Tetra Tech Reports Fourth Quarter and Fiscal 2017 Results
Record quarterly and annual revenue of $735 million and $2.8 billion
Record quarterly operating income of $55 million, up 16% year-over-year
Record annual operating income of $183 million, up 35% year-over-year
Record backlog of $2.54 billion, up 7% year-over-year
Pasadena, California. Tetra Tech, Inc. (NASDAQ: TTEK) today announced results for the fourth quarter and fiscal year ended October 1, 2017.
Fourth Quarter Results
For the fourth quarter, Tetra Tech generated record high quarterly revenue, quarterly income and backlog. Results are summarized as follows:
$ million (except EPS data)
Quarterly Dividend and Share Repurchase Program
On November 6, 2017, Tetra Tech’s Board of Directors declared a quarterly dividend of $0.10 per share payable on December 15, 2017 to stockholders of record as of November 30, 2017. Additionally, the Company has $100 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 had an excellent fourth quarter and finish to a strong fiscal 2017. During the fourth quarter, we generated our highest quarterly revenue, operating income and EPS in the Company’s history. We continue to see demand for our high-end water, environment and infrastructure services, which contributed to our seventh consecutive quarterly increase in backlog. With our record backlog, we’re entering fiscal 2018 in a stronger position than ever.”
1 Refer to Reconciliation of Revenue and Operating Results table for a reconciliation to GAAP. All year-over-year percentages for the fiscal year and the fourth quarter exclude the additional week in Q4-16 as compared to Q4-17. The Company believes the information presented for the one-week difference provides important data for comparative purposes.
2 Tetra Tech’s revenue includes a significant amount of subcontractor costs and, therefore, the Company believes revenue, net of subcontractor costs, which is a non-GAAP financial measure, provides a valuable perspective on its business.
The following information was filed by Tetra Tech Inc (TTEK) on Thursday, November 9, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.