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Tetra Tech (TTEK) Secures Renewable Energy Deal From USAID
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Tetra Tech, Inc. (TTEK - Free Report) , on Aug 18, announced that it secured a $29.7-million contract from the U.S. Agency for International Development (“USAID”). Per the five-year, single-award agreement, the premier consulting and engineering services firm will carry on USAID’s Scaling Up Renewable Energy project (“SURE II”). In the past couple of days, Tetra Tech’s share gained 0.9% to eventually close at $94.7 yesterday.
The company will be responsible for offering technical services to facilitate USAID in developing sustainable renewable energy solutions and promoting the use of it in developing countries. Notably, Tetra Tech’s scope of work will include creating programs that are focused on renewable energy integration in existent power grids apart from boosting national energy planning to make the best use of renewable technologies. Moreover, the company will help in developing an innovation fund for increasing the adoption of renewable energy technology.
Notably, in October 2019, the company secured a $500-million contract from USAID. Per the five-year, multiple-award deal, it has been supporting USAID’s mission of addressing the increasing demand for the utilization of modern energy services by raising awareness about renewable energy technologies.
Notable Contracts From Other Federal Clients
Tetra Tech has clinched multiple government contracts in the past few quarters, which have significantly supplemented its top line. Notably, in April 2020, the company secured a $90-million contract from the U.S. Air Force. The multiple-award deal will involve it to offer environmental engineering support services to installations throughout Africa and Europe. In the same month, it clinched a $300-million deal from the U.S. Department of Defense for providing advanced analytics and high-end consulting services. Also, in March, it grabbed a multi-year contract worth $125 million from the United States Postal Services for providing nationwide emergency preparedness response and recovery services.
Apart from this, it secured a $21-million contract from the Office of Science and Technology of the U.S. Environmental Protection Agency in December 2019. In the same month, the company secured a $45-million contract from the U.S. Army Corps of Engineers, Transatlantic Middle East District.
Tetra Tech’s backlog at the end of the third quarter of fiscal 2020 (ended Jun 28, 2020) increased to $3.07 billion, up 8% and 3% on a year-over-year and sequential basis, respectively.
Zacks Rank, Estimates and Price Performance
The company, with a $5.1-billion market capitalization, currently carries a Zacks Rank #2 (Buy). High federal government spending and persistent solid demand for the company’s services bode well for its businesses. Also, acquisitions made by it over the past few quarters will likely prove beneficial in the upcoming quarters.
In the past 30 days, earnings estimates for Tetra Tech have improved. The Zacks Consensus Estimate for its earnings is pegged at $3.17 for fiscal 2020 (ending September 2020) and $3.38 for fiscal 2021 (ending September 2021), reflecting growth of 3.6% and 4.6% from the 30-day-ago figures.
The company’s shares have gained 25.2% compared with 14.7% growth recorded by the industry in the past three months.
Chart Industries delivered an earnings surprise of 10.17%, on average, in the trailing four quarters.
CECO delivered an earnings surprise of 49.13%, on average, in the trailing four quarters.
Casella delivered an earnings surprise of 158.08%, on average, in the trailing four quarters.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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Tetra Tech (TTEK) Secures Renewable Energy Deal From USAID
Tetra Tech, Inc. (TTEK - Free Report) , on Aug 18, announced that it secured a $29.7-million contract from the U.S. Agency for International Development (“USAID”). Per the five-year, single-award agreement, the premier consulting and engineering services firm will carry on USAID’s Scaling Up Renewable Energy project (“SURE II”). In the past couple of days, Tetra Tech’s share gained 0.9% to eventually close at $94.7 yesterday.
The company will be responsible for offering technical services to facilitate USAID in developing sustainable renewable energy solutions and promoting the use of it in developing countries. Notably, Tetra Tech’s scope of work will include creating programs that are focused on renewable energy integration in existent power grids apart from boosting national energy planning to make the best use of renewable technologies. Moreover, the company will help in developing an innovation fund for increasing the adoption of renewable energy technology.
Notably, in October 2019, the company secured a $500-million contract from USAID. Per the five-year, multiple-award deal, it has been supporting USAID’s mission of addressing the increasing demand for the utilization of modern energy services by raising awareness about renewable energy technologies.
Notable Contracts From Other Federal Clients
Tetra Tech has clinched multiple government contracts in the past few quarters, which have significantly supplemented its top line. Notably, in April 2020, the company secured a $90-million contract from the U.S. Air Force. The multiple-award deal will involve it to offer environmental engineering support services to installations throughout Africa and Europe. In the same month, it clinched a $300-million deal from the U.S. Department of Defense for providing advanced analytics and high-end consulting services. Also, in March, it grabbed a multi-year contract worth $125 million from the United States Postal Services for providing nationwide emergency preparedness response and recovery services.
Apart from this, it secured a $21-million contract from the Office of Science and Technology of the U.S. Environmental Protection Agency in December 2019. In the same month, the company secured a $45-million contract from the U.S. Army Corps of Engineers, Transatlantic Middle East District.
Tetra Tech’s backlog at the end of the third quarter of fiscal 2020 (ended Jun 28, 2020) increased to $3.07 billion, up 8% and 3% on a year-over-year and sequential basis, respectively.
Zacks Rank, Estimates and Price Performance
The company, with a $5.1-billion market capitalization, currently carries a Zacks Rank #2 (Buy). High federal government spending and persistent solid demand for the company’s services bode well for its businesses. Also, acquisitions made by it over the past few quarters will likely prove beneficial in the upcoming quarters.
In the past 30 days, earnings estimates for Tetra Tech have improved. The Zacks Consensus Estimate for its earnings is pegged at $3.17 for fiscal 2020 (ending September 2020) and $3.38 for fiscal 2021 (ending September 2021), reflecting growth of 3.6% and 4.6% from the 30-day-ago figures.
The company’s shares have gained 25.2% compared with 14.7% growth recorded by the industry in the past three months.
Other Key Picks
Some other top-ranked stocks from the Zacks Industrial Products sector are Chart Industries, Inc. (GTLS - Free Report) , CECO Environmental Corp. and Casella Waste Systems, Inc. (CWST - Free Report) . While Chart Industries sports a Zacks Rank #1 (Strong Buy), CECO and Casella carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Chart Industries delivered an earnings surprise of 10.17%, on average, in the trailing four quarters.
CECO delivered an earnings surprise of 49.13%, on average, in the trailing four quarters.
Casella delivered an earnings surprise of 158.08%, on average, in the trailing four quarters.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>