Business
Tetra Tech Reports Record Third Quarter Results, Raises Guidance and Announces Five-for-One Stock Split
Record Quarterly Revenue $1.34 billion, up 11% Y/Y Record Q3 Operating Income $129 million, up 32% Y/Y Record Q3 EPS $1.59, up 42% Y/Y Record Backlog $5.23
About this update from Tetra Tech, Inc.
[{"type":"text","content":"\n\nRecord Quarterly Revenue $1.34 billion, up 11% Y/Y\n\n\n\nRecord Q3 Operating Income $129 million, up 32% Y/Y\n\n\n\nRecord Q3 EPS $1.59, up 42% Y/Y\n\n\n\nRecord Backlog $5.23 billion, up 19% Y/Y\n\n\n\nIncreasing FY 2024 Net Revenue and EPS guidance\n\n\n\n PASADENA, Calif.--(BUSINESS WIRE)--\nTetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services in water, environment and sustainable infrastructure, today announced results for its third quarter ended June 30, 2024.\n\n\nThird Quarter Highlights\n\n\n\nRevenue increased 11% Y/Y to $1.34 billion\n\n\n\nNet Revenue1 increased 12% Y/Y to $1.11 billion\n\n\n\nOperating Income increased 32% Y/Y to $129 million\n\n\n\nEPS increased 42% Y/Y to $1.59\n\n\n\nBacklog increased 19% Y/Y to $5.23 billion\n\n\n\nIndustry-leading DSO of 54 days\n\n\n\nCash Flow from Operations of $141 million\n\n\n\nNet Debt / EBITDA reduced 34% Y/Y to 1.15x\n\n\n\nRecent Key Wins\n\n\n\n$439 million for expanding energy resiliency through innovative solutions for diversified generation, delivery and storage of energy in Ukraine\n\n\n\n$73 million to increase energy resiliency and support sustainable infrastructure throughout West Africa\n\n\n\n$65 million for disaster preparedness associated with impacts from climate change and rising sea levels across vulnerable areas in the Asia Pacific region\n\n\n\n$64 million for supporting sustainable land and infrastructure systems including water resource management and irrigation in developing countries\n\n\n\n$56 million to design advanced water treatment and PFAS removal solution for a new facility in Virginia\n\n\n\n$54 million for sustainable infrastructure programs addressing climate change adaptation in Southeast Asia\n\n\n\n$35 million for assessment and restoration for water and environmental impacts associated with fire recovery in Hawaii\n\n\n\n$32 million for investigation and evaluation of contaminated sediments within the Anacostia River in the Potomac River Basin\n\n\n\n$27 million to assess and design water leachate treatment solutions in municipal landfills in California\n\n\n\nExecutive Management Comment\n\n\nDan Batrack, Chairman and CEO, commented, “Tetra Tech continued our strong performance through the third quarter with increasing demand for our high-end water, environment, and sustainable infr...