TTEK Wins $22.4M Restoration Contract
Tetra Tech Inc. (TTEK) recently received a three-year, $22.4 million worth remediation and restoration program for a 280-acre Rio Tinto Plc’s (RIO) copper mine site in Elko County, NV. Apart from a copper mine, Rio Tinto’s mine site also includes an associated mill, heap leach pads and tailings from a mine that was operational from 1932 to 1976.
Tetra Tech’s responsibilities will include removing mine tailings from the nearby Mill Creek for placement in an on-site repository. In addition, Tetra Tech will provide hydraulic engineering services to improve Mill Creek and the East Fork Owyhee River water quality and boost the restore habitat for redband trout.
The contract was awarded by Mountain City Remediation, LLC and is financed by Atlantic Richfield Co. Earlier, Tetra Tech had received several awards from U.S. Agency for International Development (:USAID) for clean energy program development in critical priority countries. USAID has awarded contracts worth approximately $800 million to Tetra Tech.
In the recently reported quarter, Tetra Tech’s Remediation and Construction Management segment’s revenue totaled $178.5 million compared with $117.4 million in prior-year quarter. The segment contributed 25% of the total revenue in 2012.
Tetra Tech, a leading provider of environmental services, is performing well in its international market, benefiting from the rising demand for clean resources. Tetra Tech currently has a Zacks Rank #3 (Hold). CECO Environmental Corp (CECE), operating in the similar industry and having a Zacks Rank #1 (Strong Buy), along with Willdan Group Inc. (WLDN) and Orion Marine Group Inc. (ORN), both having a Zacks Rank #2 (Buy), are worth considering at the moment.
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