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$100M Contract for Tetra Tech

Zacks Equity Research

Tetra Tech Inc. (TTEK) recently announced that it has won a contract worth $100 million from the U.S. Department of State. The indefinite delivery/indefinite quantity (ID/IQ) contract over a five-year ordering period is awarded to Tetra Tech’s subsidiary, PRO-telligent.

Per the contract, Tetra will assist in building and renovating the diplomatic facilities by providing the requisite architecture and engineering support services within the Overseas Buildings Operations section of the U.S. Department of State.

Recently, Tetra Tech was also awarded a $100 million ID/IQ contract from the U.S Department of Defense. Under the contract, Tetra Tech is required to provide environmental remediation services for projects at various locations, primarily within the Naval Facilities Engineering Command (:NAVFAC) Atlantic area of responsibility (AOR).

In the just-reported quarter, Tetra Tech recorded second-quarter fiscal 2013 net income of $24.8 million or 38 cents per share compared to $22.3 million or 35 cents in the year-ago quarter. Despite a decent year-over-year increase, the reported earnings missed the Zacks Consensus Estimate by 2 cents. Total revenue in the reported quarter was $642.0 million compared with $624.3 million in the prior-year period.

The company is a leading player in providing services like consulting, engineering and program management.  Tetra Tech also supports the government and the commercial clients by providing solutions in environmental services, water, energy, infrastructure and natural resources.

Tetra Tech currently has a Zacks Rank#4  (Sell). Some other companies worth considering at the moment are Calgon Carbon Corporation (CCC) with a Zacks Rank #1(Strong Buy), CECO Environmental Corp. (CECE) and Fuel-Tech, Inc. (FTEK), each carrying a Zacks Rank #2 (Buy).

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