Tetra Tech Matches Estimates

Tetra Tech Inc. (TTEK) reported earnings per share of 33 cents for the fourth quarter of 2009, matching the Zacks Consensus Estimate of 32 cents. 

Revenue in the quarter was $575.1 million, down 11.4% from $649.2 million. Revenue, net of subcontractor costs, was $367.0 million, up 5.2% from $348.8 million for the same quarter last year. Income from operations was $32.7 million, up 6.1% from $30.8 million for the same quarter last year. Net income was $20.5 million, up 12.6% from $18.2 million for the same quarter last year. 

Backlog was $1.58 billion, down 4.0% from $1.65 billion at the end of the same quarter last year. Cash generated from operations improved to $90.8 million, up 259.2% from $25.3 million for the same quarter last year. 

Tetra Tech expects diluted EPS for the first quarter of fiscal 2010 to be in the range of 28 to 30 cents. The current Zacks Consensus Estimate is 30 cents. Revenue, net of subcontractor costs for the first quarter, is expected to range from $330 million to $345 million. 

For fiscal 2010, Tetra Tech expects diluted EPS to be $1.25 to $1.35. Revenue, net of subcontractor costs, for fiscal 2010 is expected to range from $1.45 billion to $1.55 billion. 

Tetra Tech Inc. provides consulting, engineering, construction, and technical services for resource management and infrastructure in the United States and beyond. Its services include applied science, research and technology, engineering, design, construction management, construction, operations and maintenance, and information technology. The company operates in three segments: Resource Management, Infrastructure and Communications. The company was founded in 1966 and is headquartered in Pasadena, California. Major competitors include Shaw Group Inc (SHAW) and URS Corporation (URS). 

We currently have a Neutral recommendation for TTEK.

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