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November 9, 2016
Tetra Tech Reports Fourth Quarter and Fiscal 2016 Results
· Q4-16 Revenue of $729 million, up 26% year over year
· Backlog of $2.38 billion, up 25% year over year
· EPS $0.53; ongoing EPS $0.59, up 18% year over year
Pasadena, California. Tetra Tech, Inc. (NASDAQ: TTEK) today announced results for the fourth quarter and fiscal year ended October 2, 2016.
Fourth Quarter Results
Revenue in the fourth quarter totaled $729 million, up 26% year over year. For ongoing operations(1), revenue totaled $713 million, and revenue, net of subcontractor costs(2) (net revenue), was $526 million, up 27% and 25%, respectively, compared to the same period in fiscal 2015. Operating income for the fourth quarter was $47 million, and on an ongoing basis totaled $52 million, up 14% compared to the previous year. Earnings per share (EPS) were $0.53, and on an ongoing basis totaled $0.59, up 18% year over year. Backlog of $2.38 billion was up 25% year over year.
Quarterly Dividend and Share Repurchase Program
On November 7, 2016, Tetra Techs Board of Directors declared a quarterly dividend of $0.09 per share payable on December 14, 2016 to stockholders of record as of December 1, 2016. Additionally, the Board authorized a new program to repurchase up to $200 million of common stock, following the recently completed $200 million buyback program.
Fiscal Year Results
Revenue for the fiscal year totaled $2.58 billion, up 12% year over year. For ongoing operations(1), revenue totaled $2.53 billion and net revenue was $1.91 billion, up 14% and 13%, respectively, from fiscal 2015. Operating income for the fiscal year was $136 million, and on an ongoing basis totaled $170 million, up 10% compared to the previous year. EPS was $1.42, and on an ongoing basis totaled $1.88, up 17% year over year.
Comments on Results
Tetra Techs Chairman and CEO, Dan Batrack commented, Tetra Tech had a strong fiscal 2016 and finished the year with record-high fourth quarter revenue and income. We continued our focus on leading with science and providing clients with differentiated high-end consulting and engineering services primarily in the water, environment and energy markets. We completed the year with broad-based contract wins across our end markets, led by growth in U.S. federal, state and local, and international development. This momentum drove our backlog to an all-time high, providing a strong foundation for growth in fiscal 2017.
The following information was filed by Tetra Tech Inc (TTEK) on Thursday, November 10, 2016 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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