Tetra Tech (TTEK) Wins A-E Services Contract From USACE
Tetra Tech, Inc. TTEK has secured a $33 million contract from the U.S. Army Corps of Engineers (USACE) Rock Island District, Great Lakes and Ohio River Division to offer architectural and engineering (A-E) design services.
Per the deal, Tetra Tech’s scientists, consultants and engineers will create a 1,200 foot-long navigation lock on the Illinois River, which will be twice as long as the previous one to lower wait times by more than 70 percent, handle bigger vessels and boost mariner safety. The new lock chamber will enhance the effectiveness, reliability and security of navigation traffic along the river.
The company was assigned this contract as part of the USACE Great Lakes and Ohio River Division’s Infrastructure Investment and Jobs Act contract. The navigation lock assignment is a top priority of the USACE Navigation and Ecosystem Sustainability Program.
Lately, Tetra Tech has received a series of contracts, which are likely to drive its growth. In October, secured a multiple-award, $450 million contract from the U.S. Environmental Protection Agency to boost the Great Lakes region’s environmental restoration efforts.
Tetra Tech, Inc. Price
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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.
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.
Zacks Rank & Other Stocks to Consider
Tetra Tech currently carries a Zacks Rank #2 (Buy). Some other top-ranked companies from the Industrial Products sector are discussed below:
Graco Inc. GGG presently carries a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here.
GGG’s earnings surprise in the last four quarters was 7.2%, on average. In the past 60 days, estimates for Graco’s 2023 earnings have increased 1.7%. The stock has gained 13.4% in the past year.
Applied Industrial Technologies, Inc. AIT presently carries a Zacks Rank of 2 and a trailing four-quarter earnings surprise of 13.9%, on average.
AIT’s earnings estimates have increased 3.7% for fiscal 2024 (ending June 2024) in the past 60 days. Shares of Applied Industrial have risen 29.6% in the past year.
A. O. Smith Corporation AOS currently carries a Zacks Rank of 2. The company delivered a trailing four-quarter earnings surprise of approximately 14%, on average.
In the past 60 days, estimates for A. O. Smith’s earnings have increased 4.5% for 2023. The stock has soared 27.1% in the past year.
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