Tetra Tech Swings To Q3 Profit, Trims 2014 Outlook - Quick Facts

(RTTNews) - Tetra Tech, Inc. (TTEK) reported third-quarter net income to company of $26.66 million or $0.41 per share, compared to a net loss of $78.39 million or $1.21 per share in the prior-year quarter.

On average, nine analysts polled by Thomson Reuters expected the company to post earnings of $0.42 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter increased to $629.50 million from $614.84 million in the same quarter last year. Revenue, net of subcontractor costs, was $458.76 million, compared to $475.14 million in the prior year. Analysts expected revenue of $494.62 million for the quarter.

Looking ahead to the fourth quarter, Tetra Tech expects earnings in a range of $0.30 to $0.40 per share, on projected revenue, net of subcontractor costs, between $450 million and $500 million. Analysts expect the company to report earnings of $0.48 per share on revenues of $533.60 million.

For fiscal 2014, Tetra Tech now expects earnings in a range of $1.61 to $1.71 per share and cash earnings in a range of $2.30 to $2.60 per share, on projected revenues, net of subcontractor costs, between $1.85 billion and $1.90 billion.

Street is currently looking for full-year 2014 earnings of $1.79 per share on annual revenues of $1.96 billion.

The company had previously projected full-year earnings in the range of $1.75 to $1.85 per share, cash earnings in the range of $2.30 to $2.60 per share, and revenues between $1.9 billion and $2.0 billion.