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August 2, 2017
Tetra Tech Reports Third Quarter 2017 Results
· Record Q3 EPS of $0.52, up 18% Y/Y
· Record Q3 operating income of $46 million, up 17% Y/Y
· Record backlog of $2.53 billion, up 12% Y/Y
Pasadena, California. Tetra Tech, Inc. (NASDAQ: TTEK) today announced results for the third quarter ended July 2, 2017.
Third Quarter Results
Revenue in the third quarter totaled $685 million, up 3% year-over-year. For ongoing(1) operations, revenue, net of subcontractor costs (net revenue) (2), was $498 million, consistent with the same period in fiscal 2016. Operating income for the third quarter was $46 million, up 17% year-over-year. On an ongoing basis, operating income totaled $47 million, up 7% year-over-year. Earnings per share (EPS) were $0.52, up 18% year-over-year, and on an ongoing basis totaled $0.53, up 6% over the prior-year quarter. Backlog of $2.53 billion was up 12% year-over-year.
Quarterly Dividend and Share Repurchase Program
On July 31, 2017, Tetra Techs Board of Directors declared a quarterly dividend of $0.10 per share payable on September 1, 2017 to stockholders of record as of August 17, 2017. Additionally, the Company has $140 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 $60 million was completed in the first nine months.
Comments on Results
Tetra Techs Chairman and CEO, Dan Batrack commented, Tetra Tech generated record-high third quarter earnings, operating income, and backlog. Our U.S. federal and U.S. state and local markets continued to grow at double-digit organic rates in the third quarter, with revenues increasing 10% and 16%, respectively. Conversely, our oil and gas markets, particularly in Canada, have become increasingly challenged. Despite the downturn in this market, our backlog reached a record high of $2.5 billion, up 12% year-over-year, giving us confidence that growth will continue across our other end markets.
The following information was filed by Tetra Tech Inc (TTEK) on Thursday, August 3, 2017 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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