Tetra Tech Inc - TTEK STOCK NEWS

Tetra Tech (NASDAQ: TTEK), a leader in consulting and engineering services in water, environment, and sustainable infrastructure, announced the planned dates for its third quarter 2024 results and conference call. The financial results will be released on Wednesday, July 31, 2024, after market close. A conference call will be held on Thursday, August 1, 2024, at 8:00 a.m. Pacific Time to discuss these results and the company's forward outlook. The call will be accessible through a live webcast on the company's website.

Tetra Tech has secured a $73 million contract from USAID to enhance energy access in 18 West African countries. The project, part of the Power Africa Empower West Africa initiative, aims to modernize the region's energy infrastructure. It includes the deployment of clean energy technologies, AI-based data analytics, and digital tools like smart power meters. The contract will also involve designing national electrification programs and promoting e-mobility solutions such as electric vehicles and boats. Tetra Tech's engagement with Power Africa spans a decade, focusing on sustainable, inclusive, and resilient energy sectors.

Tetra Tech (NASDAQ: TTEK) has secured an $85 million increase in its contract with the U.S. Agency for International Development (USAID) to bolster energy security in Moldova. The initiative, part of the USAID Moldova Energy Security Activity, aims to enhance Moldova's power grid by integrating a utility-scale battery energy storage system. This project will help Moldova improve its energy independence, sustainability, and affordability, while also facilitating electricity trade with neighboring countries like Romania and Ukraine. Tetra Tech's approach focuses on increasing the flexibility and stability of Moldova's electricity system, supporting the deployment of renewable energy resources and potential integration into European energy markets.

Tetra Tech (NASDAQ: TTEK) hosted its inaugural Investor Day on May 14, 2024, at Nasdaq’s Global Headquarters, where it launched its 2030 vision for growth and financial targets. The company aims to drive growth through its expertise in water and environmental consulting, focusing on emerging contaminants, advanced technologies, and AI-augmented services.

Key growth drivers include increased R&D funding and recurring revenue from software subscriptions. Financial targets for 2030 include a total compounded annual revenue growth of 10%-15%, organic revenue growth of 6%-10%, and acquisitive revenue growth of 4%-5%. The company also plans to expand its EBITDA margin by over 50bps annually and generate cash flow exceeding net income.

Chairman and CEO Dan Batrack emphasized Tetra Tech's alignment with global priorities, while CFO Steve Burdick highlighted plans to double revenue by 2030 and expand EBITDA margins to support capital allocation and shareholder returns.

Tetra Tech, Inc. (NASDAQ: TTEK) has acquired Convergence Controls & Engineering, enhancing its digital water and energy practices. The acquisition brings expertise in process automation, data analytics, cloud integration, and cybersecurity. Tetra Tech aims to leverage Convergence's capabilities to provide integrated automation platforms for real-time data visualization and decision support to clients. The acquisition expands Tetra Tech's team of engineers, software developers, and consultants serving water and energy clients.

Tetra Tech, Inc. (NASDAQ: TTEK) has won a $439 million contract from USAID to enhance energy security and resilience in Ukraine. The five-year contract aims to improve the electricity, natural gas, and district heating sectors in Ukraine, supporting European Union integration and increasing energy efficiency. Tetra Tech will provide strategic technical assistance to the Government of Ukraine to achieve these goals.

Tetra Tech, a leading consulting and engineering services provider, reported record second-quarter results with $1.25 billion in revenue and $1.05 billion in net revenue. The company saw a 28% increase in EBITDA, reaching $135 million, and a 34% increase in EPS to $1.42. Tetra Tech also achieved its largest second-quarter backlog ever at $4.74 billion, up 11% year-over-year. Recent key wins include contracts with the U.S. Army, NASA, and the U.K. Government, totaling $1.066 billion. The company's executive management remains optimistic about future growth, raising full-year guidance for fiscal year 2024.

Tetra Tech, Inc. (NASDAQ: TTEK) has won a $464 million contract from the U.S. Army to provide environmental assessment and remediation services across Army installations in the U.S. The five-year contract involves investigating and remediating hazardous waste, including PFAS, with advanced technologies like AI-enabled mapping.