President Donald Trump has not been good for the share price of Tetra Tech Inc.

Since Trump’s election win on Nov. 5, the stock price in Tetra Tech has lost about 43% of its value, while it has gone down by about 32% since his inauguration.

The share price closed at $28.69 on March 13.

The Pasadena engineering, infrastructure and information technology consulting services firm has also said it has cut back on work related to the United States Agency for International Development, or USAID, the primary federal agency for foreign aid.

“At the direction of the new U.S. Administration, Tetra Tech has paused some of its U.S. federal government work, particularly with USAID, while assisting our clients with their review of multiple programs across the various government agencies we support,” the company said in a release of its fiscal first quarter earnings from January.

The company received more than $5 billion in USAID contracts last year.

Out of the more than 100 USAID contracts canceled by the so-called “Department of Government Efficiency” in February, 20 were held by Tetra Tech or by joint ventures involving the San Gabriel Valley company totaling more than $400 million, according to HigherGov, a website that provides market intelligence for government contractors and grant recipients.

The canceled contracts range in size from $10.2 million to provide services in Kosovo focused on property rights legislation to $95.5 million as part of broader USAID effort to help persecuted ethnic and religious minorities in the Middle East and North Africa “restore their communities, support economic recovery and prevent future atrocities,” the HigherGov website said.

On Jan. 20, Trump issued an executive order freezing all foreign aid and submitting it to a review.

Secretary of State Marco Rubio’s social media post on X on March 10 said that review was now “officially ending” with some 5,200 of USAID’s 6,200 programs eliminated. Those programs “spent tens of billions of dollars in ways that did not serve, (and in some cases even harmed), the core national interests of the United States,” Rubio wrote on X.

He added that about 1,000 remaining contracts would now fall under the State Department.

‘Strong’ quarterly results

Despite what Tetra Tech Chief Executive Dan Batrack called a “strong” first quarter, the market did not see it the same. The share price dropped by 3% from the adjusted close of $37.60 on Jan. 29 when it released its earnings after the market closed to an adjusted close the following day of $36.50.

Tetra Tech reported on Jan. 29 net income of $747,000 (0 cents a share) for the quarter ending Dec. 29, compared with net income of $75 million (28 cents) in the same period a year earlier. Revenue increased by 16% from the first quarter of the prior year to $1.4 billion.

“We (saw) significant demand for our differentiated services in water, environment, and sustainable infrastructure across our global operations,” Batrack said in a statement. “In the first quarter, we added over $1 billion in new contract capacity, which included contracts for essential water supply, flood control structures and inland navigation.”

Within 10 days of the start of the Trump Administration, Batrack told analysts in the company’s earnings teleconference call on Jan. 30 that it had slashed its current year guidance for revenue from USAID to $400 million from the $600 million to $800 million range.

Batrack said during the conference call he was confident that much of the USAID work would be restored at the end of the review period due to its strategic importance. He specifically cited work in the Philippines, which he described as crucial in building up defenses in the South China Sea region against China.

He also noted that the majority of current USAID funds are going to projects in Ukraine.

But those comments were all before Feb. 3, when the Trump administration went much further in its attacks on USAID, shutting down the agency’s headquarters, sending employees home and saying plans were moving forward to merge the agency into the State Department.

Those announcements contributed to a selloff in Tetra Tech stock, which closed that day down 7% at $34.15.

Staff reporter Howard Fine contributed to this story.