Tetra Tech Q1 Results Top Estimates; Lifts FY Outlook

Tetra Tech Inc. (TTEK), a provider of high-end consulting and engineering services, reported that its first quarter adjusted operating income was $97 million, up 17% year-over-year.

Earnings per share was $2.18 compared to $1.25 in the prior year.

Adjusted earnings per share was $1.34, up 13% over first quarter fiscal 2022. Analysts polled by Thomson Reuters expected the company to report earnings of $1.21 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenue for the quarter increased to $736.56 million from $679.33 million in the prior year. Analysts expected revenue of $717.73 million for the quarter.

Excluding RPS, Tetra Tech expects earnings per share for the second quarter of fiscal 2023 to range from $1.03 to $1.08 and net revenue to range from $685 million to $735 million. Analysts expect the company to report earnings of $1.08 per share and revenue of $732.84 million for the second quarter.

For fiscal 2023, Tetra Tech increased earnings per share guidance to now range from $4.90 to $5.05 and increased net revenue guidance to range from $3.00 billion to $3.15 billion. Wall Street currently is looking for fiscal year 2023 earnings of $4.92 per share on annual revenues of $3 billion.

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