Tetra Tech Secures $24M Single-Award Contract From USAID
Tetra Tech, Inc. TTEK recently announced that it secured a $24 million contract from the U.S. Agency for International Development (“USAID”). Per the five-year, single-award agreement, the premier consulting and engineering services firm will support USAID’s Regional Water and Vulnerable Environment Activity in Central Asia.
It is worth noting that the Regional Water and Vulnerable Environment Activity is designed to enhance regional collaboration. It aims at managing shared water resources, addressing environmental challenges, and supporting sound ecosystems and economic prosperity in Central Asia.
Tetra Tech will be responsible for offering technical services to solve difficult transborder water challenges in the region. The company’s scope of work will include designing water resources technology solutions that are focused on optimizing energy, water and agricultural systems. Notably, the company’s analysts and consultants will work on designing a decision-support process, embed with advanced data analytics and integrated water-energy-food systems modeling. This will help to figure out the actions required to enhance water collaboration in the region.
Other Notable Contracts
Tetra Tech has clinched multiple government contracts in the past few months that have significantly supplemented its top line. In September 2020, the company secured a $68-million contract from the U.S. Environmental Protection Agency for offering extensive scientific and technical support services under the Superfund Technical Assessment and Response Team (START V).
Also, in August, the company secured a five-year, single-award contract worth $39 million from USAID to work on executing the Power Central Asia Activity. In the same month, it won a five-year, single-award contract worth $29.7 million from USAID for continuing its Scaling Up Renewable Energy project (SURE II).
Apart from this, in April 2020, the company secured a $90 million contract from the U.S. Air Force. Per the multiple-award deal, it will offer environmental engineering support services to installations throughout Africa and Europe.
Tetra Tech’s backlog at the end of the third quarter of fiscal 2020 (ended Jun 28, 2020) increased to $3.07 billion, up 8% and 3% on a year-over-year and sequential basis, respectively.
The Zacks Rank #3 (Hold) company’s shares have gained 39.1% compared with 19.6% growth recorded by the industry in the past three months.
Stocks to Consider
Some better-ranked stocks from the Zacks Industrial Products sector are EnPro Industries, Inc. NPO, Flowserve Corporation FLS and Roper Technologies, Inc. ROP. While EnPro currently sports a Zacks Rank #1 (Strong Buy), Flowserve and Roper carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
EnPro delivered a positive earnings surprise of 248.29%, on average, in the trailing four quarters.
Flowserve delivered a positive earnings surprise of 10.22%, on average, in the trailing four quarters.
Roper delivered a positive earnings surprise of 5.44%, on average, in the trailing four quarters.
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