Tetra Tech Falls 3.2% After Hours (TTEK)

Tetra Tech, Inc. TTEK late on Wednesday released financial results that beat Wall Street expectations but sent the company's share price down. Tetra Tech, Inc reported that its 4th quarter net income rose 12.9% to $23.1 million, or 37 cents per share, up from $20.5 million, or 33 cents per share, a year earlier. The company's revenue, net of subcontractor costs, climbed 14.6% to $420.7 million, up from $367 million a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 33 cents per share, on revenue of $384.49 million. Chairman and CEO Dan Batrack said, “Tetra Tech finished the year with strong fourth quarter performance that resulted in 9% organic net revenue growth, 17% backlog growth, and net revenue and EPS that exceeded our guidance. Our fourth quarter performance was driven by growth in our front-end consulting and engineering services across a broad range of customers. Our backlog, the recent acquisition of BPR, and continuing demand for our front-end services are more than offsetting weak demand for back-end services that we anticipate will continue into fiscal 2011.” Tetra Tech, Inc. (TTEK) ended the Wednesday trading session at $21.79 per share, then fell 3.2% to $21.10 during after hours trading. Analysts covering the company's stock have a consensus price target of $25.31 per share. Read more from Benzinga's Company news.