Tetra Tech Inc. provides high-end consulting and engineering services focused on water, environment and sustainable infrastructure for public and private clients worldwide. News about Tetra Tech centers on quarterly results, backlog and guidance, governance changes, and awards for water and wastewater systems, environmental restoration, flood defense, and resilient infrastructure projects.
Company updates also describe work for U.S. federal, state and local agencies, defense customers, international water authorities and commercial clients. Recurring project themes include wastewater treatment design, water quality sampling, environmental site assessment and remediation, stormwater and groundwater monitoring, architect-engineer services, and IT, operational technology and cybersecurity support for logistics and infrastructure modernization.
Tetra Tech, Inc. (NASDAQ: TTEK) has been awarded a $38 million contract by the U.S. Agency for International Development (USAID) under the Climate Adaptation Support Activity (CASA) program. This five-year contract aims to enhance global climate adaptation and resilience initiatives. Tetra Tech's experts will develop predictive climate models to formulate disaster risk reduction strategies across various sectors. This contract reinforces Tetra Tech’s long-standing partnership with USAID, focusing on sustainable solutions to mitigate climate change impacts.
Tetra Tech, Inc. (NASDAQ: TTEK) reported record quarterly revenue of $903 million and annual revenue of $3.50 billion for the fiscal year ending October 2, 2022. Fourth-quarter net revenue reached $736 million, a 12% year-over-year increase. Operating income rose to $95 million, up 29% year-over-year, with an adjusted EPS of $1.26, marking a 30% increase. The company also achieved a record backlog of $3.74 billion. Tetra Tech announced a 15% dividend increase, complemented by a $50 million share repurchase.
Chairman Dan Batrack highlighted strong momentum from federal funding and the upcoming acquisition of RPS Group.
Tetra Tech, Inc. (NASDAQ: TTEK) has secured a $35 million contract from the U.S. Agency for International Development (USAID) focused on enhancing water use efficiency in Jordan. This five-year initiative aims to support sustainable water management through market-based solutions, benefiting the government and local stakeholders. Tetra Tech's expertise will contribute to advancing water security and mitigating climate change impacts.
Tetra Tech, Inc. (NASDAQ: TTEK) has secured a $108 million, five-year blanket purchase agreement with the U.S. Department of Energy. This contract will provide environmental support services aimed at assessing the potential impacts of energy projects. Tetra Tech will utilize advanced analytics and predictive modeling under its Leading with Science® methodology. CEO Dan Batrack emphasized the company's longstanding collaboration with the Department of Energy, focusing on scientific assessments for future projects.
Tetra Tech, Inc. (NASDAQ: TTEK) announced the dates for its fourth quarter and fiscal 2022 financial results. The company will report these results on November 9, 2022, after market close, followed by a conference call on November 10, 2022, at 8:00 a.m. PT to discuss the outcomes and future outlook. Investors can access the live audio-visual webcast on Tetra Tech's investor relations webpage. Tetra Tech is recognized for its consulting and engineering services across various sectors, emphasizing sustainability and resilience in its projects.
Tetra Tech (NASDAQ: TTEK) has announced an all-cash acquisition of RPS Group plc for 222 pence per share. The deal, unanimously recommended by RPS Group's Board, will create a premier global consultancy in water, environment, and energy transformation with 26,000 associates. The acquisition is expected to be mid to high teen percent accretive to adjusted earnings per share (EPS) and will realize £21 million in cost synergies. Tetra Tech secured financing of £714 million and a 350 million USD New Credit Facility to facilitate the transaction.
Tetra Tech, Inc. (NASDAQ: TTEK) has secured an 18-month technical assistance contract from the U.S. Trade and Development Agency to enhance Mexico's civil aviation infrastructure. This initiative will utilize Tetra Tech's advanced data analytics and simulation models to create a national civil aviation master plan for the Mexican Federal Civil Aviation Agency. The project aims to improve airspace communications, navigation, and air traffic management, aligning with the Mexican government's transportation oversight priorities.
Tetra Tech, Inc. (NASDAQ: TTEK) announced that the U.S. Army Corps of Engineers (USACE), Los Angeles District, selected the company for a $49.5 million contract to provide environmental consulting and engineering services across California, Nevada, and Arizona. The contract spans five years and includes an initial task order valued at $4.7 million for remediation of 134 acres in San Diego, California. Tetra Tech continues its partnership with the USACE, contributing over two decades of experience in environmental cleanup programs.
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Tetra Tech reported record third-quarter results for the period ending July 3, 2022, with revenue of $890 million, a year-over-year increase of 11%. Net revenue rose 13% to $720 million, while operating income increased 20% to $84 million, and EPS grew 15% to $1.09. Cash generated from operations hit $98 million, up 42%, and backlog increased 8% to $3.51 billion. The Board approved a $0.23 per share dividend, reflecting a 15% increase, and announced a $50 million share repurchase.