Business
Tetra Tech Reports Record First Quarter 2020 Results
Revenue $798 million, up 11% Y/Y Net revenue $614 million, up 11% Y/Y Record Backlog of $3.17 billion, up 13% Y/Y EPS $0.85, up 13% Y/Y; Adjusted EPS $0.84,
About this update from Tetra Tech, Inc.
[{"type":"text","content":"\n\nRevenue $798 million, up 11% Y/Y\n\n\nNet revenue $614 million, up 11% Y/Y\n\n\nRecord Backlog of $3.17 billion, up 13% Y/Y \n\n\nEPS $0.85, up 13% Y/Y; Adjusted EPS $0.84, up 20% Y/Y \n\n\n\n \n\n PASADENA, Calif.--(BUSINESS WIRE)--\nTetra Tech, Inc. (NASDAQ: TTEK) today announced results for the first quarter ended December 29, 2019.\n\n\nFirst Quarter Results\n\n\nTetra Tech achieved all-time first quarter highs for revenue, net revenue, operating income, EPS and backlog. Revenue in the first quarter totaled $798 million, up 11% year-over-year. Revenue, net of subcontractor costs (net revenue)1, in the first quarter was $614 million, up 11% year-over-year. EPS was $0.85 on a GAAP basis, up 13% year-over-year; adjusted EPS1 was $0.84, up 20% year-over-year. Backlog at the end of the quarter increased 13% year-over-year to $3.17 billion.\n\n\nQuarterly Dividend and Share Repurchase Program\n\n\nOn January 27, 2020, Tetra Tech’s Board of Directors declared a $0.15 per share dividend payable on February 28, 2020 to stockholders of record as of February 12, 2020 and also authorized a new $200 million share repurchase program. In the first quarter, Tetra Tech repurchased $21 million of common stock. The newly authorized program and the $104 million remaining under the previously approved program provide a total of $304 million available for share repurchases.\n\n\nComments on Results\n\n\nTetra Tech’s Chairman and CEO, Dan Batrack, commented, “Tetra Tech started fiscal year 2020 with strong double-digit growth for both our revenue and earnings. We continue to see strong demand across our end markets for our Leading with Science® consulting services focused on water, environment, renewable energy, and sustainable infrastructure. New project wins, broadly across our client sectors, drove our backlog to an all-time record of $3.17 billion, which provides great visibility as we enter the second quarter of fiscal 2020.”\n\n\nBusiness Outlook\n\n\nThe following statements are based on current expectations. These statements are forward-looking and the actual results could differ materially. These statements do not include the potential impact of transactions that may be completed or developments that become evident after the date of this release. The Business Outlook section should be read in conjunction with the information on forwar...