Environmental engineering firm Tetra Tech (NASDAQ: TTEK) will be reporting earnings this Wednesday after market hours. Here’s what to expect.
Tetra Tech beat analysts’ revenue expectations last quarter, reporting revenues of $1.05 billion, down 4.9% year on year. It was a very strong quarter for the company, with revenue guidance for next quarter exceeding analysts’ expectations and a beat of analysts’ EPS estimates.
Is Tetra Tech a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Tetra Tech’s revenue to decline 6.6% year on year, a reversal from the 3.9% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Tetra Tech has a history of exceeding Wall Street’s expectations.
Looking at Tetra Tech’s peers in the business services & supplies segment, some have already reported their Q2 results, giving us a hint as to what we can expect. UniFirst delivered year-on-year revenue growth of 3.9%, beating analysts’ expectations by 1%, and Cintas reported revenues up 8.9%, topping estimates by 1.1%. UniFirst traded up 3.4% following the results while Cintas was also up 11.9%.
Read our full analysis of UniFirst’s results here and Cintas’s results here.
There has been positive sentiment among investors in the business services & supplies segment, with share prices up 3.2% on average over the last month. Tetra Tech is up 10.8% during the same time and is heading into earnings with an average analyst price target of $39.50 (compared to the current share price of $31.99).
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