Tetra Tech (TTEK) has reported 617.47 percent jump in profit for the quarter ended Apr. 02, 2017. The company has earned $26.86 million, or $0.46 a share in the quarter, compared with $3.74 million, or $0.06 a share for the same period last year.

Revenue during the quarter grew 5.80 percent to $663.78 million from $627.38 million in the previous year period. Gross margin for the quarter expanded 28 basis points over the previous year period to 12.20 percent. Total expenses were 93.53 percent of quarterly revenues, down from 97.35 percent for the same period last year. This has led to an improvement of 382 basis points in operating margin to 6.47 percent.

Operating income for the quarter was $42.96 million, compared with $16.65 million in the previous year period.

Tetra Tech’s chairman and chief executive officer, Dan Batrack commented, "Tetra Tech generated solid results for the second quarter, exceeding our quarterly guidance for both net revenue and EPS.  Our performance this quarter was driven by broad-based growth across most of our end-markets, which resulted in our fifth consecutive quarter of backlog increase.  Our Company continues to benefit from our technical leadership positions with our U.S. federal clients, specifically with the Department of Defense, and in U.S. state and local infrastructure markets, which contributed to our record high backlog.  Given this trend and the strength of our six-month results, we are increasing our guidance for fiscal 2017."

The company has spent $11.63 million cash to meet investing activities during the first six months as against cash outgo of $90.29 million in the last year period. It has incurred net capital expenditure of $3.59 million on net basis during the first six months, down 28.68 percent or $1.44 million from year ago period.

The company has spent $26.89 million cash to carry out financing activities during the first six months as against cash inflow of $37.41 million in the last year period.

Cash and cash equivalents stood at $171.34 million as on Apr. 02, 2017, up 50.74 percent or $57.67 million from $113.67 million on Mar. 27, 2016.

Working capital increases
Tetra Tech has recorded an increase in the working capital over the last year. It stood at $477.82 million as at Apr. 02, 2017, up 19.79 percent or $78.94 million from $398.88 million on Mar. 27, 2016. Current ratio was at 2.03 as on Apr. 02, 2017, up from 1.84 on Mar. 27, 2016.

Days sales outstanding went down to 91 days for the quarter compared with 95 days for the same period last year.

At the same time, days payable outstanding was almost stable at 21 days for the quarter, when compared with the previous year period.