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Tetra Tech Reports Third Quarter 2018 Results
· Record revenue of $765 million, up 12% Y/Y
· Record net revenue of $570 million, up 14% Y/Y
· Record operating income of $55 million, up 21% Y/Y
· EPS $0.59; Record ongoing EPS $0.71, up 34% Y/Y
Pasadena, California. Tetra Tech, Inc. (NASDAQ: TTEK) today announced results for the third quarter ended July 1, 2018.
Third Quarter Results
For the third quarter, Tetra Tech achieved quarterly record high results for revenue and earnings. Revenue in the third quarter totaled $765 million, up 12% year-over-year. For ongoing(1) operations, revenue totaled $761 million, and revenue, net of subcontractor costs(2) (net revenue), was $569 million, up 12% and 14%, respectively, year-over year. Operating income for the third quarter was $55 million, and on an ongoing basis totaled $60 million, up 26% year-over-year. EPS was $0.59 on a GAAP basis. Excluding a non-cash charge for the divestiture of non-core assets, ongoing EPS totaled $0.71, up 34% year-over-year. Backlog at the end of the quarter was $2.4 billion.
Revenue for the nine-month period was $2.2 billion and net revenue was $1.6 billion, both up 10%, compared to the same period in fiscal 2017. Operating income for the nine-month period was $147 million and EPS was $1.91, up 14% and 33%, respectively, from the same period in fiscal 2017. On an ongoing basis, EPS totaled $1.89, up 26% year-over-year.
Comments on Results
Tetra Techs Chairman and CEO, Dan Batrack, commented, Tetra Tech generated record third quarter results, exceeding the high end of our guidance range for both net revenue and earnings. We continue to see momentum in our broad-based growth, led by work for U.S. state and local clients, which has increased organically at a double-digit rate for eight consecutive quarters, including 26% growth in the third quarter. Our other key end-markets, including U.S. Federal, Commercial, and International, grew 10% or more. 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, August 1, 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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