tetra tech inc (TTEK) Key Developments
U.S. Air Force Awards $48 Million Environmental Services Contract to Tetra Tech Inc
Jun 29 15
Tetra Tech Inc. announced that the U.S. Air Force in Europe (USAFE) has awarded the company a $48 million, multiple-award contract to provide environmental services to support Air Force installations throughout Europe. Under the indefinite delivery/indefinite quantity contract, Tetra Tech will support USAFE to conduct monitoring, sampling, and analysis activities to ensure compliance for multimedia including water, air emissions, and soils. The Company will also perform assessments, baseline surveys, pollution prevention activities, environmental remediation, and other compliance-related services to support U.S. Air Force operations in Europe. The contract has a five-year ordering period with three additional years for execution.
Tetra Tech Inc. Announces Resignation of Frank C. Gross as Executive Vice President and President of the Remediation and Construction Management
May 13 15
Tetra Tech Inc. announced that effective May 13, 2015, Frank C. Gross, Jr. resigned from his role as Executive Vice President and President of the Remediation and Construction Management (RCM) segment of the company. Over the past nine months, Mr. Gross has overseen the wind down and completion of the company's remaining RCM projects, which are now substantially complete. As a result of the conclusion of his operational assignments, Mr. Gross has decided to pursue other professional opportunities.
Tetra Tech Inc. Presents at Oppenheimer 10th Annual Industrial Growth Conference, May-12-2015 03:45 PM
May 1 15
Tetra Tech Inc. Presents at Oppenheimer 10th Annual Industrial Growth Conference, May-12-2015 03:45 PM. Venue: Westin New York Grand Central, 212 East 42nd Street, New York, NY 10017, United States.
Tetra Tech Inc. Declares Quarterly Dividend, Payable on May 29, 2015; Reports Earnings Results for the Second Quarter and Six Months Ended March 29, 2015; Provides Earnings Guidance for the Third Quarter and Full Year of Fiscal 2015; Provides Tax Rate Guidance for the Second Half of 2015
Apr 29 15
Tetra Tech Inc. announced that on April 27, 2015, Board of Directors declared a 14% increase in the quarterly dividend, raising it to $0.08 per share payable on May 29, 2015 to shareholders of record as of May 14, 2015.
The company reported earnings results for the second quarter and six months ended March 29, 2015. For the quarter, revenue was $564.8 million against $586.3 million last year. Operating income was $30.4 million against $46.2 million last year. Net income including non-controlling interests was $19.0 million against $31.9 million last year. Net income attributable to Tetra Tech was $19.0 million or $0.31 per basic and diluted share against $31.7 million or $0.48 per diluted share last year. Operating income adjusted for non-operational items was $31.4 million against $24.8 million last year. Cash generated from operations was $19.3 million, up 33% compared to last year’s second quarter. EPS (operations) was $0.32 against $0.22 last year.
For the six months, revenue was $1.1 billion against $1.2 billion last year. Operating income was $869.8 million against $939 million last year. Net income including non-controlling interests was $44.7 million against $59.2 million last year. Net income attributable to Tetra Tech was $44.6 million or $0.71 per diluted share against $59.0 million or $0.90 per diluted share last year. Cash generated from operations was $24.8 million.
Tetra Tech expects EPS for the third quarter of fiscal 2015 to be in the range of $0.40 to $0.44. Revenue, net of subcontractor costs, for the third quarter is expected to range from $420 million to $470 million.
For fiscal 2015, EPS guidance is now expected to range from $1.60 to $1.70, and cash EPS guidance is expected to range from $2.30 to $2.55. Revenue, net of subcontractor costs, for fiscal 2015 is expected to range from $1.70 billion to $1.85 billion. CapEx is expected to remain as initially forecasted to be in the range of about $15 million to $25 million. 2015 forecast indicates cash from operations to be in the range of about $145 million to $160 million.
The company expects a 32% effective tax rate for the second half of fiscal 2015.
Tetra Tech Wins $35 Million Contract from District of Columbia for Environmental Services
Apr 14 15
Tetra Tech said that it has won a $35 million contract from the District of Columbia's Department of Environment to provide general environmental services. The scope of the contract includes technical support services related to the assessment and remediation of contaminated sediments in the tidal portion of the Anacostia River. The company said restoration activities will be implemented at sites throughout the watershed as part of large-scale efforts initiated by the D.C. government to revitalize the river and the surrounding communities.