Tetra Tech, Inc. (TTEK - Free Report) , on Sep 1, announced that it secured a $68-million contract from the U.S. Environmental Protection Agency (“EPA”). Notably, in the past couple of days, the company’s shares have gained 4.2% to eventually close at $96.21 yesterday.
Inside the Headlines
Per the seven-year, single-award contract, Tetra Tech will be responsible for offering extensive scientific and technical support services under the Superfund Technical Assessment and Response Team (“START V”) in the EPA Region 8. This will support EPA’s task of securing the environment and human health against any natural and man-made adversities.
Notably, Tetra Tech’s scope of work will include performing several services like contingency planning, field surveys, Superfund and brownfields site assessments, data management, and human health and ecological risk assessments. As noted, the company’s environmental experts will leverage digital data capture apart from advanced analytics for analyzing information efficiently.
It is worth mentioning that in December 2019, the company secured a $21-million contract from the Office of Science and Technology of the EPA.
Notable Contracts From Other Federal Clients
Tetra Tech has clinched multiple government contracts in the past few months, which have significantly supplemented its top line. In August 2020, the company secured a five-year, single-award contract worth $39 million from the U.S. Agency for International Development (“USAID”) to work on executing the Power Central Asia (“PCA”) Activity. In the same month, it secured a five-year, single-award contract worth $29.7-million from the USAID for carrying on USAID’s Scaling Up Renewable Energy project (“SURE II”).
Apart from this, 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.
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.
Notably, the Zacks Rank #3 (Hold) company’s shares have gained 20.4% compared with 6.4% growth recorded by the industry in the past three months.
Stocks to Consider
Some better-ranked stocks from the Zacks Industrial Products sector are Tennant Company (TNC - Free Report) , CECO Environmental Corp. (CECE - Free Report) and Casella Waste Systems, Inc. (CWST - Free Report) . While Tennant sports a Zacks Rank #1 (Strong Buy), CECO and Casella carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Tennant has a trailing-four quarter earnings surprise of 107.12%, on average.
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.
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