Tetra Tech Inc.(TTEK) Wednesday, reported that its first-quarter profit increased from the previous year quarter.
Tetra recorded first quarter net income of $18.7 million or $0.30 per share, compared to $16.3 million or $0.27 per share in the same quarter last year.
On average, seventeen analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share. Analysts' estimates typically exclude special items.
The company recorded revenue in the quarter of $542.0 million, down 15.1% from $638.7 million in the previous year period. Seventeen Wall Street analysts expected revenues of $339.71 million.
Looking forward, for the second quarter, the company expects earnings per share in the range of $0.20 to $0.23. Revenue, net of subcontractor costs, for the quarter is expected to range from $310.0 million to $330.0 million. Analysts expect earnings of $0.30 per share on revenues of $354.69 million.
Looking forward for the fiscal year 2010, the company now expects earnings per share in the range of $1.08 to $1.18. Revenue, net of subcontractor costs, for fiscal 2010 is now expected to range from $1.4 billion to $1.5 billion. Earlier, the company estimated earnings in the range of $1.25 - $1.35 per share on revenue, net of subcontractor costs, in the range of $1.45 billion - $1.55 billion.
However, analysts expect earnings of $1.32 per share on revenue of $1.50 billion.
Dan Batrack Tetra Tech's Chairman and CEO, said, "Our first quarter results met net revenue and EPS guidance. We are forecasting that the remainder of fiscal 2010 will remain strong for our front-end consulting and engineering services. However, we now believe that back-end construction management services will weaken in the second quarter and remain soft for the remainder of the fiscal year, driven primarily by the commercial market downturn and the continued slow pace of stimulus spending. Due to forecasted reductions in our construction management services, we have lowered our guidance for the remainder of fiscal 2010."
TTEK closed Wednesday's regular trading at $25.07 up $0.35 or 1.42% on the Nasdaq. However, in the after hour trading the strock price decreased to $22.50 down $2.57 or 10.25%.
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