Business
Tetra Tech Reports Record Third Quarter 2019 Results
Record revenue of $826 million, up 8% Y/Y Record net revenue of $623 million, up 9% Y/Y Record backlog of $2.83 billion, up 16% Y/Y EPS $0.88; adjusted EPS
About this update from Tetra Tech, Inc.
[{"type":"text","content":"\n\nRecord revenue of $826 million, up 8% Y/Y\n\n\nRecord net revenue of $623 million, up 9% Y/Y\n\n\nRecord backlog of $2.83 billion, up 16% Y/Y\n\n\nEPS $0.88; adjusted EPS $0.89, up 25% Y/Y\n\n\n PASADENA, Calif.--(BUSINESS WIRE)--\nTetra Tech, Inc. (NASDAQ: TTEK) today announced results for the third quarter ended June 30, 2019.\n\n\nThird Quarter Results\n\n\nTetra Tech achieved record quarterly results with all-time highs for revenue, net revenue, operating income, and backlog. Revenue in the third quarter totaled $826 million, up 8% year-over-year. Revenue, net of subcontractor costs1 (net revenue), in the third quarter totaled $623 million, up 9% year-over-year. Operating income for the third quarter was $65 million, up 17% year-over-year. EPS was $0.88 on a GAAP basis, up 49% year-over-year; adjusted EPS1 was $0.89, up 25% year-over-year. Backlog at the end of the quarter was a record $2.83 billion, up 16% year-over-year.\n\n\nQuarterly Dividend and Share Repurchase Program\n\n\nOn July 29, 2019, Tetra Tech’s Board of Directors declared a $0.15 per share dividend payable on August 30, 2019 to stockholders of record as of August 14, 2019. In the third quarter, Tetra Tech repurchased $25 million of common stock. Additionally, as of June 30, 2019, the Company had $150 million remaining under the approved share repurchase program.\n\n\nComments on Results\n\n\nTetra Tech’s Chairman and CEO, Dan Batrack, commented, “While financially we had an all-time record quarter, I am even more pleased that we took a significant step forward in our strategic plan to offer services in the United Kingdom with the addition of WYG. We also received more than $100M of new data analytics orders that support our technical work for multiple U.S. federal government agencies. Our U.S. state and local water infrastructure business continues to grow at a double-digit pace augmented by additional disaster response activities in the quarter. Given the strength of our results and record backlog of more than $2.83 billion, we are increasing our guidance for both EPS and net revenue for fiscal 2019.”\n\n\nNine-Month Results\n\n\nRevenue for the nine-month period was $2.3 billion and net revenue was $1.8 billion. Operating income was $168 million, and EPS was $2.63, up 15% and 38%, respectively, from the same period in fiscal 2018. Cash flow from operati...