Tetra Tech Cuts Outlook for Quarter

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Tetra Tech Inc. shares gained 9 percent on Thursday even though the company a day earlier cut its outlook for the current quarter — benefitting from a rally in the overall markets.

The Pasadena engineering consulting company’s after Wednesday’s market close did report a fourth-quarter results better than its own and Wall Street’s expectations, with net income up 29 percent to $18.2 million (30 cents per share), compared with $14.1 million (24 cents) a year ago. Net revenue grew 27 percent to nearly $349 million.

The company said the quarter reflected more work for the U.S. Agency for International Development. Analysts surveyed by Thomson First Call had expected fourth-quarter profit of 28 cents per share on revenue of $343 million.

Fiscal 2008 net income rose 31 percent to nearly $61 million from a year ago, with revenue up 38 percent to $2.15 billion.

Tetra Tech said it expects profit in its first quarter of between 25 cents and 27 cents per share, with net revenue between $310 million and $330 million. Analysts on average are expecting 28 cents per share on revenue of $344 million.

Shares closed up $1.48 to $18.03 in Nasdaq trading.

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