Business
Tetra Tech Reports Record Fourth Quarter and Fiscal 2021 Results
Record quarterly results Fourth quarter revenue $892 million, up 18% Y/Y Fourth quarter net revenue $709 million, up 20% Y/Y Fourth quarter EPS $1.52, up 85%
About this update from Tetra Tech, Inc.
[{"type":"text","content":"\n\nRecord quarterly results\n\n\nFourth quarter revenue $892 million, up 18% Y/Y\n\n\nFourth quarter net revenue $709 million, up 20% Y/Y\n\n\nFourth quarter EPS $1.52, up 85% Y/Y and Adjusted EPS $1.05, up 15% Y/Y\n\n\n\n\nRecord backlog of $3.48 billion\n\n\n PASADENA, Calif.--(BUSINESS WIRE)--\nTetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services, today announced results for the fourth quarter and fiscal year ended October 3, 2021.\n\nFourth Quarter Results\n\nTetra Tech achieved record quarterly results with all-time highs for revenue, net revenue, earnings and backlog. Revenue in the fourth quarter totaled $892 million and revenue, net of subcontractor costs (net revenue)1, was $709 million, up 18% and 20% year-over-year, respectively. Earnings per share (“EPS”) was $1.52 on a GAAP basis and adjusted EPS1 was $1.05, up 85% and 15% year-over-year, respectively. Cash generated from operations was $78 million, up 15% year-over-year. Backlog at the end of the quarter was a record $3.48 billion, up 7% year-over-year and sequentially.\n\nQuarterly Dividend and Share Repurchase Program\n\nOn November 15, 2021, Tetra Tech’s Board of Directors declared a $0.20 per share dividend, an 18% increase over the prior year, payable on December 20, 2021, to stockholders of record as of December 2, 2021. In the fourth quarter, Tetra Tech repurchased $15 million of common stock. On October 7, 2021, the Company announced an additional $400 million share repurchase program. Together with the $148 million remaining under the previously approved program at the end of the fourth quarter of fiscal 2021, the Company had $548 million available for share repurchases.\n\nFiscal Year Results\n\nTetra Tech also achieved record annual results with all-time highs for revenue, net revenue, earnings and cash flow. Revenue for fiscal 2021 totaled $3.21 billion and net revenue was $2.55 billion. EPS was $4.26 and adjusted EPS was $3.79. Cash generated from operations of $304 million was up 16% compared to the previous year. The strong cash flow enabled the Company to return $100 million to shareholders in fiscal 2021 through a combination of share repurchases and dividends, while continuing to invest in strategic acquisitions and de-leveraging to a net debt ratio of 0.2x 2.\n\n\n_______________________\n\n\n\n1 No...