PASADENA, Calif. - Tetra Tech , Inc. (NASDAQ:TTEK) reported fourth quarter earnings that beat analyst estimates, driven by strong demand for its high-end consulting services. The company also provided an upbeat outlook for fiscal 2025, forecasting earnings and revenue above Wall Street expectations.
TTEK shares were trading down 4.4% Wednesday following the report.
The engineering and consulting firm posted adjusted earnings per share of $0.38 for the quarter ended September 29, exceeding the analyst consensus of $0.37. Revenue surged to $1.37 billion, significantly surpassing estimates of $1.13 billion.
For the full fiscal year 2024, Tetra Tech achieved record annual revenue of $5.20 billion, up 15% YoY. Net revenue also rose 15% to $4.32 billion.
Looking ahead, the company expects fiscal 2025 earnings per share between $1.40 and $1.50, above the $1.25 consensus. Revenue is projected to range from $4.57 billion to $4.76 billion, also topping analyst expectations of $4.35 billion.
"We completed the fourth quarter and fiscal year 2024 with another record year with 15% annual revenue growth and 21% annual EPS growth," said Dan Batrack, Tetra Tech's Chairman and CEO. He noted strong demand for the company's services in coastal flood protection, water supply security, and digital modernization of water infrastructure.
Tetra Tech's backlog grew 12% YoY to a record $5.38 billion, indicating robust future business prospects.
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