Exhibit 99.1

 

NEWS RELEASE

May 2, 2018

 

Tetra Tech Reports Second Quarter 2018 Results

 

 

·                  EPS $0.51; Ongoing EPS $0.54, up 13% Y/Y

·                  Increased quarterly dividend to $0.12 per share, up 20%

·                  Increasing net revenue guidance for FY18; midpoint up 8% Y/Y

·                  Increasing EPS guidance for FY18; midpoint up 20% Y/Y

 

Pasadena, California. Tetra Tech, Inc. (NASDAQ: TTEK) today announced results for the second quarter ended April 1, 2018.

 

Second Quarter Results

 

For the second quarter, Tetra Tech’s results exceeded net revenue and diluted earnings per share (EPS) guidance. Revenue in the second quarter totaled $700 million.  For ongoing(1) operations, revenue totaled $699 million, and revenue, net of subcontractor costs(2) (net revenue), was $533 million.  Operating income for the second quarter was $43 million, and on an ongoing basis totaled $45 million.  EPS was $0.51, and on an ongoing basis totaled $0.54, up 13% year-over-year.  Backlog at the end of the quarter was $2.5 billion.

 

Quarterly Dividend and Share Repurchase Program

 

On April 30, 2018, Tetra Tech’s Board of Directors declared a 20% increase in the quarterly dividend, raising it to $0.12 per share payable on June 1, 2018 to stockholders of record as of May 16, 2018.  Additionally, the Company has $50 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 a very strong second quarter and record first half of the year results, exceeding the high end of our guidance range for both net revenue and earnings. 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 seven consecutive quarters, including 30% growth in the second quarter.  With the recent 2018 U.S. Federal spending bill in place, we have more visibility for the remainder of 2018. Given the strength of our results and outlook, we are increasing our guidance for both EPS and net revenue for fiscal 2018.”

 


The following information was filed by Tetra Tech Inc (TTEK) on Wednesday, May 2, 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.

View differences made from one quarter to another to evaluate Tetra Tech Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Tetra Tech Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account