Tetra Tech, Inc. (TTEK) reported earnings from continuing operations of 30 cents per share for the first quarter of 2010, beating the Zacks Consensus Estimate of 29 cents.
Revenue in the quarter was $542.0 million, down 15.1% from $638.7 million, and revenue, net of subcontractor costs, was $343.5 million, up 4.1% from $330.0 million for the same quarter last year.
Income from operations was $31.1 million, up 8.7% from $28.6 million for the same quarter last year.
Backlog was $1.61 billion, up 1.8% from $1.58 billion at the end of the fourth quarter last year, and down 8.9% from $1.77 billion at the end of the first quarter last year.
Tetra Tech expects diluted EPS for the second quarter of fiscal 2010 to be in the range of 20 to 23 cents. Tetra Tech has lowered its guidance, and now expects diluted EPS to be $1.08 to $1.18. Revenue, net of subcontractor costs, for fiscal 2010 is now expected to range from $1.4 billion to $1.5 billion.
Recently, the Engineering consulting company received a $40 million contract to design and build a wind farm in Oklahoma. The 152-megawatt wind farm will be located outside Woodward, Okla., and was awarded by CPV Keenan II Renewable Energy Co. Tetra Tech is a leading provider of consulting, engineering, and technical services worldwide. It is a diverse company, including individuals with expertise in science, research, engineering, construction, and information technology. Its strength is in collectively providing integrated services—delivering the best solutions to meet clients’ needs. Major competitors include Shaw Group Inc (SHAW) and URS Corporation (URS).
We currently have an Underperform recommendation on TTEK.
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