Tetra Tech has “solid” second quarter
U.S. water consulting and engineering company Tetra Tech reported second quarter earnings in early May that demonstrated a “solid” business, and prompted management to increase their outlook for the full year. Revenue in the quarter totaled $664 million, an increase of 6% against the same quarter in 2016. Net of subcontractor cost, this becomes an 8% rise in revenue over the same period. Profitability, however, saw even greater increases: The company’s operating income for the quarter was up 27% from the year-ago quarter, and its earnings per share rose by 30% in the same period.
Tetra Tech’s share price has risen by 15% over the last month
SOURCE: Yahoo Finance
Tetra Tech’s chairman and CEO, Dan Batrack, said:
“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.”
Tetra Tech’s new guidance forecasts ongoing diluted earnings per share between $2.10 and $2.25, and it expects revenue with the $2.05 to $2.10 billion range.
Dominion holds Tetra Tech in its Global Trends Managed range of Funds.
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