Tetra Tech Inc (TTEK) SEC Filing 10-Q Quarterly report for the period ending Sunday, April 2, 2017

Exhibit 99.1

May 3, 2017

Tetra Tech Reports Second Quarter 2017 Results

·                  EPS $0.46; ongoing EPS $0.48, up 30% Y/Y

·                  Operating cash of $109M; YTD cash flow up 67% Y/Y

·                  Record backlog of $2.5 billion

·                  Quarterly dividend increased 11%

Pasadena, California. Tetra Tech, Inc. (NASDAQ: TTEK) today announced results for the second quarter ended April 2, 2017.

Second Quarter Results

Revenue in the second quarter totaled $664 million, up 6% year-over-year.  For ongoing(1) operations, revenue, net of subcontractor costs(2) (net revenue), was $516 million, up 8% compared to the same period in fiscal 2016.  Operating income for the second quarter was $43 million, and on an ongoing basis totaled $44 million, up 27% year-over-year.  Earnings per share (EPS) were $0.46, and on an ongoing basis totaled $0.48, up 30% year-over-year.  Backlog from our ongoing operations of $2.5 billion was up 18% year-over-year.  Cash generated from operations was $109.1 million.

Quarterly Dividend and Share Repurchase Program

On May 1, 2017, Tetra Tech’s Board of Directors declared an 11% increase in the quarterly dividend, raising it to $0.10 per share payable on June 2, 2017 to stockholders of record as of May 18, 2017.  Additionally, the Company has $180 million remaining under the previously approved $200 million share repurchase program. The Company anticipates expending $100 million in share repurchases in fiscal year 2017, of which $20 million was completed in the first six months.

Comments on Results

Tetra Tech’s Chairman and CEO, Dan Batrack commented, “Tetra Tech generated solid results for the second quarter, exceeding our quarterly guidance for both net revenue and EPS.  Our performance this quarter was driven by broad-based growth across most of our end-markets, which resulted in our fifth consecutive quarter of backlog increase.  Our Company continues to benefit from our technical leadership positions with our U.S. federal clients, specifically with the Department of Defense, and in U.S. state and local infrastructure markets, which contributed to our record high backlog.  Given this trend and the strength of our six-month results, we are increasing our guidance for fiscal 2017.”