PASADENA, Calif. - Tetra Tech Inc. (NASDAQ:TTEK), a global provider of consulting and engineering services, has been awarded a $39.3 million contract by the U.S. Agency for International Development (USAID). The contract focuses on enhancing gender equality and women's economic empowerment in sectors including water, power, infrastructure, transportation, and information and communications technology across the globe.
The company will continue its involvement with the USAID Engendering Industries program, which began in 2018. Tetra Tech's role under the new contract will involve leveraging data-driven change management strategies to assist companies and institutions in bolstering equality and strengthening their business operations.
Dan Batrack, Tetra Tech Chairman and CEO, remarked on the company's longstanding partnership with USAID, which spans over four decades. He emphasized Tetra Tech's commitment to fostering gender equality and expanding economic opportunities for women worldwide.
Tetra Tech has established itself in the industry with a workforce of 28,000 employees, specializing in addressing complex environmental and infrastructure challenges. The firm's services extend to the entire water cycle, environmental protection and restoration, sustainable and resilient infrastructure design, and supporting the transition to clean energy.
The company has urged caution regarding forward-looking statements in the press release, noting that outcomes and results are subject to risks, uncertainties, and assumptions that may cause actual results to differ materially from expectations.
This announcement is based on a press release statement from Tetra Tech, Inc.
In other recent news, Tetra Tech Inc. announced a five-for-one forward stock split, a decision aimed at making stock ownership more accessible by lowering the price per share without affecting the company's overall market capitalization. This move aligns with the company's recent financial results for the third quarter of fiscal year 2024, which showed record quarterly revenue and a substantial increase in its backlog. The strong performance led the company to raise its full-year guidance for fiscal year 2024, with the Government Services Group segment reporting a 25% increase in revenue and the Commercial International Group's net revenue growing by 4%.
In addition, Tetra Tech announced a 12% increase in quarterly dividends and a surge in the company's backlog to an all-time high of $5.23 billion. The company also revealed plans to invest in technology innovations and a robust acquisition pipeline focusing on the UK and Australia markets. Revenue from Ukraine surpassed expectations, reaching approximately $60 million in the third quarter, contributing to a $439 million backlog for work in Ukraine. Despite challenges with the integration of RPS, Tetra Tech remains confident in its contract capacity and potential future restoration work in Ukraine. These are among the recent developments for Tetra Tech.
InvestingPro Insights
Tetra Tech Inc. (NASDAQ:TTEK) has not only been making strides in promoting gender equality and economic empowerment through its partnership with USAID but is also showing robust financial health, as reflected in recent InvestingPro data. With a market capitalization of 12.2 billion USD and a strong revenue growth of 23.47% over the last twelve months as of Q3 2024, Tetra Tech is demonstrating its ability to expand its operations effectively.
The firm's commitment to shareholder returns is evident, with a notable dividend growth of 11.54% in the same period, underscoring its financial stability and investor confidence. This is further supported by the fact that Tetra Tech has raised its dividend for 10 consecutive years, a testament to its consistent performance and reliable management strategies. Additionally, the company has maintained dividend payments for 11 consecutive years, showcasing its dedication to providing value to its shareholders.
While the company is trading at a high earnings multiple with a P/E ratio of 38.95, this may reflect market confidence in its future growth prospects, especially considering that analysts have revised their earnings upwards for the upcoming period. Investors looking for more in-depth analysis and additional InvestingPro Tips can explore further by visiting https://www.investing.com/pro/TTEK, where 10 more tips are listed to help assess the company's investment potential.
As Tetra Tech continues to secure significant contracts and expand its influence in essential sectors, these financial metrics and InvestingPro Tips can offer investors a comprehensive view of the company's performance and market position.
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