Tetra Tech Q2 Profit Down

(RTTNews) - Tetra Tech, Inc. (TTEK) Wednesday reported second-quarter net income of $19.0 million or $0.31 per share, down from $31.7 million or $0.48 per share last year.

Revenue, net of subcontractor costs, dropped to $432.8 million from $456.0 million last year.

Analysts polled by Thomson Reuters expected the company to report profit per share of $0.31 on revenues of $431.1 million for the quarter. Analysts' estimates typically exclude special items.

Looking forward to the third quarter, Tetra Tech expects earning of $0.40 to $0.44 per share and revenue, net of subcontractor costs, of $420 million to $470 million. Analysts currently expect earnings of $0.43 per share on revenue of $448.92 million.

For the fiscal year 2015, the company now expects earning of $1.60 to $1.70, cash earning of $2.30 to $2.55 per share and revenue, net of subcontractor costs, of $1.70 billion to $1.85 billion. Analysts currently expect earnings of $1.63 per share on revenues of $1.79 billion.

Earlier, Tetra Tech expected earnings of $1.55 to $1.70 per share, cash earnings of $2.30 to $2.55 per share and revenue, net of subcontractor costs, of $1.70 billion to $1.85 billion.