Tetra Tech Reports Fourth Quarter And Fiscal 2016 Results

Tetra Tech, Inc. (NASDAQ: TTEK) today announced results for the fourth quarter and fiscal year ended October 2, 2016.

Fourth Quarter Results

Revenue in the fourth quarter totaled $729 million, up 26% year over year. For ongoing operations 1, revenue totaled $713 million, and revenue, net of subcontractor costs 2 (net revenue), was $526 million, up 27% and 25%, respectively, compared to the same period in fiscal 2015. Operating income for the fourth quarter was $47 million, and on an ongoing basis totaled $52 million, up 14% compared to the previous year. Earnings per share (EPS) were $0.53, and on an ongoing basis totaled $0.59, up 18% year over year. Backlog of $2.38 billion was up 25% year over year.

Quarterly Dividend and Share Repurchase Program

On November 7, 2016, Tetra Tech's Board of Directors declared a quarterly dividend of $0.09 per share payable on December 14, 2016 to stockholders of record as of December 1, 2016. Additionally, the Board authorized a new program to repurchase up to $200 million of common stock, following the recently completed $200 million buyback program.

Fiscal Year Results

Revenue for the fiscal year totaled $2.58 billion, up 12% year over year. For ongoing operations 1, revenue totaled $2.53 billion and net revenue was $1.91 billion, up 14% and 13%, respectively, from fiscal 2015. Operating income for the fiscal year was $136 million, and on an ongoing basis totaled $170 million, up 10% compared to the previous year. EPS was $1.42, and on an ongoing basis totaled $1.88, up 17% year over year.

Comments on Results

Tetra Tech's Chairman and CEO, Dan Batrack commented, "Tetra Tech had a strong fiscal 2016 and finished the year with record-high fourth quarter revenue and income. We continued our focus on leading with science and providing clients with differentiated high-end consulting and engineering services primarily in the water, environment and energy markets. We completed the year with broad-based contract wins across our end markets, led by growth in U.S. federal, state and local, and international development. This momentum drove our backlog to an all-time high, providing a strong foundation for growth in fiscal 2017."

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