Business
Tetra Tech Reports Second Quarter 2020 Results
Revenue of $734 million and Net Revenue of $584 million EPS $0.66; Adjusted EPS $0.73 Increased quarterly dividend by 13% to $0.17 PASADENA,
About this update from Tetra Tech, Inc.
[{"type":"text","content":"\n\nRevenue of $734 million and Net Revenue of $584 million\n\n\nEPS $0.66; Adjusted EPS $0.73\n\n\nIncreased quarterly dividend by 13% to $0.17\n\n\n PASADENA, Calif.--(BUSINESS WIRE)--\nTetra Tech, Inc. (NASDAQ: TTEK) today announced results for the second quarter ended March 29, 2020 and provided further information regarding the Company’s response to the COVID-19 pandemic.\n\n\nSecond Quarter Results\n\n\nRevenue in the second quarter totaled $734 million, up 2% year-over-year. Revenue, net of subcontractor costs (net revenue)1, in the second quarter was $584 million, similar to last year. On a constant currency basis, adjusted revenue1 totaled $740 million and adjusted net revenue1 totaled $590 million. EPS was $0.66 on a GAAP basis, down 34% year-over-year primarily due to a non-recurring tax benefit amounting to $0.39 of EPS in the prior year. Adjusted EPS1 was $0.73, up 4% year-over-year. Backlog at the end of the quarter increased 6% year-over-year to $2.99 billion; on a constant currency basis, backlog was $3.06 billion, up 9% year-over-year.\n\n\nSix-Month Results\n\n\nRevenue for the six-month period was $1.53 billion, and net revenue was $1.20 billion, up 6% and 5%, respectively, compared to the same period in fiscal 2019. Operating income for the six-month period was $111 million, up 7% and EPS was $1.51, down 13% compared to the same period in fiscal 2019, primarily due to non-recurring tax benefits amounting to $0.43 of EPS in the prior year. Adjusted EPS totaled $1.57, up 12% year-over-year.\n\n\nLiquidity and Capital Allocation \n\n\nAs of March 29, 2020, the Company had $135 million of cash and cash equivalents and access to an additional $639 million of borrowings available under its credit facility. During the second quarter, the Company generated $101 million of cash from operations, resulting in a leverage ratio of 0.8x net debt to adjusted EBITDA1.\n\n\nOn April 27, 2020, Tetra Tech’s Board of Directors declared a $0.17 per share dividend payable on May 29, 2020 to stockholders of record as of May 13, 2020. In the second quarter, Tetra Tech repurchased $60 million of common stock. Additionally, as of March 29, 2020, the Company had $243 million remaining under the approved share repurchase program.\n\n\nCOVID-19 Pandemic Response\n\n\nAs COVID-19 spread globally, Tetra Tech responded quickly to ensure the...