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Tetra Tech (TTEK) Secures $24M Single-Award Deal From USAID

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Tetra Tech, Inc. (TTEK - Free Report) yesterday announced that it has secured a $24-million contract from the U.S. Agency for International Development (“USAID”). The deal is applicable for the coming five years. The company will be responsible for addressing challenges related to climate change and increasing economic opportunities for the people of Cambodia.

This is the 10th deal awarded to the company by USAID since the beginning of calendar 2021.

The company’s shares lost 7.4% yesterday, ending the trading session at $174.80.

Inside the Headlines

Per the single-award contract, Tetra Tech will collaborate with the civil society, private sector and communities that depend on natural resources to lower greenhouse gas emissions and conservation of biodiversity. It will also work on boosting governance of natural resources apart from enhancing the economic development of communities that rely on forests for their livelihoods.

It's worth noting that this contract is built on long-term collaboration between Tetra Tech and USAID in economic and environmental programs.

Other Notable Contracts

In November 2021, Tetra Tech received a $22 million, single-award deal from USAID for improving hygiene, water, sanitation and water resource management. In October, it clinched a $25-million contract from USAID to offer solutions to enable the government of Tanzania to expand the delivery of water, sanitation and hygiene services. Also, in September, the company secured a multiple-award deal worth $800 million from the same client to provide architect-engineer services.

TTEK secured a $49-million coastal geospatial contract from the National Oceanic and Atmospheric Administration in September. Also, in July, it clinched a $49-million contract related to the conservation of biodiversity and climate resilience from USAID.

Tetra Tech’s backlog at the end of the fourth-quarter fiscal 2021 (ended Oct 3, 2021) was $3,480.3 million, reflecting an increase of 7.1% sequentially.

Zacks Investment ResearchImage Source: Zacks Investment Research

The Zacks Rank #2 (Buy) company’s shares have gained 18.4% compared with 11.7% growth recorded by the industry in the past three months.

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