Latest news with #DanBatrack
Business Mayor
19-05-2025
- Business
- Business Mayor
Tetra Tech Takes a Hit – Los Angeles Business Journal
Pasadena-based engineering and consulting firm Tetra Tech Inc. took a major hit in the first quarter with the shutdown of its largest client, the U.S. Agency for International Development. But the company still managed to post one of its strongest quarterly earnings results as it found new business elsewhere. In its May 8 quarterly earnings call, Dan Batrack, Tetra Tech's chief executive, said the USAID shutdown cost the company about $1.1 billion worth of contract awards that had been part of the company's project backlog. The shutdown also forced the company to take a $92 million impairment charge. Yet Tetra Tech still managed to post one of its better quarters for earnings, with the third-highest earnings per share and operating revenue marks in the company's history, a feat all the more remarkable considering January through March is typically the slowest time of the year for the company. 'We just had one of the most interesting quarters in the history of the company,' Batrack told analysts at the outset of the earnings conference call. The company's history dates back to 1966. 'Never have we seen our largest client by revenue essentially disappear within just one quarter,' he added. 'If you'd asked me 20 years ago what would have been the impact for quarterly results of this happening, I'm not sure I could have told you, but it certainly wouldn't have been good,' Batrack continued. 'But today, in this quarter, through the incredible diversity of our clients, diversity of the services we provide and the geographies that we operate in, we had one of the best quarters in the company's history.' Indeed, net revenue (not including contract dollars passed through to subcontractors) rose 5% during the quarter to $1.1 billion compared with the same quarter last year, while operating income rose 11% to $130 million – despite the loss of USAID work. Investors reacted favorably, sending Tetra Tech shares up 13% on May 8, the trading session after the earnings release and conference call. The stock has not moved significantly since then. Tetra Tech's challenges began the day President Donald Trump took office for his second term. One of the first executive orders he signed froze all foreign aid and called for a review of aid policy. Batrack said Trump's executive order resulted in immediate 'stop-work' orders for most of its USAID contracts. Its employees working on those contracts were effectively in limbo, though they were still employed by the company. Then, the Elon Musk-led Department of Government Efficiency, or DOGE, went through USAID operations, and in early February cancelled more than 100 contracts, including more than 20 contracts with Tetra Tech. The canceled contracts ranged in size from $10.2 million to $95.5 million. And then on Feb. 27, Secretary of State Marco Rubio announced that approximately 5,200 of USAID's 6,200 programs were being eliminated, with the rest transferred to the Rubio-led State Department. USAID was effectively shuttered. Batrack said that was the day the status of the Tetra Tech workers on those eliminated contracts went to 'termination for convenience.' He noted that the company incurred costs for that five-week period between the Jan. 20 date the stop-work orders went out and the Feb. 27 date when the contracts were terminated. He did not disclose what happened to the workers on those contracts. Tetra Tech took those contracts out of its project backlog, which consists of work that the company has contracts for but not yet begun. And for the first time since the USAID episode began, Batrack put a number on the value of those contracts. 'Tetra Tech's updated backlog is now…$4.31 billion,' he said. 'This $4.3 billion captures the de-obligation of approximately $1.1 billion in USAID and Department of State projects.' The company also took a non-cash, goodwill impairment charge of $92.4 million during the quarter. No specifics were offered. Not all of Tetra Tech's USAID work was eliminated. About $220 million remains, most of that for work in Ukraine that is part of a massive $450 million multi-year contract. USAID had been Tetra Tech's largest single client, representing nearly 10% of all net revenue and about one-third of all the company's work for the federal government. Yet for the first three months of this year, net revenue from federal government work still grew 1% compared to the same period last year as work for other federal agencies grew 16%. Tetra Tech's biggest victory in this sector came in March when the company announced it had won a slice of work on three contracts for environmental engineering services with the U.S. Army Corps of Engineers Honolulu District worth as much as $416 million. Each of these contracts involve multiple companies that are on call for individual projects as they come up. Tetra Tech also announced and added to its backlog four other contracts with the Army Corps of Engineers during the quarter, including one with the Corps' Los Angeles district. Most of this work is for ongoing environmental and engineering services. The Army Corps of Engineers is now Tetra Tech's largest single client. Staff Reporter Mark Madler contributed to this article.
