Business
Tetra Tech Reports Record Third Quarter Results
Record Revenue $1.21 billion, up 36% Y/Y Record EBITDA $119 million, up 33% Y/Y Record Backlog $4.39 billion, up 25% Y/Y Increasing Net Revenue and EPS
About this update from Tetra Tech, Inc.
[{"type":"text","content":"\n\nRecord Revenue $1.21 billion, up 36% Y/Y\n\n\n\nRecord EBITDA $119 million, up 33% Y/Y\n\n\n\nRecord Backlog $4.39 billion, up 25% 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 third quarter ended July 2, 2023.\n\n\nThird Quarter Results\n\n\nTetra Tech achieved record quarterly results in key financial metrics including revenue, net revenue, EBITDA, and backlog. Revenue in the third quarter totaled $1.21 billion and revenue, net of subcontractor costs (net revenue)1, was $988 million, up 36% and 37%, respectively, over last year. EBITDA1 was $119 million, up 33% year-over-year. Earnings per share (“EPS”) was $1.12; adjusted EPS was $1.29, up 19% over the third quarter of fiscal 20221. Cash generated from operations was $133 million, up 35% over the same period last year. Backlog increased to an all-time high of $4.39 billion, up 25% year-over-year.\n\n\nQuarterly Dividend\n\n\nOn August 7, 2023, Tetra Tech’s Board of Directors approved its 37th consecutive quarterly dividend at an amount of $0.26 per share, a 13% increase year-over-year, payable on September 6, 2023, to stockholders of record as of August 23, 2023.\n\n\nChairman and CEO Comments\n\n\nTetra Tech Chairman and CEO, Dan Batrack, commented, “Tetra Tech delivered another quarter of record financial performance driven by our differentiated Leading with Science® services in water, environment and sustainable infrastructure. We are seeing increasing demand from both our commercial and government clients to address the impacts of climate change including water scarcity, infrastructure vulnerability, and environmental degradation. This has resulted in a significant broad-based increase in project awards from our key clients in North America, U.K., and Australia. The combination with RPS is exceeding our expectations, including the speed of margin expansion and the identification of revenue synergies. Based on our strong 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. Refe...