Tetra Tech reports best ever quarterly results
Select language to see a machine translation of this article. The original language of the Article is English and the translation is provided for your convenience.

Tetra Tech reports best ever quarterly results

US-based consultancy and engineering firm Tetra Tech reported its best ever quarterly earnings last week, sending its share price sharply up at the end of the week. The company, which provides project management and other services in the areas of water, environment, infrastructure, resource management, energy and international development, for the US government and other clients, managed to continue its winning streak into the second quarter of 2019.

Tetra Tech’s share price surged on the back of its best-ever quarter

07 05 tetra tech

Source: Yahoo Finance

Tetra Tech managed to beat analysts’ expectations on revenue and earnings, much to investors delight. The company also revealed it has a backlog of $2.81 billion on its books (that’s year on year growth of 12%), setting it up for continued strong performance.

For the three months just gone, Tetra Tech generated $727.4 million. Strip out subcontractor costs, and you get an adjusted net revenue of $590.1 million. That’s 10.8% higher against the second quarter of 2018, and a pretty easy beat against the Street’s expectations of $553.3 million. The company also beat on earnings, returning 70c per share. That’s 6c above consensus estimates, and a 29.6% jump against the year-ago quarter.

The president, chairman, and CEO, Dan Batrack, told analysts on an earnings call: “Tetra Tech achieved its best quarterly results in the company's history, with all-time high quarterly net revenue, earnings per share, cash from operations and we ended the quarter with the highest backlog ever in the history of the company. These results significantly exceeded our expectations on what we believed was a very aggressive plan we had coming into the quarter and was actually the result of a broad-based performance across all of our operations. Our leading with science, solution-oriented approach to consulting and with our diverse portfolio of clients is resulting in both a competitive advantage and strong financial performance.”

Disclosure

Dominion holds Tetra Tech in its Global Trends Managed Fund.


If you would you like to receive the Newsfeeds daily, please click here to sign up now!

Help us make this Newsfeed better by rating this article. 1 star = Poor and 5 stars = Excellent
0.0/5 rating (0 votes)

Disclaimer
The views expressed in this article are those of the author at the date of publication and not necessarily those of Dominion Fund Management Limited. The content of this article is not intended as investment advice and will not be updated after publication. Images, video, quotations from literature and any such material which may be subject to copyright is reproduced in whole or in part in this article on the basis of Fair use as applied to news reporting and journalistic comment on events.