(RTTNews) - Wednesday after the bell, Tetra Tech, Inc. (TTEK:
News ) reported an increase in profit for the fourth quarter on higher net revenue and growth in federal and international business. The company also announced its first quarter and full year guidance for 2010.
Tetra Tech's profit increased 12.6% to $20.49 million from $18.19 million in the year-ago period. On a per share basis, net income went up 10.0% to $0.33 from $0.30. On an average, 17 analysts polled by Thomson Reuters expected earnings of $0.33 for the quarter. Analysts' estimates typically exclude one-time items.
Revenue declined 11.4% to $575.1 million from $649.2 million, while revenue, net of subcontractor costs, was up 5.2% to $367.0 million from $348.8 million in the year-ago period. Analysts expected revenue of $356.17 million.
Income from operations was $32.7 million, up 6.1% from $30.8 million in the year-earlier quarter.
For the full year, net income increased 42.9% to $87.0 million from $60.9 million last year. On a per share basis, earnings were $1.43, up 40.2% from $1.02 in the prior year. This year's results include $0.21 from a tax benefit related to prior years' research and experimentation tax credits.
Analysts expected the company to report earnings of $1.42 per share for the full year
Revenue increased 6.6% to $2.28 billion from $2.14 billion, and revenue, net of subcontractor costs, went up 11.3% to $1.38 billion from $1.24 billion in the year-ago period; comparable to analysts' expected revenue of $1.38 billion.
Income from operations was $121.9 million, up 14.6% from $106.4 million in the year-ago quarter.
Tetra Tech expects first quarter fiscal 2010 earnings to be in the range of $0.28 to $0.30 per share on revenue, net of subcontractor costs, in the range of $330 million to $345 million. Analysts expect the company to post earnings of $0.30 per share on revenue of $349.10 million for the first quarter of 2010.
For the full year 2010, Tetra Tech expects earnings per share to be $1.25 to $1.35 on revenue in the range of $1.45 billion to $1.55 billion. Analysts expect the company to post earnings of $1.37 on revenue of $1.51 billion for the full year 2010.
TTEK stock closed Wednesday's regular trading session at $27.17, up $0.15, on the Nasdaq.
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by RTT Staff Writer
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