Engineering and construction consultant Tetra Tech Inc., said that its fiscal second-quarter earnings rose 22 percent on improved international and commercial business.
The Pasadena company, which specializes in water and energy projects, late Wednesday reported net income of $17.5 million (28 cents per share), compared with $14.3 million (23 cents) a year earlier. Net revenue rose 32 percent to $430 million.
Analysts surveyed by Thomson Reuters on average expected per-share profit of 29 cents on revenue of less than $394 million.
The company’s commercial business was up 14 percent, which Chief Executive Dan Batrack attributed to an improving economy. The company’s backlog at the end of the quarter was $1.99 billion, 19 percent higher than a year earlier.
“Our international business more than tripled as a result of strong organic growth in mining and recent Canadian acquisitions,” Batrack said in a statement. “We are increasingly confident in the company’s business outlook due to strong demand for our water-related services in mining, energy, and international development.”
In guidance, Tetra Tech expects third-quarter per-share profit of between 33 cents and 37 cents on net revenue of $450 million to $475 million. The Wall Street consensus was for profit of 35 cents on revenue of less than $434 million.
Shares were up 32 cents, or 1.4 percent, to $22.92 in Thursday midday trading on the Nasdaq.