Tetra Tech, Inc. TTEK recently announced that the company along with its business unit, RPS, secured a contract from Northern Ireland (“NI”) Water for the NI water management framework. The NI framework, which is worth £800 million, aims to support the planning and delivery of major water and wastewater infrastructure projects in Northern Ireland.
As part of the eight-year framework, Tetra Tech’s experts will assist NI Water in managing the climate resilience program and delivering sustainable services to NI Water customers. TTEK will be responsible for providing advanced solutions like integrated environmental modeling and Machine Learning and AI techniques that will help NI Water to optimize water treatment operations.
The latest deal is built on a long-standing partnership between both companies where TTEK has served as a critical water infrastructure support service provider for NI Water.
TTEK’s Other Notable Contracts
Tetra Tech has received a series of deals lately, which are likely to drive its growth. In September 2024, it secured a $39.3 million contract from the United States Agency for International Development (USAID). The deal will involve the company supporting USAID’s Engendering Industries program.
In July, the company received a $73 million deal from USAID to enhance the availability of cost-effective and dependable electricity across 18 nations in West Africa. Also, in March 2024, it secured a $375 million multiple-award contract from the National Aeronautics and Space Administration (NASA). Per the five-year contract, Tetra Tech will offer environmental restoration and compliance services at NASA facilities across the United States.
Also, in January 2024, it secured a $34 million contract from the USAID. Per the deal, TTEK will support the USAID Integrated Land and Resource Governance II project, which is aimed at promoting sustainable economic development through better land rights governance.
Existing Business Scenario
Tetra Tech’s focus on providing high-end consulting, design and engineering services is constantly enhancing its competitive edge. The company is benefiting from increased project activity in the U.S. Federal, U.S. State & Local, U.S. Commercial and International client sectors.
However, the company has been grappling with escalating costs of sales and expenses. Tetra Tech’s cost of sales (including subcontractor costs and other costs of revenues) increased 9.9% in the third quarter of fiscal 2024 due to rising input costs. Also, its selling, general and administrative expenses increased 5.6% year over year in the fiscal third quarter due to rising marketing costs.
It offers several types of consulting, engineering and technical services across the water, environment and renewable energy markets. The company, which belongs to the Zacks Pollution Control industry, faces stiff competition from several competitors like AECOM ACM, Exponent, Inc. EXPO and Jacobs Solutions Inc. J.
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