Tetra Tech Announces Additional $400 Million Share Repurchase Program
08 October 2021 - 12:00AM
Business Wire
Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end
consulting and engineering services, announced today that its Board
of Directors has authorized an additional $400 million share
repurchase program, which is twice the size of the previous
authorization. Together with the amount remaining under the
previously approved program at the end of the third quarter of
fiscal 2021, the Company has a total of $563 million available for
share repurchases.
In the last twelve months ending third quarter of fiscal 2021,
Tetra Tech generated $294 million of cash flow from operations and
this strong cash flow has enabled the Company to return $98 million
to shareholders through a combination of share repurchases and
dividends. During the same time period, the Company also advanced
its Leading with Science® strategy with the completion of five
strategic acquisitions that have added new technical capabilities
and geographic presence. Tetra Tech continued to deleverage its
balance sheet, and its net debt leverage ratio was 0.1x at the end
of the third quarter 2021.
“The newly authorized share repurchase program reflects
confidence in our long-term growth outlook and our commitment to a
balanced capital allocation strategy,” said Dan Batrack, Tetra Tech
Chairman and CEO. “The strength of our balance sheet and strong
consistent cash flow generation will allow us to continue investing
in both organic growth initiatives and strategic acquisitions while
having greater capacity to return more capital to
shareholders.”
About Tetra Tech
Tetra Tech is a leading provider of high-end consulting and
engineering services for projects worldwide. With 21,000 associates
working together, Tetra Tech provides clear solutions to complex
problems in water, environment, sustainable infrastructure,
renewable energy, and international development. We are Leading
with Science® to provide sustainable and resilient solutions for
our clients. For more information about Tetra Tech, please visit
tetratech.com or follow us on LinkedIn, Twitter, and Facebook.
Any statements made in this release that are not based on
historical fact are forward-looking statements. Any forward-looking
statements made in this release represent management’s best
judgment as to what may occur in the future. However, Tetra Tech’s
actual outcome and results are not guaranteed and are subject to
certain risks, uncertainties and assumptions ("Future Factors"),
and may differ materially from what is expressed. For a description
of Future Factors that could cause actual results to differ
materially from such forward-looking statements, see the discussion
under the section "Risk Factors" included in the Company’s Form
10-K and Form 10-Q filings with the Securities and Exchange
Commission.
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Jim Wu, Investor Relations Charlie MacPherson, Media &
Public Relations (626) 470-2844
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