Tetra Tech Q2 Profit Up

(RTTNews) - Tetra Tech, Inc. (TTEK) Tuesday reported second-quarter net income of $55.9 million or $1.00 per share, up from $28.7 million or $0.51 per share last year.

Adjusted earnings for the quarter were $0.70 per share for the quarter. Analysts polled by Thomson Reuters estimated earnings of $0.63 per share for the quarter. Analysts estimates' typically exclude one-time items.

Revenues for the quarter rose to $722.6 million from $700.3 million last year. Revenues minus subcontractor costs rose 10% to $585.4 million from $532.8 million last year. Analysts had a consensus revenue estimate of $552.56 million for the quarter.

Looking forward to the third quarter, Tetra Tech expects earnings of $0.75 to $0.80 per share and revenues of $575 million to $625 million. Analysts currently estimate earnings of $0.80 per share and revenues of $596.24 million for the quarter.

For fiscal year 2019, Tetra Tech is increasing its EPS guidance and now expects adjusted EPS to be in the range of $2.95 to $3.05. For fiscal 2019, Tetra Tech expects net revenue to range from $2.3 billion to $2.4 billion. Analysts currently estimate earnings of $2.95 per share and revenues of $2.30 billion.