Tetra Tech, Inc. TTEK shares are trading lower premarket Thursday after the company reported fourth-quarter results on Wednesday.
Net revenue increased 8% year over year to $1.14 billion, beating the consensus of $1.135 billion.
Operating income rose 33% year over year to $143 million in the quarter. Adjusted EPS of $0.38, beating the consensus of $0.37.
The results were driven by strong demand for the company’s specialized consulting services in water resource management and resilient infrastructure.
Tetra Tech’s Board approved quarterly dividend of $0.058 per share, payable on December 13 to shareholders of record as of November 27. Additionally, Tetra Tech has $348 million left in its $400 million share repurchase program.
Outlook: Tetra Tech projects FY25 EPS of $1.40 – $1.50 (vs. $1.48 estimate) and revenue of $4.565 billion – $4.765 billion vs. the consensus of $4.66 billion.
For the first quarter, the company expects revenue of $1.09 billion-$1.15 billion, compared to the estimate of $1.092 billion and EPS of $0.32- $0.34 (vs. estimate of $0.33).
Tetra Tech Chairman and CEO, Dan Batrack said, “We continue to see strong demand for our high-end services in coastal flood protection and recovery, security of water supplies, and digital modernization of water infrastructure. Over this past year, we received increasing orders across all our client end-markets which drove backlog up 12% to an all-time high of $5.38 billion.”
Investors can gain exposure to the stock via Tidal ETF Trust Newday Ocean Health ETF AHOY and iShares Environmental Infrastructure and Industrials ETF EFRA.
Price Action: TTEK shares are down 6.02% at $44.50 premarket at the last check Thursday.
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