National Post
01-05-2025
- Business
- National Post
Tetra Tech to Advance Its Digital Automation Solutions with the Acquisition of SAGE Group
Article content PASADENA, Calif. — Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services in water, environment, and sustainable infrastructure, announced today that it has signed a definitive agreement to acquire SAGE Group Holdings Ltd (SAGE Group), a premier automation solutions provider known for its expertise in municipal water and industrial manufacturing automation, smart infrastructure, and systems integration. Article content Article content SAGE Group delivers innovative technology and high-quality automation services that optimize operational efficiency and drive digital transformation for commercial and government clients across the municipal water, energy, transportation, defense and manufacturing sectors. This acquisition will expand Tetra Tech's digital systems solutions to a broader suite of clients, and provide advanced electrical and instrumentation design, engineered control systems, cybersecurity, and cloud integration. Article content 'Tetra Tech's deep technical expertise and advanced technology solutions help utilities, and the private sector optimize performance and make effective, data-driven decisions,' said Dan Batrack, Tetra Tech Chairman and CEO. 'The addition of SAGE Group's digital automation capabilities will further enhance our offerings by bringing additional expertise, AI-enabled technology, and demonstrated client solutions to our collective team.' Article content 'Tetra Tech and SAGE Group share complementary expertise, a strong cultural fit, and a shared long-term strategic vision to deliver impactful, future-focused solutions across industrial digitalization, AI and cybersecurity,' said Adrian Fahey, SAGE Group's Managing Director. 'This partnership will position SAGE for long-term growth, broaden its service offering, and provide new global resources — enhancing the value, innovation, and support we deliver to our clients and, expanded opportunities for our employees.' Article content SAGE Group is joining the Commercial International Business Group. The acquisition will be subject to the satisfaction of customary closing conditions. Article content Tetra Tech is the leader in water, environment and sustainable infrastructure, providing high-end consulting and engineering services for projects worldwide. With 30,000 employees working together, Tetra Tech provides clear solutions to complex problems by Leading with Science ® to address the entire water cycle, protect and restore the environment, design sustainable and resilient infrastructure, and support the clean energy transition. For more information about Tetra Tech, please visit or follow us on LinkedIn and Facebook. Article content SAGE Group comprises four specialist offerings, SAGE Automation, Nukon, Embedded Expertise and Skills Lab. With an extensive footprint across Australia, employing a team of 800 talented people, SAGE is an integrated industrial digitalization services provider with a suite of solutions designed to support clients to accelerate their digital journey. SAGE partners with clients across the water, defense, energy, manufacturing, resources and transport sectors, to create a Smarter Future, Better World. For more information about SAGE Group, please visit or follow us on LinkedIn and Facebook. Article content Any statements made in this release that are not based on historical fact are forward-looking statements. Any forward-looking statements made in this release represent management's best judgment as to what may occur in the future. However, Tetra Tech's actual outcome and results are not guaranteed and are subject to certain risks, uncertainties and assumptions ('Future Factors'), and may differ materially from what is expressed. For a description of Future Factors that could cause actual results to differ materially from such forward-looking statements, see the discussion under the section 'Risk Factors' included in the Company's Form 10-K and Form 10-Q filings with the Securities and Exchange Commission. Article content Article content Article content Article content Article content
Business Wire
24-04-2025
- Business
- Business Wire
Tetra Tech Awarded Contract to Provide Advanced Water Treatment Solutions in Florida
PASADENA, Calif.--(BUSINESS WIRE)-- Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services in water, environment, and sustainable infrastructure, announced today that the City of Cape Coral, Florida, selected Tetra Tech to provide engineering design and technical services to expand its North Reverse Osmosis Water Treatment Plant. Tetra Tech will provide advanced water treatment solutions to expand the plant's production capacity by 50 percent and double existing ground storage reservoir capacity. The $60 million expansion project will incorporate innovative technologies for energy recovery and process optimization of the existing treatment system to support the City in providing reliable service for its growing population while mitigating pressure on local aquifers. Tetra Tech engineers and technical specialists will provide services to transform brackish groundwater into high-quality drinking water, including engineering design, preparation of technical plans and specifications, permitting, and testing and commissioning. 'For almost 40 years, Tetra Tech has provided innovative water treatment solutions to support the resilience of communities throughout Florida,' said Dan Batrack, Tetra Tech Chairman and CEO. 'We look forward to continuing to solve critical water supply challenges, support regional growth, and deliver value to the City of Cape Coral and its residents.' About Tetra Tech Tetra Tech is the leader in water, environment and sustainable infrastructure, providing high-end consulting and engineering services for projects worldwide. With 30,000 employees working together, Tetra Tech provides clear solutions to complex problems by Leading with Science ® to address the entire water cycle, protect and restore the environment, design sustainable and resilient infrastructure, and support the clean energy transition. For more information about Tetra Tech, please visit or follow us on LinkedIn and Facebook. Any statements made in this release that are not based on historical fact are forward-looking statements. Any forward-looking statements made in this release represent management's best judgment as to what may occur in the future. However, Tetra Tech's actual outcome and results are not guaranteed and are subject to certain risks, uncertainties and assumptions ("Future Factors"), and may differ materially from what is expressed. For a description of Future Factors that could cause actual results to differ materially from such forward-looking statements, see the discussion under the section "Risk Factors" included in the Company's Form 10-K and Form 10-Q filings with the Securities and Exchange Commission.
