Tetra Tech Inc. (NASDAQ:TTEK), a leader in engineering services, has announced a five-for-one forward stock split effective as of today, Friday. The split was implemented through an amendment to the company's Restated Certificate of Incorporation, which increased the authorized common stock from 150 million to 750 million shares.
The amendment, filed with the Secretary of State of Delaware, also proportionately increased the number of shares of common stock that the company is authorized to issue, aligning with the stock split. This corporate action took effect at 5:00 p.m. Eastern Time today.
This strategic move comes after a board decision made on July 31, 2024, and is expected to make stock ownership more accessible to a broader base of investors by lowering the price per share without affecting the overall market capitalization of the company.
The company, headquartered in Pasadena, California, has a strong presence in the engineering services sector, classified under the Standard Industrial Classification code 8711. Tetra Tech's fiscal year end is September 29, and the information regarding the stock split is based on a press release statement.
In other recent news, Tetra Tech, Inc. reported strong financial results for the third quarter of fiscal year 2024, with record quarterly revenue and a significant increase in its backlog.
This robust performance has led the company to raise its full-year guidance for fiscal year 2024. The company's Government Services Group segment saw a 25% increase in revenue, while the Commercial International Group's net revenue grew by 4%.
Tetra Tech also announced a 5-for-1 stock split and a 12% increase in quarterly dividends. The company's backlog surged to an all-time high of $5.23 billion, with over $2 billion in orders received during the quarter. In terms of future planning, Tetra Tech intends to invest in technology innovations and has a strong acquisition pipeline focusing on the UK and Australia markets.
The company's revenue from Ukraine surpassed expectations, reaching approximately $60 million in the third quarter, contributing to a $439 million backlog for work in Ukraine. Despite some challenges with the integration of RPS, Tetra Tech remains confident in its contract capacity and potential future restoration work in Ukraine.
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