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Tetra Tech 1Q Profit Jumps

Source:ap.org Author:Unknown Date:03/25/14 Click:

Tetra Tech Fiscal 1st-Quarter Profit Leaps 37 Percent

PASADENA, Calif. (AP) -- Tetra Tech Inc. said Wednesday its fiscal first-quarter profit jumped 37 percent on the back of strong demand for its consulting, engineering and technical services.

Income for the quarter ended Dec. 30 rose to $12.9 million, or 22 cents per share, from $9.4 million, or 16 cents per share, the prior-year quarter.

Revenue surged 27 percent year over year to $470.4 million from $369.2 million, Tetra Tech said. Net of subcontractor costs, revenue rose to $277.2 million from $244.9 million.

On average, analysts surveyed by Thomson Financial forecast a quarterly profit of 21 cents per share and revenue of $281.3 million.

Results in the year-earlier quarter benefited from a $4 million litigation reserve reversal, offset by a $4.2 million charge from the early retirement of senior notes.

"The first quarter was one of the company's strongest growth periods in the past three years," said Chief Executive Dan Batrack. "We continued to see broad-based demand for our services across all of our end markets."

Backlog at the end of the quarter was a record $1.3 billion, up 25.9 percent from $1.03 billion at the end of the same quarter last year.

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