Business
Tetra Tech Reports Strong Fourth Quarter and Fiscal 2020 Results
Fourth quarter revenue $753 million and net revenue $590 million Fourth quarter EPS $0.82; Adjusted EPS $0.91 Record fiscal 2020 EPS $3.16, up 11% Y/Y Record
About this update from Tetra Tech, Inc.
[{"type":"text","content":"\n\nFourth quarter revenue $753 million and net revenue $590 million\n\n\nFourth quarter EPS $0.82; Adjusted EPS $0.91\n\n\nRecord fiscal 2020 EPS $3.16, up 11% Y/Y\n\n\nRecord fiscal year cash flow of $262 million, up 26% Y/Y\n\n\nRecord backlog of $3.24 billion, up 5% Y/Y and up 6% Q/Q\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 fourth quarter and fiscal year ended September 27, 2020.\n\nFourth Quarter Results\n\nRevenue in the fourth quarter totaled $753 million and revenue, net of subcontractor costs (net revenue)1, was $590 million. Earnings per share (“EPS”) was $0.82 on a GAAP basis and adjusted EPS1 was $0.91. Cash generated from operations was $68 million. Backlog at the end of the quarter was a record $3.24 billion, up 5% year-over-year and up 6% sequentially.\n\nQuarterly Dividend and Share Repurchase Program\n\nOn November 9, 2020, Tetra Tech’s Board of Directors declared a $0.17 per share dividend, a 13% increase over the prior year, payable on December 11, 2020 to stockholders of record as of November 30, 2020. In the fourth quarter, Tetra Tech repurchased $15 million of common stock. Additionally, as of September 27, 2020, the Company had $208 million remaining under the approved share repurchase programs.\n\nFiscal Year Results\n\nRevenue for fiscal 2020 totaled $3.0 billion and net revenue was $2.3 billion. EPS was $3.16 and adjusted EPS was $3.26. Cash generated from operations of $262 million was a record, up 26% compared to the previous year. The strong cash flow enabled the Company to return $152 million to shareholders in fiscal 2020 through a combination of share repurchases and dividends, while continuing to invest in strategic acquisitions and de-levering to a net debt leverage ratio of 0.5x 2.\n\n\n_______________\n\n\n1 Non-GAAP financial measures which the Company believes provide valuable perspectives on its business results. Refer to Reconciliation of GAAP and non-GAAP Items.\n\n\n2 The net debt leverage ratio is defined as total debt less cash and cash equivalents divided by 12-month adjusted EBITDA. Refer to Regulation G Information and Reconciliation of GAAP and non-GAAP Items.\n\n\nChairman and CEO Comments \n\nTetra Tech’s Chairman and CEO, Dan Batrack, commented, ...