Tetra Tech Inc (TTEK) SEC Filing 10-K Annual report for the fiscal year ending Sunday, September 29, 2019

Home SEC Filings Tetra Tech Inc (TTEK) 10-K Annual Report Fri Nov 29 2019

Exhibit 99.1

 

NEWS RELEASE

November 13, 2019

 

 

 

Tetra Tech Reports Record Fourth Quarter and Fiscal 2019 Results

 

·Fourth quarter revenue $842 million, up 14% Y/Y

·Fourth quarter adjusted net revenue $640 million, up 14% Y/Y

·Backlog of $3.1 billion, up 16% Y/Y

·Q4-19 EPS $0.21; Adjusted Q4-19 EPS $0.88, up 17% Y/Y

 

Pasadena, California. Tetra Tech, Inc. (NASDAQ: TTEK) today announced results for the fourth quarter and fiscal year ended September 29, 2019.

 

Fourth Quarter Results

 

Tetra Tech achieved record quarterly results with all-time highs for revenue, net revenue, and backlog. Revenue in the fourth quarter totaled $842 million, up 14% year-over-year. Revenue, net of subcontractor costs1 (net revenue), on an adjusted basis, in the fourth quarter was $640 million, up 14% year-over-year. EPS was $0.21 on a GAAP basis; adjusted EPS1 was $0.88, up 17% year-over-year. Backlog at the end of the quarter was a record $3.1 billion, up 16% year-over-year.

 

Quarterly Dividend and Share Repurchase Program

 

On November 11, 2019, Tetra Tech’s Board of Directors declared a $0.15 per share dividend payable on December 13, 2019 to stockholders of record as of December 2, 2019. In the fourth quarter, Tetra Tech repurchased $25 million of common stock. Additionally, as of September 29, 2019, the Company had $125 million remaining under the approved share repurchase program.

 

Fiscal Year Results

 

Revenue for fiscal 2019 totaled $3.1 billion and adjusted net revenue was $2.4 billion, up 5% and 9%, respectively, compared to the prior year. EPS was $2.84; on an adjusted basis, EPS totaled $3.17, up 20% compared to the previous year. Cash generated from operations of $209 million was a record, up 12% compared to the previous year.

 

Comments on Results

 

Tetra Tech’s Chairman and CEO, Dan Batrack, commented, “Tetra Tech had a strong finish to fiscal 2019 and reported record high annual revenue, EPS, backlog, and cash generated from operations. We continue to see strong broad-based demand for our high-end consulting and engineering services for critical water and environmental programs. Our growth was led by projects for U.S. state and local clients, which have increased organically at a double-digit rate for more than three years. In fiscal 2019, we took significant steps to further our strategy with expansion in the UK and the enhancement of our advanced analytics capabilities to support clients globally. Record orders received in the fourth quarter drove our backlog up 16% from the prior year to another all-time high. These results give us confidence in our long-term outlook, which is reflected in our guidance for fiscal 2020.”

 

 

1 Net revenue and adjusted EPS are non-GAAP financial measures which the Company believes provide valuable perspectives on its business results. Refer to Reconciliation of Revenue and Operating Results tables.

 

The following information was filed by Tetra Tech Inc (TTEK) on Wednesday, November 13, 2019 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.

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Ticker: TTEK
CIK: 831641
Form Type: 10-K Annual Report
Accession Number: 0000831641-19-000193
Submitted to the SEC: Wed Nov 27 2019 12:56:44 PM EST
Accepted by the SEC: Fri Nov 29 2019
Period: Sunday, September 29, 2019
Industry: Engineering Services

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