Tetra Tech (NASDAQ:TTEK) Releases Q1 Earnings Guidance

Tetra Tech (NASDAQ:TTEK) issued an update on its first quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $1.30-1.38 for the period, compared to the consensus estimate of $1.36. The company issued revenue guidance of $0.95-1.0 billion, compared to the consensus revenue estimate of $956.60 million. Tetra Tech also updated its FY 2024 guidance to $5.70-$6.00 EPS.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on TTEK. Royal Bank of Canada began coverage on Tetra Tech in a research note on Monday, August 28th. They set an outperform rating and a $181.00 price objective for the company. Maxim Group increased their price objective on shares of Tetra Tech from $200.00 to $215.00 in a research note on Friday, August 11th. StockNews.com assumed coverage on shares of Tetra Tech in a research report on Thursday, October 5th. They set a hold rating on the stock. Robert W. Baird upped their target price on shares of Tetra Tech from $157.00 to $172.00 in a report on Thursday, August 10th. Finally, William Blair started coverage on Tetra Tech in a report on Wednesday, September 13th. They set an outperform rating on the stock. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $192.00.

Tetra Tech Price Performance

TTEK stock opened at $158.23 on Thursday. The company has a market capitalization of $8.38 billion, a PE ratio of 28.01 and a beta of 1.00. The company’s fifty day moving average price is $155.18 and its 200-day moving average price is $156.73. Tetra Tech has a one year low of $131.19 and a one year high of $173.27. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.17 and a current ratio of 1.17.

Tetra Tech (NASDAQ:TTEK) last released its quarterly earnings data on Wednesday, November 15th. The industrial products company reported $1.78 EPS for the quarter, beating the consensus estimate of $1.44 by $0.34. Tetra Tech had a net margin of 7.27% and a return on equity of 20.41%. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the firm earned $1.26 EPS. The business’s revenue was up 43.6% on a year-over-year basis. On average, equities analysts anticipate that Tetra Tech will post 5.25 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Tudor Investment Corp Et Al purchased a new position in shares of Tetra Tech in the 3rd quarter worth $1,087,000. Morgan Stanley grew its position in Tetra Tech by 5.9% in the third quarter. Morgan Stanley now owns 616,768 shares of the industrial products company’s stock worth $93,768,000 after acquiring an additional 34,259 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Tetra Tech by 15.4% during the third quarter. The Manufacturers Life Insurance Company now owns 46,054 shares of the industrial products company’s stock worth $7,002,000 after acquiring an additional 6,148 shares during the last quarter. Royal Bank of Canada raised its position in Tetra Tech by 448.7% during the third quarter. Royal Bank of Canada now owns 180,114 shares of the industrial products company’s stock valued at $27,382,000 after purchasing an additional 147,288 shares during the period. Finally, Ameriprise Financial Inc. lifted its stake in shares of Tetra Tech by 126.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 196,336 shares of the industrial products company’s stock valued at $29,840,000 after purchasing an additional 109,480 shares during the last quarter. 87.95% of the stock is currently owned by institutional investors.

About Tetra Tech

Tetra Tech, Inc provides consulting and engineering services worldwide. The company operates through two segments Government Services Group (GSG) and Commercial/International Services Group (CIG). The GSG segment offers early data collection and monitoring, data analysis and information management, science and engineering applied research, engineering design, project management, and operations and maintenance services; and climate change and energy management consulting, as well as greenhouse gas inventory assessment, certification, reduction, and management services.