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January 31, 2018
Tetra Tech Reports Strong First Quarter 2018 Results
· Record quarterly revenue of $760 million, up 14% year over year
· Operating income of $49 million, up 22% year over year
· EPS of $0.81; ongoing EPS of $0.65, up 33% year over year
Pasadena, California. Tetra Tech, Inc. (NASDAQ: TTEK) today announced results for the first quarter ended December 31, 2017.
First Quarter Results
For the first quarter, Tetra Tech generated record high quarterly revenue and diluted earnings per share (EPS). Revenue in the first quarter totaled $760 million, up 14% year over year. For ongoing operations(1), revenue totaled $753 million, and revenue, net of subcontractor costs(2) (net revenue), was $544 million, up 14% and 11%, respectively, compared to the same period in fiscal 2017. Operating income for the first quarter was $49 million, and on an ongoing basis totaled $50 million, up 16% year over year. EPS was $0.81; excluding the one-time benefit from revaluing deferred tax liabilities as a result of the new U.S. tax law enacted in December 2017, EPS from ongoing operations totaled $0.65, up 33% year over year. Backlog at the end of the quarter was $2.43 billion.
Quarterly Dividend and Share Repurchase Program
On January 29, 2018, Tetra Techs Board of Directors declared a quarterly dividend of $0.10 per share payable on March 2, 2018 to stockholders of record as of February 14, 2018. Additionally, as of December 31, 2017, the Company had $75 million remaining under the previously approved $200 million share repurchase program.
Comments on Results
Tetra Techs Chairman and CEO, Dan Batrack commented, Tetra Tech delivered record quarterly results to start fiscal 2018 with net revenue and earnings that exceeded the high end of our guidance range for the first quarter. We continue to see strong demand across our end markets for our Leading with Science® consulting services. Our broad-based growth has been led by work for U.S. state and local clients, which has increased organically at a double-digit rate for six consecutive quarters. Given the strength of our performance to date and outlook, we are increasing both our net revenue and EPS guidance for fiscal 2018.
The following information was filed by Tetra Tech Inc (TTEK) on Wednesday, January 31, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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