Tetra Tech Stock Price, News & Analysis

Tetra Tech, Inc. (NASDAQ: TTEK) has been selected by Northern Ireland (NI) Water as one of the companies on a framework contract valued at up to £800 million. This 8-year framework aims to support the sustainable delivery of key water and wastewater infrastructure projects across Northern Ireland. Tetra Tech's role will include:

1. Supporting NI Water in managing programs to strengthen climate resilience
2. Improving the delivery of sustainable services to NI Water customers
3. Providing innovative solutions such as integrated environmental modelling
4. Utilizing Machine Learning and AI techniques to optimize treatment operations

Tetra Tech has a long-standing relationship with NI Water, having provided critical water infrastructure support for decades. The company plans to leverage its Leading with Science® approach and global water expertise to support NI Water's leading water and wastewater program.

Tetra Tech (NASDAQ: TTEK) has been awarded a $249 million multiple-award contract by the U.S. Army Corps of Engineers (USACE), Omaha District. The 7-year contract involves providing environmental assessment and design services at facilities and sites across the United States.

Under this contract, Tetra Tech's team will perform comprehensive environmental services, including:

• Developing water resource management plans
• Assessing and protecting ecosystems
• Designing sustainable building elements for water and energy efficiency

Tetra Tech has supported USACE for over 40 years and has been ranked as the top firm in Environmental Management by Engineering News-Record for 15 consecutive years. The company will use its Leading with Science® approach to address USACE's complex environmental challenges.

Tetra Tech, Inc. (NASDAQ: TTEK) has appointed John M. Douglas as its newest Board Member, effective September 30, 2024. Mr. Douglas brings over 40 years of experience in global operations, leadership, strategy, and project management in technology-enabled consulting services. He will serve on the Compensation and the Nominating and Corporate Governance Committees.

Mr. Douglas was previously the CEO of RPS Group Plc from 2017 to 2023 and CEO of Coffey International from 2011 to 2016. He also held leadership roles at Boral and worked as a consultant at Boston Consulting Group. Concurrently, Joanne M. Maguire will retire from the Board on September 30, 2024.

Tetra Tech (NASDAQ: TTEK) reported record third quarter results for fiscal 2024, with revenue increasing 11% year-over-year to $1.34 billion. The company achieved significant growth across key metrics:

- Operating Income up 32% to $129 million
- EPS up 42% to $1.59
- Backlog up 19% to $5.23 billion
- Net Revenue up 12% to $1.11 billion

Tetra Tech also announced a five-for-one stock split effective September 6, 2024, and raised its full-year guidance. The company secured several major contracts, including a $439 million project for energy resiliency in Ukraine. With strong performance and record backlog, Tetra Tech is forecasting 23% EPS growth for fiscal 2024.

Tetra Tech (NASDAQ: TTEK) has been selected by the U.S. Department of Defense (DoD) Environmental Security Technology Certification Program to develop and test a prototype mobile electron beam (eBeam) system for on-site treatment of PFAS-impacted soils and sediments. In partnership with Texas A&M University, Tetra Tech will design, fabricate, and demonstrate this innovative technology, which has shown up to 99% effectiveness in destroying PFAS compounds in soils during research.

The project aims to create an effective mobile treatment technology that can be scaled for widespread implementation and commercialization. Tetra Tech's PFAS remediation experts will conduct extensive field testing at candidate DoD sites, potentially leading to future larger-scale mobile systems or fixed-base PFAS treatment facilities.

Tetra Tech (NASDAQ: TTEK), a leader in consulting and engineering services in water, environment, and sustainable infrastructure, announced the planned dates for its third quarter 2024 results and conference call. The financial results will be released on Wednesday, July 31, 2024, after market close. A conference call will be held on Thursday, August 1, 2024, at 8:00 a.m. Pacific Time to discuss these results and the company's forward outlook. The call will be accessible through a live webcast on the company's website.

Tetra Tech has secured a $73 million contract from USAID to enhance energy access in 18 West African countries. The project, part of the Power Africa Empower West Africa initiative, aims to modernize the region's energy infrastructure. It includes the deployment of clean energy technologies, AI-based data analytics, and digital tools like smart power meters. The contract will also involve designing national electrification programs and promoting e-mobility solutions such as electric vehicles and boats. Tetra Tech's engagement with Power Africa spans a decade, focusing on sustainable, inclusive, and resilient energy sectors.

Tetra Tech (NASDAQ: TTEK) has secured an $85 million increase in its contract with the U.S. Agency for International Development (USAID) to bolster energy security in Moldova. The initiative, part of the USAID Moldova Energy Security Activity, aims to enhance Moldova's power grid by integrating a utility-scale battery energy storage system. This project will help Moldova improve its energy independence, sustainability, and affordability, while also facilitating electricity trade with neighboring countries like Romania and Ukraine. Tetra Tech's approach focuses on increasing the flexibility and stability of Moldova's electricity system, supporting the deployment of renewable energy resources and potential integration into European energy markets.

Tetra Tech (NASDAQ: TTEK) hosted its inaugural Investor Day on May 14, 2024, at Nasdaq’s Global Headquarters, where it launched its 2030 vision for growth and financial targets. The company aims to drive growth through its expertise in water and environmental consulting, focusing on emerging contaminants, advanced technologies, and AI-augmented services.

Key growth drivers include increased R&D funding and recurring revenue from software subscriptions. Financial targets for 2030 include a total compounded annual revenue growth of 10%-15%, organic revenue growth of 6%-10%, and acquisitive revenue growth of 4%-5%. The company also plans to expand its EBITDA margin by over 50bps annually and generate cash flow exceeding net income.

Chairman and CEO Dan Batrack emphasized Tetra Tech's alignment with global priorities, while CFO Steve Burdick highlighted plans to double revenue by 2030 and expand EBITDA margins to support capital allocation and shareholder returns.