Tetra Tech, Inc. announced results for the first quarter ended December 29, 2024, reporting all-time record high quarterly revenue and backlog, alongside record high first quarter adjusted operating income and EPS. Net revenue for the quarter was $1.197 billion, an 18% increase year-over-year, and adjusted EPS reached $0.35, up 25% year-over-year.
The company's GAAP operating income was significantly impacted by a $115 million legal contingency charge, which was excluded from adjusted operating income and adjusted EPS. Tetra Tech also reported a record backlog of $5.44 billion, representing a 15% increase year-over-year, driven by over $1 billion in new contract capacity.
However, Tetra Tech updated its fiscal year 2025 guidance, noting a pause in some U.S. federal government work, particularly with USAID, due to a new U.S. Administration review process. The revised full-year adjusted EPS guidance is now $1.37 to $1.52, compared to the previous range of $1.40 to $1.50, reflecting the potential impact of these ongoing reviews.
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