Tetra Tech (TTEK) Clinches $39M Single-Award Deal From USAID
Tetra Tech, Inc. TTEK announced that it secured a $39-million contract from the U.S. Agency for International Development (“USAID”). Per the five-year, single-award deal, the company will work on executing the Power Central Asia (“PCA”) Activity.
It is worth noting that the PCA Activity is designed to help countries like Kyrgyzstan, Kazakhstan, Turkmenistan, Tajikistan and Uzbekistan in achieving their national energy objectives and benefits from transborder energy trading apart from boosting energy security.
The contract will involve Tetra Tech to offer technical services to utilities, national governments, and other parties in the Central Asia region. This will help the five countries in carrying out domestic energy market reforms, boosting the electricity market and implementing sustainable renewable energy solutions.
Notably, the company’s analysts and consultants will be responsible for designing an energy market model, focused on improving the water-energy nexus in the region and creating a balance between hydropower generation requirements and other water management needs. Moreover, its information technology experts will be tasked to formulate regional data protection and cybersecurity policies for ensuring data privacy throughout the program.
In addition, this month, the company secured a $29.7-million contract from the USAID. Per the five-year, single-award agreement, it will carry on USAID’s Scaling Up Renewable Energy project.
Zacks Rank, Estimates and Price Performance
The company, with a $5-billion market capitalization, currently carries a Zacks Rank #3 (Hold). High federal government spending and persistent solid demand for the company’s services bode well. Also, acquisitions made by it over the past few quarters will likely prove beneficial in the quarters ahead.
In the past 30 days, earnings estimates for Tetra Tech have improved. The Zacks Consensus Estimate for its earnings is pegged at $3.17 for fiscal 2020 (ending September 2020) and $3.38 for fiscal 2021 (ending September 2021), reflecting growth of 3.6% and 4.6% from the 30-day-ago figures.
The company’s shares have gained 17.8% compared with 8.8% growth recorded by the industry in the past three months.
Stocks to Consider
Some better-ranked stocks from the Zacks Industrial Products sector are Chart Industries, Inc. GTLS, CECO Environmental Corp. CECE and Casella Waste Systems, Inc. CWST. While Chart Industries currently sports a Zacks Rank #1 (Strong Buy), CECO and Casella carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Chart Industries delivered an earnings surprise of 10.17%, on average, in the trailing four quarters.
CECO delivered an earnings surprise of 49.13%, on average, in the trailing four quarters.
Casella delivered an earnings surprise of 158.08%, on average, in the trailing four quarters.
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