Tetra Tech (TTEK) Reports In-Line Q2 EPS; Will Acquire Cornerstone Environmental Group

Tetra Tech (NASDAQ: TTEK) reported Q2 EPS of $0.31, in-line with the analyst estimate of $0.31. Revenue for the quarter came in at $264.76 million versus the consensus estimate of $431.32 million.

Tetra Tech sees Q3 2015 EPS of $0.40-$0.44, versus the consensus of $0.43. Tetra Tech sees Q3 2015 revenue of $420-470 million, versus the consensus of $448.9 million.

Tetra Tech sees FY2015 EPS of $1.60-$1.70, versus the consensus of $1.63. Tetra Tech sees FY2015 revenue of $1.7-1.85 billion, versus the consensus of $1.79 billion.

The company also anounced that it has signed a definitive agreement to acquire Cornerstone Environmental Group of Middletown, New York and anticipates closing this transaction in May 2015. Cornerstone is an environmental engineering and consulting firm focused on solid waste markets in the United States. The company has more than 160 employees and approximately $30 million in annual revenue.

“Utilities are faced with the challenge of responding to new U.S. Environmental Protection Agency regulations related to coal combustion residuals disposal requirements,” said Dan Batrack, Tetra Tech’s Chairman and CEO. “The acquisition of Cornerstone will expand our solid waste capabilities and geographic presence in the United States. As the top ranked U.S. solid waste and environmental management firm, the addition of Cornerstone enhances our ability to meet our clients’ increased needs in addressing these new regulations.”

Ken Karl, Cornerstone’s President, said, “This transaction represents an exciting new chapter in our business and an extraordinary opportunity for us to join a firm that broadens our technical capabilities for projects across waste management markets. Tetra Tech shares the same commitment to technical excellence and service that Cornerstone prides itself on providing to its clients.”

The terms of the acquisition were not disclosed. Cornerstone is joining Tetra Tech’s Resource Management & Energy segment.

For earnings history and earnings-related data on Tetra Tech (TTEK) click here.

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