Business
Tetra Tech Reports Record Fourth Quarter and Fiscal 2022 Results
Record quarterly revenue $903 million; record annual revenue $3.50 billion Record quarterly net revenue $736 million; record annual revenue $2.84 billion
About this update from Tetra Tech, Inc.
[{"type":"text","content":"\n\nRecord quarterly revenue $903 million; record annual revenue $3.50 billion\n\n\nRecord quarterly net revenue $736 million; record annual revenue $2.84 billion\n\n\nRecord quarterly operating income $95 million; adjusted $94 million, up 29% Y/Y\n\n\nRecord backlog of $3.74 billion, up $232 million sequentially\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 the fiscal year ended October 2, 2022.\n\nFourth Quarter Results\n\nTetra Tech achieved record high quarterly results in revenue, net revenue, operating income, EPS, and backlog. Revenue in the fourth quarter totaled $903 million and revenue, net of subcontractor costs (net revenue)1 was $736 million. Revenue and net revenue, adjusted for the one extra week in the prior year, were up 9% and 12% year-over-year, respectively. Operating income was a record at $95 million; adjusted operating income was $94 million, up 29% year-over-year, which reflects a 170-basis point increase in EBITDA margin to 13.8%. GAAP earnings per share (“EPS”) was $1.55, while adjusted EPS was $1.26, up 30% over fourth quarter fiscal 2021. Backlog increased to $3.74 billion, up 8% year-over-year, and up 13% on a constant currency basis.\n\nQuarterly Dividend and Share Repurchase Program\n\nOn November 7, 2022, Tetra Tech’s Board of Directors approved a $0.23 per share dividend, a 15% increase over the prior year, payable on December 9, 2022, to stockholders of record as of November 21, 2022. In the fourth quarter, Tetra Tech repurchased $50 million of common stock. Additionally, the Company had $348 million remaining under the approved share repurchase program. The Company has returned $246 million to shareholders in fiscal year 2022 through a combination of share repurchases and dividends while maintaining a net debt leverage ratio of 0.2x.2\n\nFiscal Year Results\n\nTetra Tech achieved record annual results with all-time highs for revenue, net revenue, operating income, earnings and cash flow. Revenue for fiscal 2022 was $3.50 billion and net revenue was $2.84 billion, up 9% and 11%, respectively, over fiscal 2021. Revenue and net revenue, adjusted for the one extra week last year, increased by 11% and 13%, respectively. Operating income was $340 million...