Tetra Tech, Inc. Announces Earnings Results for the First Quarter Ended December 27, 2015; Revises Earnings Guidance for the Year 2016
January 27, 2016 at 04:30 pm
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Tetra Tech, Inc. announced earnings results for the first quarter ended December 27, 2015. For the quarter, the company's revenue was $540 million, and revenue, net of subcontractor costs (net revenue), was $414 million, up 3% and 2%, respectively, in the first quarter of fiscal 2016 compared to the same period in fiscal 2015. Operating income was $39 million and diluted earnings per share were $0.42, up 1% and 2%, respectively, compared to the first quarter of fiscal 2015. Cash generated from operations was $10 million, up 87% over the prior-year period. Net revenue was $420,956,000 against $437,080,000 a year ago. Operating income was $32,930,000 against $36,612,000 a year ago. Ongoing operating income, net of FX was $40,381,000 against $40,032,000 a year ago. EPS was $0.39 against $0.41 a year ago. Ongoing EPS, net of FX was $0.43 against $0.42 a year ago.
The company is increasing its guidance to include Coffey for eight months of the fiscal year. Tetra Tech expects diluted EPS for the second quarter of fiscal 2016 to be in the range of $0.33 to $0.38. Net revenue for the second quarter is expected to range from $425 million to $475 million. For the fiscal year 2016, diluted EPS is expected to range from $1.75 to $1.95, and net revenue is expected to range from $1.8 billion to $2.0 billion. Cash EPS is expected to range from $2.70 to $3.00 for the full year.
Tetra Tech, Inc. is a global provider of consulting and engineering services that is focused on water, environment, sustainable infrastructure, renewable energy and international development. The Company is Leading with Science to provide solutions for its public and private clients. The Company operates through its two segments: government services group (GSG) and commercial/international services group (CIG). Its GSG segment provides consulting and engineering services primarily to United States (U.S.) government clients and development agencies worldwide. The Company's CIG segment primarily provides consulting and engineering services to U.S. commercial clients and international clients that include both commercial and government sectors. Its CIG segment provides sustainable infrastructure and related environmental, engineering and project management services to commercial and local government clients across Canada, in Asia Pacific, the United Kingdom, as well as Brazil and Chile.