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November 12, 2014
Tetra Tech Reports Fourth Quarter and Fiscal 2014 Results
· Q4-14 Net Revenue: $462 million / EPS: $0.35
· Realigned segments to better support markets
· Backlog increases to $2.01 billion
· FY15 Cash EPS Guidance up 25%, $2.30 $2.60
Pasadena, California. Tetra Tech, Inc. (NASDAQ: TTEK) today announced results for the fourth quarter and fiscal year ended September 28, 2014.
Realignment of Segments
In the fourth quarter of fiscal 2014, Tetra Tech conducted a strategic review of our business. As a result, we initiated the realignment of our business to focus on our core front-end consulting and engineering business, which is highly differentiated in the market place. These services are primarily performed in the Engineering and Consulting Services (ECS) and Technical Support Services (TSS) segments. The Remediation and Construction Management (RCM) activities that closely align with our core business, including environmental remediation, oil and gas, solid waste, and utilities-related activities have been integrated into our front-end business. We plan to exit all other activities in the RCM segment in fiscal 2015.
Beginning in fiscal 2015, we reorganized our core operations to better align them with our markets, resulting in two renamed reportable segments. We will report our federal water, environment, and infrastructure activities in the Water, Environment and Infrastructure (WEI) reportable segment. Our Resource Management and Energy (RME) reportable segment will include our oil and gas, energy, global mining, waste management, remediation, utilities, and international development services. These changes are expected to produce significantly higher margins and more predictable results, while better enabling us to address our customers seamlessly.
Fourth Quarter Results
In the front-end ECS and TSS segments, revenue in the fourth quarter was $493.8 million, and revenue, net of subcontractor costs1, was $380.3 million. Operating income was $48.6 million, up 11% over the fourth quarter last year in the front-end segments. Earnings before interest, taxes, depreciation, and amortization (EBITDA2) were $50.7 million in the ECS and TSS segments, up 9% year over year.
The following information was filed by Tetra Tech Inc (TTEK) on Thursday, November 13, 2014 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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