Q3 2024 Tetra Tech Inc Earnings Call Transcript
Key Points
- Tetra Tech Inc (TTEK) reported record quarterly revenue of $1.11 billion, marking a 12% increase year-over-year.
- The company achieved an all-time high backlog of $5.23 billion, up 19% year-over-year.
- EBITDA increased by 32% to $129 million, with a margin expansion of 120 basis points to 13.3%.
- Earnings per share for the third quarter reached a record high of $1.59, up 42% from the previous year.
- The company announced a five-for-one stock split to increase liquidity and lower trading costs for investors.
- The contribution from Ukraine, while significant, is considered extraordinary and may not be sustainable long-term.
- The RPS segment's revenue remains flat as the company continues to phase out lower-margin projects.
- International development work, such as USAID projects, typically carries lower margins, impacting overall profitability.
- Potential regulatory changes, such as the Chevron deference ruling, could introduce uncertainties in environmental regulations.
- The company's growth in international revenue excluding RPS was only 5%, indicating slower growth in some international markets.
Good morning and thank you for joining the Tetra Tech earnings call. As a reminder, Tetra Tech is also simulcasting the presentation with slides in the Investor section of its website at tetratech.com. This call is being recorded at the request of Tetra Tech, and this broadcast is the copyrighted property of Tetra Tech. Any rebroadcast of this information in whole or part without the prior written permission of Tetra Tech is prohibited.
With us today from management are Dan Batrack, Chairman and Chief Executive Officer; Steve Burdick, Chief Financial Officer; Leslie Shoemaker, Chief Innovation Officer; and Joseph Fong, High Performance Buildings Global Lead. They will provide a brief overview of the results and will then open the call for questions.
I would like to direct your attention to the Safe Harbor statement in today's presentation. Today's discussion contains forward-looking statements about future business and financial expectations as the results might differ significantly from those projected in today's forward-looking statements due to the various risks and uncertainties
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