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Tetra Tech (TTEK) Buys Axiom, Boosts Data Analytics Offerings
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Tetra Tech, Inc. (TTEK - Free Report) yesterday announced that it completed the acquisition of Axiom Data Science. The financial terms of the transaction have been kept under wraps.
The company’s shares declined 3.7% yesterday to eventually close the trading session at $152.53.
Inside the Headlines
Based in Anchorage, AK, Axiom is a software development company engaged in developing scalable solutions to perform research in geological, ecological and ocean sciences. The company’s services are used across several private, academic, federal and non-governmental organizations.
The acquisition of Axiom will help Tetra Tech in boosting its capabilities in advanced analytics for projects related to oceans and ecosystems. This will enable the company to provide advanced climate data analytics solutions to its customers, supporting them in the decision-making process for projects related to climate change.
Axiom will be integrated into the company’s Government Services Group business segment. The segment offers consulting and engineering services globally for a wide range of U.S. government clients. Some of the notable services offered are environmental monitoring, water and waste management, sustainable infrastructure design, and various civil infrastructure master planning. Net sales of Government Services Group were $327.1 million in first-quarter fiscal 2022 (ended December 2021).
Other Notable Acquisitions
The latest transaction is in sync with Tetra Tech’s policy of acquiring businesses for expanding its market share, product offerings and customer base. The company completed the acquisition of Piteau Associates in March 2022, Enterprise Automation in October 2021, Hoare Lea in July 2021, Kaizen Company in May 2021 and IBRA-RMAC Automation Systems in April 2021. In fiscal 2021 and the first quarter of fiscal 2022, the company spent $84.9 million and $8.9 million for acquisitions, respectively.
Zacks Rank, Estimates and Price Performance
Tetra Tech, with an $8.2-billion market capitalization, currently carries a Zacks Rank #2 (Buy). The company is likely to benefit from high federal government spending, strong demand for its solutions and services, and a strong backlog level. Also, acquisitions made by the company over the past few quarters are likely to prove advantageous.
In the past 60 days, the Zacks Consensus Estimate for the company’s fiscal 2022 (ending September 2022) earnings has increased 3.1% to $4.28, while the same for fiscal 2023 (ending September 2023) has been raised 3.3% to $4.63.
Image Source: Zacks Investment Research
Its shares have gained 3.3% against a decline of 3.8% recorded by the industry in the past six months.
Other Key Picks
Some other top-ranked companies from the Zacks Industrial Products sector are discussed below.
Dover Corporation (DOV - Free Report) presently carries a Zacks Rank #2. The company delivered a four-quarter earnings surprise of 12.34%, on average.
Dover’s earnings estimates have increased 4.1% for 2022 in the past 60 days. Its shares have lost 15.8% in the past six months.
Donaldson Company, Inc. (DCI - Free Report) presently has a Zacks Rank #2. Its earnings surprise in the last four quarters was 4.16%, on average.
In the past 60 days, Donaldson’s earnings estimates have increased 0.7% for fiscal 2022 (ending July 2022). DCI’s shares have lost 15.9% in the past six months.
Heritage-Crystal Clean, Inc. presently carries a Zacks Rank #2. Its earnings surprise in the last four quarters was 51.49%, on average.
In the past 60 days, Heritage-Crystal’s earnings estimates have increased 3.4% for 2022. HCCI’s shares have inched up 0.1% in the past six months.
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Tetra Tech (TTEK) Buys Axiom, Boosts Data Analytics Offerings
Tetra Tech, Inc. (TTEK - Free Report) yesterday announced that it completed the acquisition of Axiom Data Science. The financial terms of the transaction have been kept under wraps.
The company’s shares declined 3.7% yesterday to eventually close the trading session at $152.53.
Inside the Headlines
Based in Anchorage, AK, Axiom is a software development company engaged in developing scalable solutions to perform research in geological, ecological and ocean sciences. The company’s services are used across several private, academic, federal and non-governmental organizations.
The acquisition of Axiom will help Tetra Tech in boosting its capabilities in advanced analytics for projects related to oceans and ecosystems. This will enable the company to provide advanced climate data analytics solutions to its customers, supporting them in the decision-making process for projects related to climate change.
Axiom will be integrated into the company’s Government Services Group business segment. The segment offers consulting and engineering services globally for a wide range of U.S. government clients. Some of the notable services offered are environmental monitoring, water and waste management, sustainable infrastructure design, and various civil infrastructure master planning. Net sales of Government Services Group were $327.1 million in first-quarter fiscal 2022 (ended December 2021).
Other Notable Acquisitions
The latest transaction is in sync with Tetra Tech’s policy of acquiring businesses for expanding its market share, product offerings and customer base. The company completed the acquisition of Piteau Associates in March 2022, Enterprise Automation in October 2021, Hoare Lea in July 2021, Kaizen Company in May 2021 and IBRA-RMAC Automation Systems in April 2021. In fiscal 2021 and the first quarter of fiscal 2022, the company spent $84.9 million and $8.9 million for acquisitions, respectively.
Zacks Rank, Estimates and Price Performance
Tetra Tech, with an $8.2-billion market capitalization, currently carries a Zacks Rank #2 (Buy). The company is likely to benefit from high federal government spending, strong demand for its solutions and services, and a strong backlog level. Also, acquisitions made by the company over the past few quarters are likely to prove advantageous.
In the past 60 days, the Zacks Consensus Estimate for the company’s fiscal 2022 (ending September 2022) earnings has increased 3.1% to $4.28, while the same for fiscal 2023 (ending September 2023) has been raised 3.3% to $4.63.
Image Source: Zacks Investment Research
Its shares have gained 3.3% against a decline of 3.8% recorded by the industry in the past six months.
Other Key Picks
Some other top-ranked companies from the Zacks Industrial Products sector are discussed below.
Dover Corporation (DOV - Free Report) presently carries a Zacks Rank #2. The company delivered a four-quarter earnings surprise of 12.34%, on average.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Dover’s earnings estimates have increased 4.1% for 2022 in the past 60 days. Its shares have lost 15.8% in the past six months.
Donaldson Company, Inc. (DCI - Free Report) presently has a Zacks Rank #2. Its earnings surprise in the last four quarters was 4.16%, on average.
In the past 60 days, Donaldson’s earnings estimates have increased 0.7% for fiscal 2022 (ending July 2022). DCI’s shares have lost 15.9% in the past six months.
Heritage-Crystal Clean, Inc. presently carries a Zacks Rank #2. Its earnings surprise in the last four quarters was 51.49%, on average.
In the past 60 days, Heritage-Crystal’s earnings estimates have increased 3.4% for 2022. HCCI’s shares have inched up 0.1% in the past six months.