Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-quality water, environmental and sustainable infrastructure consulting and engineering services, today announced results for the first quarter ended December 29, 2024.
Revenue increased 16% year-over-year to $1.42 billion
Net sales1 increased 18% year-over-year to $1.20 billion
Operating income $23 million; adjusted operating income increased 24% year-over-year to $138 million
Earnings per share USD 0.00; adjusted earnings per share 1 increased by 25% year-on-year to USD 0.35
Backlog increased 15% year-over-year to $5.44 billion
Industry-leading DSO of 55.9 days
Recent major achievements.
Multiple-award contracts worth USD 498 million over five years to provide architectural and engineering services and civil engineering support to the USACE in the Los Angeles and Japan districts
Five-year multiple-award contract worth USD 249 million for planning and engineering services for the USACE Mobile District
Five-year, $100 million multiple award contract for the Office of Land and Emergency Management to research and analyze new advanced environmental technologies
66 million US dollar, five-year contract to provide disaster and emergency services in the US Midwest
Multi-award architecture and engineering contract valued at $46 million for flood and emergency response for the USACE
Comments from the Chairman and CEO
Dan Batrack, Chairman and CEO, commented: "Tetra Tech started FY2025 with a strong first quarter that included record revenue and backlog, as well as record first quarter adjusted operating income and earnings per share. We continued to see significant demand for our differentiated water, environmental and sustainable infrastructure services across our global businesses. In the first quarter, we added over $1 billion in new contract capacity, including contracts for basic water supply, flood control structures and inland waterways. With our record backlog and momentum, we are well positioned to respond to the priorities of our U.S. and international customers."
Quarterly dividend and share buyback program
On January 27, 2025, Tetra Tech's Board of Directors approved the company's 43rd consecutive quarterly dividend of $0.058 per share, an increase of 12% over the prior year. The dividend will be paid on February 26, 2025 to shareholders of record on February 12, 2025. In the first quarter, Tetra Tech repurchased USD 25 million worth of common stock. In addition, as of December 29, 2024, the company had USD 323 million remaining under its USD 400 million share buyback program.
https://www.wallstreet-online.de/nachricht/18946083-tetra-tech-reports-strong-first-quarter-results
