Tetra Tech Earnings: Here’s Why Investors Don’t Like These Results
Tetra Tech Inc. (NASDAQ:TTEK) had a loss and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 3.35%.
Tetra Tech Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-1.21 in the quarter versus EPS of $0.45 in the year-earlier quarter.
Revenue: Decreased 30.61% to $475.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Tetra Tech Inc. reported adjusted EPS loss of $1.21 per share. By that measure, the company missed the mean analyst estimate of $-0.41. It beat the average revenue estimate of $473.21 million.
Quoting Management: Tetra Tech’s Chairman and CEO, Dan Batrack commented, “This quarter, we continued to see strength in most of our international and U.S. commercial businesses driven by our customers’ demand for our water and environmental services. Outside of Eastern Canada and mining, our international and U.S. commercial businesses grew 16%, including over 25% organic growth for oil & gas customers. During the quarter, we restructured our Eastern Canada and mining activities with the goal to return these operations to their historical profitability. We also recorded charges, including pending claims and change orders, principally related to four programs. Collectively, these actions position us for a solid finish to fiscal 2013 and strong entry into next year.”
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