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Tetra Tech (TTEK) Wins $25M Single-Award Contract From USAID

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Tetra Tech, Inc. (TTEK - Free Report) recently announced that it has secured a $25-million contract from the United States Agency for International Development (“USAID”). As part of the USAID Alternatives to Charcoal Activity, the five-year, single-award deal will involve the company to work on enhancing the consumption of renewable energy and reducing deforestation in Zambia.

It is worth mentioning that the USAID Alternatives to Charcoal Activity is designed to reduce charcoal energy consumption and fight climate change issues in Zambia, while helping to achieve poverty reduction.

The company’s analysts and consultants will be responsible for performing market research on obtainable technologies apart from gathering baseline data related to alternative energy usage issues and promoting renewable fuel technologies in the country. Notably, the project will facilitate the engagement of private sector in improving the availability of sustainable renewable energy solutions for urban population in Zambia.

Other Notable Contracts

Tetra Tech has clinched multiple government contracts in the past few months that have significantly supplemented its top line. In December 2020, the company clinched a $185 million, multiple-award contract from the U.S. Army Corps of Engineers to offer advanced solutions for U.S. federal government environmental programs. Also, in November 2020, it secured a $150 million, multiple-award contract from the U.S. Naval Facilities Engineering Command for providing architect and engineering services. Further, in October, it secured a five-year, single-award deal worth $24 million from USAID to support the latter’s Regional Water and Vulnerable Environment Activity in Central Asia.

Tetra Tech’s backlog at the end of the fourth quarter of fiscal 2020 (ended Sep 27, 2020) was $3,239.3 million, up 5.6% on a sequential basis.

The Zacks Rank #3 (Hold) company’s shares have gained 27.9% compared with 19.8% growth recorded by the industry in the past three months.

Stocks to Consider

Some better-ranked stocks from the Zacks Industrial Products sector are EnPro Industries, Inc. (NPO - Free Report) , Graco Inc. (GGG - Free Report) and Donaldson Company, Inc. (DCI - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

EnPro delivered a positive earnings surprise of 279.71%, on average, in the trailing four quarters.

Graco delivered a positive earnings surprise of 21.74%, on average, in the trailing four quarters.

Donaldson delivered a positive earnings surprise of 14.57%, on average, in the trailing four quarters.

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