Tetra Tech, Inc. announced strong results for the second quarter ended March 30, 2025, reporting record second-quarter revenue and net income despite a decrease in revenue associated with the reorganization of USAID. Net revenue for the quarter was $1.103 billion, and adjusted EPS was $0.33, an increase of 17.9% year-over-year.
The company recorded a non-cash goodwill impairment charge of $92.4 million related to its Global Development Services division due to the termination of virtually all USAID contracts. Despite this, growth in State and Local, U.S. Commercial, and International revenues more than offset the headwind, leading to net revenue and EPS exceeding guidance.
Tetra Tech's Board of Directors approved its 44th consecutive quarterly dividend at $0.065 per share, a 12% increase year-over-year. The Board also authorized an additional $500 million share repurchase program, bringing the total available for buybacks to $673 million. The company also entered into a new $1.5 billion credit facility maturing in May 2030. For fiscal 2025, Tetra Tech raised its full-year adjusted EPS guidance to a range of $1.42 to $1.52.
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