LONDON, UK / ACCESSWIRE / February 20, 2018 / Active-Investors.com has just released a free earnings report on Tetra Tech, Inc. (TTEK). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=TTEK. The Company reported its financial results on January 31, 2018, for the first quarter ended December 31, 2017. Operationally, the Company achieved the highest revenue for any quarter in its history. The Company's Q1 2018 results indicate an excellent beginning to the fiscal year 2018. Register today and get access to over 1000 Free Research Reports by joining our site below:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Tetra Tech most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the first quarter of the fiscal year 2018, Tetra Tech's total revenues reached $759.75 million, up 13.59% from $668.85 million in Q1 FY17. The Company's revenues for ongoing operations totaled $752.94 million in Q1 FY18 compared to $660.62 million in Q1 FY17. Tetra Tech's revenues net of subcontractor costs was $544.85 million for the reported quarter, an increment of 11.30% from $489.55 million in the year earlier same quarter. The Company's net revenue figures were above analysts' consensus estimates of $511.9 million. The Company's US clients led this growth, especially its state and local clients, commercial accounts, and federal work.
Tetra Tech's reported income from operations advanced 21.91% to $48.59 million in Q1 FY18 from $39.86 million in Q1 FY17. On an ongoing basis, the Company's operating income increased 15.97% to $49.75 million y-o-y. The ongoing operating margin also jumped to 9.1% in Q1 FY18 from 8.8% in Q1 FY17.
Tetra Tech's net income attributable to common shareholders increased 73.31% to $46.03 million, or $0.81 per share, in Q1 FY18 from $26.56 million, or $0.46 per share, in Q1 FY17. Tetra Tech's reported quarter results included a one-time benefit from revaluing deferred tax liabilities as a result of the new US tax reform enacted in December 2017. Tetra Tech's adjusted earnings per share (EPS) from ongoing operations were $0.65 in the quarter under review, 32.65% up from $0.49 in the year earlier comparable quarter. The Company's adjusted EPS were higher than analysts' consensus estimates of $0.52 per share.
At the end of Q1 FY18, the backlog was $2.43 billion, 1.65% lower than $2.47 billion in Q1 FY17.
During Q1 FY18, Tetra Tech's Government Services Group (GSG) segment's revenues, net of sub-contractor costs, were $309.97 million, an increase of 20.53% y-o-y. For the first quarter of 2018, the segment's ongoing income from operations improved 29.69% to $39.12 million from $30.17 million for the same period of the previous year. The GSG segment's ongoing operating margin also improved to 12.6% in Q1 FY18 from 11.7% in Q1 FY17.
For Q1 FY18, Tetra Tech's Commercial/International Services Group (CIG) segment's revenues, net of sub-contractor costs, were $233.73 million, a y-o-y increase of 1.36%. Environmental projects contributed to sales growth, which was partially offset by sluggish oil and gas markets. For the first quarter of 2018, the segment's ongoing income from operations decreased 1.16% to $21.29 million from $21.54 million for the comparable period of the previous year. The CIG segment's ongoing operating margin also declined to 9.1% in Q1 FY18 from 9.3% in Q1 FY17.
As on December 31, 2017, Tetra Tech had cash and cash equivalents of $173 million, up from $127 million as on December 31, 2016. The Company's net cash used by operating activities was $66.5 million for Q1 FY18 compared to $58.7 million for the corresponding period of the previous year. The Company's net debt jumped 5.25% to $274.9 million in Q1 FY18 from $261.2 million in Q1 FY17. The Company's days sales outstanding (DSO) was 85.4 days for the quarter under review compared to 86.8 days in Q1 FY17.
Tetra Tech closed acquisitions of Glumac and BridgeNet YTD FY18. Besides, the Company announced the acquisition of NDY, which is expected to close in Q2 FY18.
During Q1 FY18, Tetra Tech repurchased stock for $25 million. As on December 31, 2017, the Company had $75 million remaining under the previously approved $200 million share repurchase program. Tetra Tech paid a dividend of $0.10 per share, or a total of $5.6 million, in the reported quarter. The Company has also declared a quarterly dividend of $0.10 per share, payable on March 02, 2018, to stockholders of record as of February 14, 2018.
For the second quarter of 2018, Tetra Tech expects net revenues to be in the range of $490 million to $515 million, and ongoing EPS to be in the band of $0.48 to $0.53.
The Company has increased its guidance for the full fiscal year 2018, and now estimates net revenues to range from $2.10 billion to $2.20 billion, and ongoing EPS to range from $2.40 to $2.60.
Stock Performance Snapshot
February 16, 2018 - At Friday's closing bell, Tetra Tech's stock was slightly up 0.94%, ending the trading session at $48.25.
Volume traded for the day: 231.64 thousand shares.
Stock performance in the last three-month – up 2.12%; previous six-month period – up 19.88%; past twelve-month period – up 13.53%; and year-to-date – up 0.21%
After last Friday's close, Tetra Tech's market cap was at $2.66 billion.
Price to Earnings (P/E) ratio was at 20.15.
The stock has a dividend yield of 0.83%.
The stock is part of the Services sector, categorized under the Technical Services industry.
Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
A-I has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the ''Author'') and is fact checked and reviewed by a third-party research service company (the ''Reviewer'') represented by a credentialed financial analyst [for further information on analyst credentials, please email email@example.com. Rohit Tuli, a CFA® charterholder (the ''Sponsor''), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Phone number: 73 29 92 6381
Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.