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Tetra Tech (TTEK) Wins $38.8M Single-Award Deal From USAID

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Tetra Tech, Inc. (TTEK - Free Report) recently secured a five-year contract worth $38.8 million from the United States Agency for International Development (“USAID”). As part of the USAID Sustainable Energy for Indonesia’s Advancing Resilience project, the single-award deal will involve the company in assisting Indonesia government realize its sustainable development objectives in the energy sector.

The company’s energy professionals will be responsible for providing advanced solutions to help expand the distribution of adequate sustainable energy apart from upgrading utility services and encouraging the utilization of renewable energy resources. The company will also facilitate the integration of smart grid technologies that would ultimately improve the availability of renewable energy solutions in the country.

Notably, this contract is built on long-term collaboration between Tetra Tech and the USAID in renewable energy programs in Indonesia.

Other Notable Contracts

The company clinched multiple government contracts in the past several months that have significantly boosted its top line. In January 2021, it secured a five-year, single-award deal worth $25 million from USAID to work on enhancing the consumption of renewable energy and reducing deforestation in Zambia. 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. 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.

It’s worth mentioning that Tetra Tech’s backlog at the end of the first quarter of fiscal 2021 (ended Dec 27, 2020) was $3,188.1 million.

The Zacks Rank #2 (Buy) company’s shares have gained 13.2% compared with 12.5% growth recorded by the industry in the past three months.

Other Stocks to Consider

Some other top-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. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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

Graco delivered an earnings surprise of 20.87%, on average, in the trailing four quarters.

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

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