Tetra Tech (TTEK) Q1 FY2024 earnings: revenue $1.2 billion, up 37.3% on the year

Tetra Tech Inc. (TTEK) reported revenue of $1.2 billion for Q1 FY2024, the quarter ended 31 December 2023, up 37.3% on the same quarter a year earlier. Net income was $75 million, down 35.8% on the year, and diluted earnings per share $0.28. The figures are the company's own, from the 10-Q it filed with the SEC on 2 February 2024.

Revenue$1.2 billionup 37.3%

Net income$75 milliondown 35.8%

Diluted EPS$0.28

QuarterQ1 FY2024ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	1,228	1,261	n/a	n/a
Gross profit	190	212	n/a	n/a
Gross margin	15.5%	16.8%	n/a
Operating income	111	107	n/a	n/a
Operating margin	9.0%	8.5%	n/a
Interest expense	9.6	n/a	n/a	n/a
Pre-tax income	102	94.4	n/a	n/a
Income tax	26.5	40.7	n/a	n/a
Effective tax rate	26.1%	43.2%	n/a
Net income	75.0	53.6	n/a	n/a
Net margin	6.1%	4.3%	n/a
Diluted EPS	$0.28	$0.20	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	9.2	122	n/a	n/a
Capital expenditure	3.4	9.6	n/a	n/a
Free cash flow	5.8	113	n/a	n/a
Free cash flow margin	0.5%	9.0%	n/a
Cash from investing	-3.4	-9.3	n/a	n/a
Cash from financing	18.4	-112	n/a	n/a
Depreciation and amortisation	19.5	18.0	n/a	n/a
Share-based compensation	7.6	7.0	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	13.9	13.8	n/a	n/a
Dividend per share	$0.01	$0.01	n/a	n/a
Diluted shares, weighted	269m	269m	n/a	n/a
Shares outstanding at period end	267m	266m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	1,538	1,403	n/a	n/a
Non-controlling interest	0.1	0.1	n/a	n/a
Debt	945	895	n/a	n/a
Operating lease liabilities	140	145	n/a	n/a
Other liabilities	1,328	1,377	n/a	n/a
Total liabilities and equity	3,951	3,820	n/a	n/a
Fixed assets	75.0	74.8	n/a	n/a
Goodwill	1,923	1,880	n/a	n/a
Intangible assets	168	174	n/a	n/a
Cash and equivalents	199	169	n/a	n/a
Receivables	1,041	975	n/a	n/a
Other assets	545	548	n/a	n/a
Total assets	3,951	3,820	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023	Q1 FY2024 †	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,261	1,228	1,252	1,344	1,374	1,421	1,322	1,370	1,330	1,211	1,220	1,309
Cost of revenue	n/a	n/a	n/a	n/a	n/a	223	218	217	167	173	171	200
Gross profit	212	190	207	223	245	221	214	252	274	220	214	243
Gross margin	17%	16%	17%	17%	18%	16%	16%	18%	21%	18%	18%	19%
Operating income	107	111	118	129	143	22.5	39.6	165	181	141	132	158
Operating margin	9%	9%	9%	10%	10%	2%	3%	12%	14%	12%	11%	12%
Interest expense	n/a	9.6	9.9	9.9	15.2	7.2	8.5	8.3	16.6	7.1	8.8	7.2
Pre-tax income	94.4	102	108	119	135	15.3	31.1	157	174	142	127	151
Tax rate	43%	26%	29%	28%	29%	95%	83%	27%	27%	26%	26%	27%
Net income	53.6	75.0	76.4	85.8	96.2	0.7	5.4	114	128	105	93.6	110
Net margin	4%	6%	6%	6%	7%	0%	0%	8%	10%	9%	8%	8%
Diluted EPS	$0.20	$0.28	$0.28	$0.32	$0.35	$0.00	$0.02	$0.43	$0.48	$0.40	$0.36	$0.42
Operating cash flow	122	9.2	103	141	106	13.1	-5.8	350	101	72.3	165	229
Capital expenditure	9.6	3.4	4.0	3.9	6.8	3.4	5.9	4.0	5.2	4.2	6.0	3.8
Free cash flow	113	5.8	98.9	137	98.8	9.6	-11.8	346	95.6	68.1	159	225
Buybacks	0.0	0.0	0.0	0.0	0.0	25.0	150	25.0	50.0	50.0	52.0	100
Dividends paid	13.8	13.9	13.9	15.5	15.5	15.5	15.4	17.1	17.0	16.9	16.9	18.6
Shares outstanding	266m	267m	267m	268m	268m	268m	264m	263m	261m	261m	260m	256m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 December 2023, filed 2 February 2024, accession 0000831641-24-000008: the filing on EDGAR. All of Tetra Tech Inc.'s filings: EDGAR company page.

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