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Apr 02, 2023
Tetra Tech Q2 2023 Earnings Report
Tetra Tech achieved record quarterly results driven by strong double-digit top line growth across government and commercial end markets.
Key Takeaways
Tetra Tech reported record second-quarter results with revenue reaching $1.16 billion and net revenue at $970 million, up 36% and 39% year-over-year, respectively. Adjusted EPS increased by 19% to $1.17, and backlog hit a record high of $4.27 billion, up 18% year-over-year. The company is increasing its net revenue and adjusted EPS guidance for fiscal year 2023.
Revenue totaled $1.16 billion, a 36% increase year-over-year.
Net revenue was $970 million, up 39% year-over-year.
Adjusted EPS was $1.17, a 19% increase over the second quarter of fiscal 2022.
Backlog increased to a record high of $4.27 billion, up 18% year-over-year.
Tetra Tech
Tetra Tech
Forward Guidance
Tetra Tech is increasing adjusted EPS guidance to range from $5.07 to $5.17 and is increasing net revenue guidance to range from $3.10 billion to $3.20 billion for fiscal 2023. Tetra Tech expects adjusted EPS for the third quarter of fiscal 2023 to range from $1.15 to $1.20 and net revenue to range from $750 million to $800 million.
Positive Outlook
- Adjusted EPS guidance increased to $5.07 - $5.17 for fiscal 2023.
- Net revenue guidance increased to $3.10B - $3.20B for fiscal 2023.
- Adjusted EPS for Q3 2023 expected to be $1.15 - $1.20.
- Net revenue for Q3 2023 expected to be $750M - $800M.
- RPS is expected to contribute additional net revenue of approximately $150 million to $175 million in the third quarter and $450 million to $500 million for fiscal 2023.