins in the WEI and RME segments. Our solid backlog provides us a strong foundation entering fiscal 2015.”

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 diluted EPS for the first quarter of fiscal 2015 to be in the range of $0.32 to $0.36. Revenue, net of subcontractor costs, for the first quarter is expected to range from $420 million to $470 million. For fiscal 2015, Tetra Tech expects diluted EPS to be $1.55 to $1.75 and cash EPS3 to be $2.30 to $2.60. Revenue, net of subcontractor costs, for fiscal 2015 is expected to range from $1.75 billion to $1.95 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 14,000 staff worldwide, Tetra Tech provides clear solutions to complex problems.
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