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Tetra Tech (TTEK) Secures Multiple-Award Contract From USACE
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Tetra Tech, Inc. (TTEK - Free Report) recently secured an architect-engineer services contract worth $49-million from the U.S. Army Corps of Engineers (“USACE”), Louisville District. Per the five-year, multiple-award deal, the company will provide its state-of-the-art solutions in the United States.
Inside the Headlines
Tetra Tech’s professionals will be responsible for providing environmental services that would help in restoring and conserving the natural environment. Various services to be offered by the company include designing, surveying, studying and the use of advanced technologies for the aforementioned purpose. With the use of cutting-edge technologies and advanced analytics, the company will help in addressing several issues, including emerging contaminants like per- and polyfluoroalkyl substances.
Notably, this contract is built on long-term collaboration between Tetra Tech and the USACE in environmental management programs.
Other Notable Contracts
Over the past several months, Tetra Tech has clinched multiple government contracts that have significantly boosted its top line. In February 2021, the company secured a five-year contract worth $60 million from the USACE. Per the multiple-award deal, a joint venture led by Tetra Tech will work on assessing and managing risks for dams and levee systems in the United States.
Also, in January 2021, it secured a five-year, single-award deal worth $25 million from the United States Agency for International Development to work on enhancing the consumption of renewable energy and reducing deforestation in Zambia. This apart, in December 2020, it clinched a $185-million multiple-award contract from the U.S. Army Corps of Engineers to offer advanced solutions for U.S. federal government environmental programs.
Notably, Tetra Tech’s backlog at the end of the first quarter of fiscal 2021 (ended Dec 27, 2020) was $3,188.1 million.
Zacks Rank, Estimates and Price Performance
Tetra Tech, with a $7.6-billion market capitalization, currently carries a Zacks Rank #2 (Buy). High federal government spending and solid demand for the company’s services bode well. Also, acquisitions made by it over the past few quarters are likely to prove beneficial.
In the past 60 days, the Zacks Consensus Estimate for the company’s fiscal 2021 (ending September 2021) earnings has remained stable at $3.59, while that for fiscal 2022 (ending September 2022) has increased 0.3% to $3.87.
The company’s shares have gained 5.8% compared with 4.1% growth recorded by the industry in the past three months.
Other Key Picks
Some other top-ranked stocks from the same space are Heritage-Crystal Clean, Inc , Energy Recovery, Inc. (ERII - Free Report) and Sharps Compliance Corp . While Heritage-Crystal currently sports a Zacks Rank #1 (Strong Buy), Energy Recovery and Sharps Compliance carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Heritage-Crystal delivered a positive earnings surprise of 74.45%, on average, in the trailing four quarters.
Energy Recovery delivered a positive earnings surprise of 232.08%, on average, in the trailing four quarters.
Sharps Compliance delivered a positive earnings surprise of 231.67%, on average, in the trailing four quarters.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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Tetra Tech (TTEK) Secures Multiple-Award Contract From USACE
Tetra Tech, Inc. (TTEK - Free Report) recently secured an architect-engineer services contract worth $49-million from the U.S. Army Corps of Engineers (“USACE”), Louisville District. Per the five-year, multiple-award deal, the company will provide its state-of-the-art solutions in the United States.
Inside the Headlines
Tetra Tech’s professionals will be responsible for providing environmental services that would help in restoring and conserving the natural environment. Various services to be offered by the company include designing, surveying, studying and the use of advanced technologies for the aforementioned purpose. With the use of cutting-edge technologies and advanced analytics, the company will help in addressing several issues, including emerging contaminants like per- and polyfluoroalkyl substances.
Notably, this contract is built on long-term collaboration between Tetra Tech and the USACE in environmental management programs.
Other Notable Contracts
Over the past several months, Tetra Tech has clinched multiple government contracts that have significantly boosted its top line. In February 2021, the company secured a five-year contract worth $60 million from the USACE. Per the multiple-award deal, a joint venture led by Tetra Tech will work on assessing and managing risks for dams and levee systems in the United States.
Also, in January 2021, it secured a five-year, single-award deal worth $25 million from the United States Agency for International Development to work on enhancing the consumption of renewable energy and reducing deforestation in Zambia. This apart, in December 2020, it clinched a $185-million multiple-award contract from the U.S. Army Corps of Engineers to offer advanced solutions for U.S. federal government environmental programs.
Notably, Tetra Tech’s backlog at the end of the first quarter of fiscal 2021 (ended Dec 27, 2020) was $3,188.1 million.
Zacks Rank, Estimates and Price Performance
Tetra Tech, with a $7.6-billion market capitalization, currently carries a Zacks Rank #2 (Buy). High federal government spending and solid demand for the company’s services bode well. Also, acquisitions made by it over the past few quarters are likely to prove beneficial.
In the past 60 days, the Zacks Consensus Estimate for the company’s fiscal 2021 (ending September 2021) earnings has remained stable at $3.59, while that for fiscal 2022 (ending September 2022) has increased 0.3% to $3.87.
The company’s shares have gained 5.8% compared with 4.1% growth recorded by the industry in the past three months.
Other Key Picks
Some other top-ranked stocks from the same space are Heritage-Crystal Clean, Inc , Energy Recovery, Inc. (ERII - Free Report) and Sharps Compliance Corp . While Heritage-Crystal currently sports a Zacks Rank #1 (Strong Buy), Energy Recovery and Sharps Compliance carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Heritage-Crystal delivered a positive earnings surprise of 74.45%, on average, in the trailing four quarters.
Energy Recovery delivered a positive earnings surprise of 232.08%, on average, in the trailing four quarters.
Sharps Compliance delivered a positive earnings surprise of 231.67%, on average, in the trailing four quarters.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>