Back to top

Image: Bigstock

Tetra Tech (TTEK) Acquires Piteau, Enhances Product Offerings

Read MoreHide Full Article

Tetra Tech, Inc. (TTEK - Free Report) , on Mar 3, announced that it completed the acquisition of Piteau Associates. The financial terms of the transaction were kept under wraps.

The company’s shares gained 0.9% to eventually close the trading session at $159.97 on Friday.

Inside the Headlines

Headquartered in Vancouver, British Columbia, Piteau is engaged in offering a complete range of hydrogeological, geotechnical and environmental consulting services to several sectors, including mining, industrial, resources and municipal. The company’s services are used worldwide to solve difficult geotechnical and water-related challenges in the natural resource industry.

The acquisition of Piteau will facilitate Tetra Tech in strengthening its position in the sustainable water management industry, apart from enhancing its customer reach. The addition of Piteau’s strong expertise in sustainable natural resource analytics will help Tetra Tech boost its capabilities in advanced analytics for providing water management and geotechnical solutions to its commercial resource management customers.

Piteau will be part of the company’s Commercial/International Services Group business segment. The segment offers various services like environmental remediation, infrastructure and related environmental and geotechnical services, as well as engineering and project management services. Net sales of Commercial/International Services Group were $352.2 million in first-quarter fiscal 2022 (ended December 2021).

Other Notable Buyouts

Tetra Tech acquired Coanda Research & Development in February 2021, IBRA-RMAC Automation Systems in April 2021, Kaizen Company in May 2021, Hoare Lea in July 2021, and Enterprise Automation in October 2021. In fiscal 2021 and the first quarter of fiscal 2022, the company spent $84.9 million and $8.9 million for acquisitions, respectively.

Zacks Rank, Estimates and Price Performance

Tetra Tech, with an $8.6-billion market capitalization, currently carries a Zacks Rank #2 (Buy). High federal government spending, along with strong demand for the company’s services, will be beneficial. Also, acquisitions made by the company over the past few quarters are likely to prove advantageous.

In the past 30 days, the Zacks Consensus Estimate for the company’s fiscal 2022 (ending September 2022) earnings has increased 3.1% to $4.28, while the same for fiscal 2023 (ending September 2023) has been raised 3.3% to $4.63.

The company’s shares have gained 8% against a 2.7% decline recorded by the industry in the past six months.

Zacks Investment Research
Image Source: Zacks Investment Research

Other Stocks to Consider

Some other top-ranked companies from the Zacks Industrial Products sector are discussed below.

Dover Corp. (DOV - Free Report) presently carries a Zacks Rank #2. The company delivered a four-quarter earnings surprise of 12.34%, on average.

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

Dover’s earnings estimates have been unchanged for 2022 in the past 30 days. Its shares have lost 13.6% in the past six months.

Donaldson Company, Inc. (DCI - Free Report) presently has a Zacks Rank #2. Its earnings surprise in the last four quarters was 4.16%, on average.

In the past 30 days, Donaldson’s earnings estimates have increased 0.7% for fiscal 2022 (ending July 2022). DCI’s shares have lost 16.5% in the past six months.

Heritage-Crystal Clean, Inc. presently carries a Zacks Rank #2. Its earnings surprise in the last four quarters was 51.49%, on average.

In the past 30 days, Heritage-Crystal’s earnings estimates have increased 3.4% for 2022. HCCI’s shares have inched up 0.3% in the past six months.


See More Zacks Research for These Tickers


Normally $25 each - click below to receive one report FREE:


Tetra Tech, Inc. (TTEK) - free report >>

Dover Corporation (DOV) - free report >>

Donaldson Company, Inc. (DCI) - free report >>

Published in