Tetra Tech Analysts Boost Their Forecasts After Upbeat Results

Tetra Tech, Inc. TTEK reported better-than-expected second-quarter financial results after the closing bell on Wednesday.

Tetra Tech posted adjusted earnings of $1.42 per share, beating market estimates of $1.29 per share. The company's quarterly sales came in $1.05 billion versus expectations of $1.03 billion, according to data from Benzinga Pro.

Dan Batrack, Chairman and CEO, commented, “Tetra Tech continued our strong performance through the second quarter, including the expansion of our margins in GSG by 170 basis points and CIG by 320 basis points over the second quarter of last year. With increased profitability and record second quarter backlog, we are raising our full year guidance for net revenue and earnings, which represents forecasted EPS growth of 22% for fiscal 2024. We are looking forward to sharing our long-term strategy and 2030 vision for further revenue growth and margin expansion at our upcoming inaugural Investor Day on May 14th.”

Tetra Tech said it sees FY24 earnings of $6.25 per share, versus market estimates of $6.87 per share. The company expects revenue of $4.31 billion versus expectations of $4.59 billion.

Tetra Tech shares rose 2% to trade at $207.99 on Friday.

These analysts made changes to their price targets on Tetra Tech following earnings announcement.

• Maxim Group raised the price target on Tetra Tech from $230 to $234. Maxim Group analyst Tate Sullivan maintained a Buy rating.
• RBC Capital boosted the price target on Tetra Tech from $203 to $233. RBC Capital analyst Sabahat Khan maintained an Outperform rating.
• Keybanc increased the price target on Tetra Tech from $209 to $219. Keybanc analyst Sangita Jain maintained an Overweight rating.

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