Back to top

Image: Bigstock

Tetra Tech (TTEK) Secures $49M Multiple-Award Deal From NOAA

Read MoreHide Full Article

Tetra Tech, Inc. (TTEK - Free Report) recently secured a five-year contract worth $49 million from the National Oceanic and Atmospheric Administration (“NOAA”). The company will be responsible for supporting the Digital Coast program of NOAA’s Office for Coastal Management (“OCM”).

The company’s shares were up 0.5% yesterday to close at $148.23.

Inside the Headlines

The multiple-award deal will involve Tetra Tech to offer OCM advanced technical geospatial services. This will facilitate NOAA in managing the U.S. coastal resources that include the Great Lakes. The deal encompasses a wide geographic area, ranging from the U.S. territories in the Caribbean and Pacific Islands to all coastal states.

As noted, Tetra Tech will utilize specialized data analytics and geospatial data acquisition to manage important coastal-related issues like coastal resiliency, sea level rise, marine planning, and sustainable land use. GIS services to be offered by the company include data analytics, custom software application development, as well as interpretative analysis and modeling. This will help NOAA in developing viable solutions to lower the adverse effect of climate change and rising sea level on coastal shorelines.

Other Notable Contracts

In June 2021, the company secured a five-year contract worth $37 million from the United States Agency for International Development (“USAID”) to support the socioeconomic empowerment of girls and women in Colombia. Also, in April 2021, it won a $36-million multiple-award deal from the U.S. Army Corps of Engineers for the assessment and management of flood risks.  

In February 2021, the company clinched a five-year contract worth $38.8 million from USAID. Per the single-award deal, the company will assist Indonesia’s government to realize its sustainable development objectives in the energy sector. Also, in January 2021, it clinched a five-year, single-award deal worth $25 million from USAID to work on improving the consumption of renewable energy and reducing deforestation in Zambia.

Tetra Tech’s backlog at the end of the third quarter of fiscal 2021 (ended Jun 27, 2021) was $3,249.9 million, reflecting an increase of 3.2% sequentially.

Zacks Investment Research
Image Source: Zacks Investment Research

The Zacks Rank #3 (Hold) company’s shares have gained 21.1% compared with 7.2% growth recorded by the industry in the past three months.

Stocks to Consider

Some better-ranked stocks from the Zacks Industrial Products sector are Energy Recovery, Inc. (ERII - Free Report) , Fuel Tech, Inc. (FTEK - Free Report) , and EnPro Industries, Inc. (NPO - 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.

Energy Recovery pulled off a trailing-four quarter earnings surprise of 150.83%, on average.

Fuel Tech pulled off an earnings surprise of 101.67%, on average, in the trailing four quarters.

EnPro pulled off an earnings surprise of 80.64%, on average, in the trailing four quarters.