Yahoo Finance Tetra Tech (TTEK) Clinches $73M Single-Award Deal From USAID
Tetra Tech, Inc. TTEK recently announced that it has secured a $73 million contract from the U.S. Agency for International Development (“USAID”). The company will enhance the availability of cost-effective and dependable electricity across 18 nations in West Africa.
Per the single-award contract, Tetra Tech will be responsible for designing and implementing national electrification programs and implementing sustainable energy technologies. The company will also modernize transmission and distribution utilities, and stimulate energy investments. Through the Power Africa Empower West Africa initiative, TTEK’s professionals will collaborate with governments, development finance institutions and the private sector to foster the transition to more sustainable, inclusive and resilient energy sectors.
Other Notable Contracts
Lately, Tetra Tech has received a series of deals, which are likely to drive its growth. In March 2024, TTEK 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.
In January 2024, the company secured a $34 million contract from the USAID. The deal will involve TTEK supporting the USAID Integrated Land and Resource Governance II project, which is aimed at promoting sustainable economic development through better land rights governance. Also, in the same month, it secured a $24 million, single-award deal from USAID to conserve biodiversity and natural resources in Cambodia.
Zacks Rank and Price Performance
Tetra Tech currently carries a Zacks Rank #2 (Buy). Shares of the company gained 19.9% in the year-to-date period compared with the industry‘s 13.4% growth.
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Tetra Tech benefits from its focus on providing high-end consulting, design and engineering services. Its Government Services Group segment is benefiting from higher inland navigation and coastal flood protection programs. Increased activity on clean energy, environmental services and decarbonization programs is aiding the Commercial/International Services Group unit.
Other Stocks to Consider
Other top-ranked companies from the Industrial Products sector are discussed below:
Applied Industrial Technologies, Inc. AIT presently sports a Zacks Rank #1 (Strong Buy). It has a trailing four-quarter average earnings surprise of 8.2%. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for AIT’s fiscal 2024 earnings has improved 0.9% in the past 60 days. The stock has risen 11.2% in the year-to-date period.
Brady Corporation BRC presently carries a Zacks Rank of 2 and has a trailing four-quarter earnings surprise of 6.7%, on average.
The consensus estimate for BRC’s fiscal 2024 earnings has increased 3.3% in the past 60 days. Shares of Brady have gained 10.5% in the year-to-date period.
Crane Company CR presently carries a Zacks Rank of 2. CR delivered a trailing four-quarter earnings surprise of 15.2%, on average.
The Zacks Consensus Estimate for CR’s 2024 earnings has increased 0.8% in the past 60 days. Its shares have gained 21.1% in the year-to-date period.
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