- Revenue $859 million, up 12% Y/Y
- Net revenue $679 million, up 12% Y/Y
- EPS $1.25, up 30% Y/Y; Adjusted EPS $1.19, up 24% Y/Y
- Cash flow from operations $82 million, up 148% Y/Y
PASADENA, Calif.--(BUSINESS WIRE)-- Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services, today announced results for the first quarter ended January 2, 2022.
First Quarter Results
Tetra Tech achieved record first quarter results in revenue, net revenue, earnings, cash flow, and backlog. Revenue in the first quarter totaled $859 million and revenue, net of subcontractor costs (net revenue)1, was $679 million, each up 12% year-over-year. Earnings per share (“EPS”) was $1.25 on a GAAP basis and adjusted EPS1 was $1.19, up 30% and 24% year-over-year, respectively. Cash generated from operations was $82 million, up 148% year-over-year. Backlog at the end of the quarter was $3.45 billion, up 8% year-over-year.
Quarterly Dividend and Share Repurchase Program
On January 31, 2022, Tetra Tech’s Board of Directors declared a $0.20 per share dividend, an 18% increase over the prior year, payable on February 25, 2022, to stockholders of record as of February 11, 2022. In the first quarter, Tetra Tech repurchased $50 million of common stock. Additionally, as of January 2, 2022, the Company had $498 million remaining under the approved share repurchase programs. The Company has returned $137 million to shareholders in the last twelve months through a combination of share repurchases and dividends while reducing its net debt ratio from 0.5x a year ago to 0.2x 2.
Chairman and CEO Comments
Tetra Tech Chairman and CEO Dan Batrack, commented, “Tetra Tech had a strong start to fiscal 2022 with record first quarter revenue, earnings, and cash flow. Our performance was driven by double digit revenue growth and a 120-basis point expansion in operating margin. We continue to expand our differentiated technical services by Leading with Science® to respond to the increasing global demand to address water, environmental and climate change priorities. Given the strength of our performance, as well as achieving a record high first quarter backlog, we are increasing our guidance outlook for both net revenue and EPS for fiscal 2022.”