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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 Techs 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 Techs 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 Techs 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.
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