Tetra Tech’s Quarter Beats Analysts’ ExpectationsOriginally published February 2, 2012 at 10:13 a.m., updated February 2, 2012 at 3:11 p.m.
Tetra Tech Inc. said its net income rose only 1 percent in its fiscal first quarter, but both profit and revenue were above Wall Street forecasts.
The Pasadena provider of program management, construction management, and technical services late Wednesday reported net income of $22.6 million (36 cents a share) for the quarter ended Dec. 31, compared with $22.3 million (36 cents) in the same period a year earlier. The company had more shares outstanding in the most recent quarter.
The company, which serves water systems as well as natural resources, infrastructure and energy customers, said net revenue jumped 21 percent to $492 million.
Analysts surveyed by Thomson Reuters on average expected net income of 34 cents a share on net revenue of $473 million.
Chief Executive Dan Batrack said the company’s international net revenue was up 41 percent while its U.S. commercial net revenue increased 25 percent
“As a result of increased demand in international and U.S. commercial markets and stability in our U.S. government business, we are raising (earnings per share) guidance for the year,” said Batrack in a statement.
For the fiscal year, Tetra Tech raised its profit guidance to a range of $1.54 to $1.64, compared with a prior range of $1.50 to $1.63. It backed previous net revenue guidance of $1.9 billion to $2.1 billion. The Wall Street consensus was for net income of $1.61 a share on net revenue of $2.01 billion.
Shares on Thursday closed down 32 cents, or 1.4 percent, to $23.42 on the Nasdaq.