Tetra Tech (TTEK) Wins $450M Environmental Restoration Deal
Tetra Tech, Inc. TTEK has secured a multiple-award, $450 million contract from the U.S. Environmental Protection Agency (EPA) to boost the Great Lakes region’s environmental restoration efforts.
Per the five-year deal, Tetra Tech will be responsible for providing technical support services to EPA Region 5 and the Great Lakes National Program Office to determine the severity of contamination in the area. TTEK will also aid the development, evaluation and selection of the necessary remediation and restoration approaches.
The company’s engineers and scientists will apply its Leading with Science technique to conduct site assessments and feasibility studies, accumulate and analyze data and develop new solutions to help maintain ecosystems at the watershed scale. These activities will lower the risk to human health and the environment in the Great Lakes region.
Lately, Tetra Tech has received a series of contracts, which are likely to drive its growth. In August, the company secured a three-year, $22 million (AUD) contract from Flotation Energy to ascertain marine environmental conditions to support the development of the Seadragon offshore wind project in Victoria, Australia.
Tetra Tech, Inc. Price
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In June, the company secured a £60 million (around $75.20 million) single-award contract from Scotland’s publicly owned water utility, Scottish Water, to provide extensive water asset management services.
In May 2023, TTEK secured a five-year, single-award, $48 million contract from the U.S. Agency for International Development Ethiopia Mission to develop a comprehensive learning platform, which would help monitor data and make informed programming decisions through predictive analytics.
Zacks Rank & Stocks to Consider
Tetra Tech currently carries a Zacks Rank #3 (Hold). Some better-ranked companies from the Industrial Products sector are discussed below:
Applied Industrial Technologies, Inc. AIT presently sports a Zacks Rank #1 (Strong Buy) and a trailing four-quarter earnings surprise of 15%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
AIT’s earnings estimates have increased 1.8% for fiscal 2024 (ending June 2024) in the past 60 days. Shares of Applied Industrial have risen 40.1% in the past year.
Axon Enterprise, Inc. AXON currently carries a Zacks Rank #2 (Buy). The company delivered a trailing four-quarter earnings surprise of approximately 60.2%, on average.
In the past 60 days, estimates for Axon’s earnings have increased 0.3% for 2023. The stock has soared 62.6% in the past year.
Caterpillar Inc. CAT presently carries a Zacks Rank of 2. CAT’s earnings surprise in the last four quarters was 18.5%, on average.
In the past 60 days, estimates for Caterpillar’s 2023 earnings have increased 0.7%. The stock has gained 33% in the past year.
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