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Tetra Tech Inc. (TTEK-1.87%) has submitted its 10-Q filing for the quarterly period ended December 29, 2024.
The filing reports a revenue increase of 15.7% compared to the same quarter in the previous year, reaching $1,420,561,000. This growth was driven by increased activity across all client sectors, particularly in the U.S. federal and state and local government sectors.
The company's Government Services Group (GSG) reported a revenue increase of 30.7% to $751,782,000, while the Commercial/International Group (CIG) saw a 2.9% rise to $688,235,000. The GSG's growth was attributed to higher U.S. federal government activities related to international development and disaster response.
Tetra Tech's net income for the quarter was $778,000, down from $74,980,000 in the previous year. The decrease was primarily due to a $115 million non-recurring charge related to legal contingencies.
The company reported an effective tax rate of 94.9% for the quarter, significantly impacted by the non-deductible portion of the legal contingency charge.
Tetra Tech's backlog at the end of the quarter was $5.435 billion, with a remaining unsatisfied performance obligation of $5.391 billion.
Cash provided by operating activities was $13,063,000, while cash used in investing activities was $3,433,000. Financing activities provided $19,394,000, primarily from net borrowings.
The company repurchased 600,007 shares of its common stock during the quarter at an average price of $41.67 per share, totaling $25 million.
Tetra Tech declared a quarterly cash dividend of $0.058 per share, payable on February 26, 2025, to stockholders of record as of February 12, 2025.
The filing also discusses the company's recent acquisitions, including LS Technologies and Convergence Controls & Engineering, which contributed to the revenue growth in the Government Services Group.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Tetra Tech Inc. quarterly 10-Q report dated January 31, 2025. To report an error, please email earnings@qz.com.