Tetra Tech Inc (NASDAQ:TTEK) stock fell 10.33% (As on November 14, 11:21:04 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 24 driven by increasing demand for the differentiated high-end consulting services for managing water resources and resilient infrastructure. Over this past year, the company has received increasing orders across all the client end-markets which drove backlog up 12% to an all-time high of $5.38 billion. With strong momentum in contract wins and a record backlog, the company has initiated the full year fiscal 2025 guidance for net revenue and earnings, which represents forecasted EPS growth of 15% for fiscal 2025. The company continues to see strong demand for the high-end services in coastal flood protection and recovery, security of water supplies, and digital modernization of water infrastructure.

Further, the company’s recent orders includes $12 billion multiple-award contract to deliver innovative technology solutions for Defense Logistics Agency’s most critical requirements in cybersecurity and systems modernization. $5 billion multiple award contract to address complex resiliency challenges in countries around the world for USAID. $1 billion framework contract with Northern Ireland Water for support of sustainable water infrastructure projects. $249 million multiple award contract to provide environmental assessment and sustainable design services for the U.S. Army Corps of Engineers. $225 million multiple award contract to provide environmental remediation services including site investigations, design, monitoring, and feasibility studies for the U.S. Army Corps of Engineers. $150 million in single award contracts to increase access for reliable water, sanitation, electricity, and sustainable infrastructure in Africa for USAID. $30 million single award contract to provide watershed-focused restoration and resiliency services for the Utah Army National Guard.

TTEK in the fourth quarter of FY 24 has reported the adjusted earnings per share of 38 cents, beating the analysts’ estimates for the adjusted earnings per share of 37 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 9 percent to $1.14 billion in the fourth quarter of FY 24, beating the analysts’ estimates for revenue by 2.46%. Operating Income increased 33% Y/Y to $143 million. Industry-leading DSO was of 55 days.

Additionally, the company has declared quarterly dividend at an amount of $0.058 per share, a 12% increase year-over-year, payable on December 13, 2024, to stockholders of record as of November 27, 2024. Tetra Tech has $348 million remaining under its $400 million share repurchase program.