Tetra Tech Inc. (TTEK) has received a $270 million indefinite-delivery/indefinite quantity contract from the Missile Defense Agency (MDA) of the U.S. for providing advisory and assistance services for developing the security system of the country. The tenure of the contract is five years.
The work on this Missile Defense Agency Engineering and Support Services(MiDAESS) contract will be performed in Huntsville, Alabama, and other MDA locations, mainly in the United States. The MDA awarded indefinite-delivery/indefinite quantity contracts to three firms for a period of five years each at a value of $270 million.
As a part of the U.S. Department of Defense, the Missile Defense Agency is engaged in the research, development and acquisition activities to expand the security system of the country. The main objective of the agency is to protect its country and deployed forces against all sorts of enemy ballistic missiles in all stages of flight through the formation of an incorporated, covered, and ballistic missile defense system. Tetra Tech has been associated with the MDA, aiding it as a prime contractor, for the last twelve years.
The U.S. federal government remains an important client for Tetra Tech, contributing to significant portion of the company’s revenue. A major amount of this revenue is derived under multi-year contracts. Future flow of revenues from these sources will largely depend on the level of government program funding and Tetra Tech’s ability to retain clients.
The company delivered strong results for the third quarter of fiscal 2010, outperforming its own as well as the Zacks Consensus expectation for the quarter on both top and bottom line. The company’s impressive performance was driven by strong front-end consulting and engineering services to federal and international clients. The company reported gross total revenue of $562.4 million versus $551.4 million in the third quarter of fiscal 2009.
Headquartered in Pasadena, California, Tetra Tech Inc. was initially founded in 1966 as a provider of engineering services related to waterways, harbors and coastal areas. Over the past 40 years, the company has substantially increased the size and scope of its business and expanded its service offerings through a series of strategic acquisitions and internal growth. Tetra Tech at present provides environmental services, water/wastewater management, infrastructure services, security design, and outsourced technical services. The company currently operates 250 offices worldwide and employs about 10,000 people. Major competitors of Tetra Tech are Arcadis NV, Shaw Group Inc. (SHAW) and URS Corporation (URS).
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