Tetra Tech (TTEK) Clinches $34M Single-Award Deal From USAID
Tetra Tech, Inc. TTEK yesterday announced that it has secured a $34 million contract from the U.S. Agency for International Development (“USAID”). The deal will involve the company supporting the USAID Integrated Land and Resource Governance II project, which is aimed at promoting sustainable economic development through better land rights governance.
Per the single-award contract, Tetra Tech will be responsible for designing and implementing land and property rights policies to conserve ecosystems, boost private sector investments and secure women’s rights. TTEK’s technical experts will carry out data-driven research and deploy advanced technology and conflict mitigation tools to implement documented property rights in rural areas.
The company will help establish anticorruption reforms, apart from supporting effective systems and policies that would promote economic growth, food security and environmental sustainability.
Lately, Tetra Tech has received a series of deals that are likely to drive its growth. This month, the company clinched a $24 million deal from USAID to conserve biodiversity and natural resources in Cambodia. The agreement is also aimed at boosting community livelihoods in the region.
In November 2023, TTEK secured a five-year framework from Ireland’s National Water Utility, Uisce Éireann (formerly Irish Water), to boost a capital investment program. The project delivers comprehensive drinking water and wastewater management services to the Republic of Ireland. Also, in the same month, it secured a $33 million contract from the U.S. Army Corps of Engineers Rock Island District to offer architectural and engineering design services.
Zacks Rank & Price Performance
Tetra Tech currently carries a Zacks Rank #4 (Sell). The rising costs of sales are a major concern for Tetra Tech. In fiscal 2023, the company’s selling, general and administrative expenses increased 30% year over year due to rising marketing costs. Other costs of revenues expanded 33.9% year over year. Escalating costs pose a threat to the company’s bottom line.
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In the past year, the stock has risen 14.6% against the industry’s 6.7% decline.
Stocks to Consider
Some better-ranked companies from the Industrial Products sector are discussed below:
Crane Company CR currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 60 days, the Zacks Consensus Estimate for Crane’s 2023 earnings has remained steady. The stock has risen 44.7% in the past year. The company delivered a trailing four-quarter average earnings surprise of 29.8%.
Applied Industrial Technologies, Inc. AIT presently has a Zacks Rank #2. It has a trailing four-quarter average earnings surprise of 13.9%.
The Zacks Consensus Estimate for AIT’s fiscal 2024 earnings has remained steady in the past 60 days. Shares of Applied Industrial jumped 33.8% in the past year.
Donaldson Company DCI currently carries a Zacks Rank #2. The company delivered a trailing four-quarter average earnings surprise of 3.9%.
In the past 60 days, the Zacks Consensus Estimate for Donaldson’s fiscal 2024 earnings has remained stable. The stock has risen 2.2% in the past year.
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Tetra Tech, Inc. (TTEK) : Free Stock Analysis Report
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