Tetra Tech Falls on 2Q Earnings

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Shares in Tetra Tech Inc. dipped more than 5 percent Thursday after the firm’s second quarter earnings fell short of analysts’ projections.


Tetra Tech reported net income of $10 million (18 cents per share), an 11 percent increase from $9 million (16 cents) from last year’s second quarter.


Revenues for the Pasadena-based engineering and technical services consulting firm slipped to $236 million, missing Wall Street’s expectations of $248 million, according to a poll conducted by Thomson Financial.


Tetra Tech said litigation settlements contributed $1 million to its quarterly results while its backlog saw a 15 percent jump from last year at $1.1 billion. The company also said it expects full-year earnings of between 73 cents to 78 cents, compared with prior guidance of 71 cents to 76 cents.


But the company also lowered its full-year guidance for revenue, to a range of $975 million to $1.02 billion. It previously issued an outlook for revenue of $975 million to $1.03 billion.


Shares in Tetra Tech lost 5.4 percent, or $1.15, to $20.10 in afternoon trading Thursday on the Nasdaq.

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