Tetra Tech Q4 Profit Down

(RTTNews) - Tetra Tech Inc. (TTEK) Wednesday reported a lower profit for the fourth quarter, hurt largely by lower revenues.

Pasadena, California-based Tetra Tech's fourth quarter profit dropped to $25.20 million or $0.39 per share from $30.43 million or $0.47 per share last year.

On average, nine analysts polled by Thomson Reuters expected earnings of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.

Tetra Tech, which provides consulting, engineering and technical services to commercial and government clients, said revenues for the fourth quarter declined to $698.4 million from $719.4 million last year.

Revenue, net of subcontractor costs, for the period slipped to $531.5 million from $536.3 million last year. Analysts expected revenues of $521.54 million for the quarter.

Moving ahead, Tetra Tech expects first-quarter earnings of $0.35 to $0.40 per share, and revenues, net of subcontractor costs, of $440 million to $500 million. Analysts currently expect earnings of $0.38 per share along with revenues of $508.48 million for the quarter.

For the fiscal year 2014, Tetra Tech sees earnings of $1.60 to $1.80 per share, cash earnings of $2.30 to $2.60 per share, and revenues, net of subcontractor costs, of $2.1 billion to $2.3 billion. Analysts currently expects full-year earnings of $0.67 per share on revenues of $2.01 billion.

"In fiscal 2014, without additional acquisitions, we expect to grow net revenue approximately 10%, led by our U.S. commercial programs that are expected to increase approximately 10-15%," said Chief Executive Dan Batrack. "The investments we made in key growth markets have provided us with a strong foundation for the coming year."

TTEK closed Wednesday's trading at $26.34,down $0.08 or 0.30%, on the Nasdaq.