National Post
24-04-2025
- Business
- National Post
Tetra Tech Awarded Contract to Provide Advanced Water Treatment Solutions in Florida
Article content PASADENA, Calif. — Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services in water, environment, and sustainable infrastructure, announced today that the City of Cape Coral, Florida, selected Tetra Tech to provide engineering design and technical services to expand its North Reverse Osmosis Water Treatment Plant. Article content Article content Tetra Tech will provide advanced water treatment solutions to expand the plant's production capacity by 50 percent and double existing ground storage reservoir capacity. The $60 million expansion project will incorporate innovative technologies for energy recovery and process optimization of the existing treatment system to support the City in providing reliable service for its growing population while mitigating pressure on local aquifers. Tetra Tech engineers and technical specialists will provide services to transform brackish groundwater into high-quality drinking water, including engineering design, preparation of technical plans and specifications, permitting, and testing and commissioning. Article content Article content 'For almost 40 years, Tetra Tech has provided innovative water treatment solutions to support the resilience of communities throughout Florida,' said Dan Batrack, Tetra Tech Chairman and CEO. 'We look forward to continuing to solve critical water supply challenges, support regional growth, and deliver value to the City of Cape Coral and its residents.' Article content Tetra Tech is the leader in water, environment and sustainable infrastructure, providing high-end consulting and engineering services for projects worldwide. With 30,000 employees working together, Tetra Tech provides clear solutions to complex problems by Leading with Science ® to address the entire water cycle, protect and restore the environment, design sustainable and resilient infrastructure, and support the clean energy transition. For more information about Tetra Tech, please visit or follow us on LinkedIn and Facebook. Article content Any statements made in this release that are not based on historical fact are forward-looking statements. Any forward-looking statements made in this release represent management's best judgment as to what may occur in the future. However, Tetra Tech's actual outcome and results are not guaranteed and are subject to certain risks, uncertainties and assumptions ('Future Factors'), and may differ materially from what is expressed. For a description of Future Factors that could cause actual results to differ materially from such forward-looking statements, see the discussion under the section 'Risk Factors' included in the Company's Form 10-K and Form 10-Q filings with the Securities and Exchange Commission. Article content Article content Article content Article content Article content
Business Wire
22-04-2025
- Business
- Business Wire
Tetra Tech Awarded Contract for Advanced Wastewater Treatment Services in Florida
PASADENA, Calif.--(BUSINESS WIRE)-- Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services in water, environment, and sustainable infrastructure, announced today that Orange County Utilities (OCU) in Florida awarded the Company a contract to provide engineering design and technical services to significantly expand the Eastern Water Reclamation Facility (EWRF), which serves a 451-square-mile service area just outside Orlando. Tetra Tech engineers and technical specialists will provide advanced wastewater treatment solutions to help OCU accommodate increasing wastewater flows, while enhancing operations, energy efficiency and resilience. Our teams will conduct advanced modeling to optimize processes and prepare designs and specifications for an increase in treatment capacity at EWRF. 'For almost 20 years, Tetra Tech has provided Orange County Utilities with innovative and efficient water and wastewater infrastructure solutions,' said Dan Batrack, Tetra Tech Chairman and CEO. 'We look forward to continuing to use our Leading with Science ® approach to support the rapid growth in Orange County and provide its customers with high quality and resilient water supplies.' About Tetra Tech Tetra Tech is the leader in water, environment and sustainable infrastructure, providing high-end consulting and engineering services for projects worldwide. With 30,000 employees working together, Tetra Tech provides clear solutions to complex problems by Leading with Science ® to address the entire water cycle, protect and restore the environment, design sustainable and resilient infrastructure, and support the clean energy transition. For more information about Tetra Tech, please visit or follow us on LinkedIn and Facebook. Any statements made in this release that are not based on historical fact are forward-looking statements. Any forward-looking statements made in this release represent management's best judgment as to what may occur in the future. However, Tetra Tech's actual outcome and results are not guaranteed and are subject to certain risks, uncertainties and assumptions ("Future Factors"), and may differ materially from what is expressed. For a description of Future Factors that could cause actual results to differ materially from such forward-looking statements, see the discussion under the section "Risk Factors" included in the Company's Form 10-K and Form 10-Q filings with the Securities and Exchange Commission.
