Business
Tetra Tech Reports Record Second Quarter Results
Record Revenue $1.16 billion, up 36% Y/Y Record Net Revenue $970 million, up 39% Y/Y EPS $0.80; Adjusted EPS $1.17, up 19% Y/Y Record Backlog of $4.27
About this update from Tetra Tech, Inc.
[{"type":"text","content":"\n\nRecord Revenue $1.16 billion, up 36% Y/Y\n\n\n\nRecord Net Revenue $970 million, up 39% Y/Y\n\n\n\nEPS $0.80; Adjusted EPS $1.17, up 19% Y/Y\n\n\n\nRecord Backlog of $4.27 billion, up 18% Y/Y\n\n\n\nIncreasing Net Revenue and EPS guidance for FY23\n\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 second quarter ended April 2, 2023.\n\n\nSecond Quarter Results\n\n\nTetra Tech achieved record quarterly results in key financial metrics including revenue, net revenue and backlog. Revenue in the second quarter totaled $1.16 billion and revenue, net of subcontractor costs (net revenue)1, was $970 million, up 36% and 39%, respectively, over last year. Adjusted EBITDA1 was $105 million, up 30% year-over-year. Earnings per share (“EPS”) was $0.80; adjusted EPS was $1.17, up 19% over the second quarter of fiscal 2022.1 Backlog increased to a record high of $4.27 billion, up 18% year-over-year.\n\n\nQuarterly Dividend\n\n\nOn May 8, 2023, Tetra Tech’s Board of Directors approved its 36th consecutive quarterly dividend at an amount of $0.26 per share, a 13% increase year-over-year, payable on June 6, 2023, to stockholders of record as of May 24, 2023. The approved dividend represents nine consecutive double-digit annual increases of dividend payouts.\n\n\nChairman and CEO Comments\n\n\nTetra Tech Chairman and CEO, Dan Batrack, commented, “Tetra Tech continued to generate record high revenue and earnings by solving the world’s most complex challenges by Leading with Science® in the areas of water, environment and sustainable infrastructure. While Tetra Tech’s business is performing at an all-time high level, the addition of the RPS Group has significantly expanded our access to the global renewable energy and sustainable infrastructure markets. We saw strong double digit top line growth across both our government and commercial end markets. Based on our strong year-to-date performance and record high backlog, we are increasing our net revenue and earnings per share guidance for fiscal 2023.”\n\n\n___________\n1 Non-GAAP financial measures which the Company believes provide valuable perspectives on its business results. Refer to tables at the end of the release and Regulation G Information for reconciliations to ...