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Tt TETRA TECH Tetra Tech Reports Strong First Quarter 2021 Results • Revenue $ 765 million and net revenue $ 605 million • Operating Margin up 70 basis points Y / Y • EPS $ 0.96 , up 13 % Y / Y • Cash from Operations increased by $ 51 million Y / Y Exhibit 99.1 NEWS RELEASE January 27 , 2021 • Days Sales Outstanding improved to 67 days Pasadena , California . Tetra Tech , Inc. ( NASDAQ : TTEK ) , a leading provider of high - end consulting and engineering services , today announced results for the first quarter ended December 27 , 2020 . First Quarter Results Revenue in the first quarter totaled $ 765 million and revenue , net of subcontractor costs ( net revenue ) ¹ , was $ 605 million . Operating income was $ 66 million , up 5 % year - over - year , driven by a 70 basis point increase in operating margin . Earnings per share ( " EPS ” ) was $ 0.96 , up 13 % year - over - year . Cash generated from operations was $ 33 million , up $ 51 million year - over - year driven by a six day reduction in days sales outstanding ( " DSO " ) year - over - year . Backlog at the end of the quarter was $ 3.2 billion . Quarterly Dividend and Share Repurchase Program On January 25 , 2021 , Tetra Tech's Board of Directors declared a $ 0.17 per share dividend , a 13 % increase over the prior year , payable on February 26 , 2021 to stockholders of record as of February 10 , 2021. In the first quarter , Tetra Tech repurchased $ 15 million of common stock . Additionally , as of December 27 , 2020 , the Company had $ 193 million remaining under the approved share repurchase program . Chairman and CEO Comments Tetra Tech's Chairman and CEO , Dan Batrack , commented , " Tetra Tech continued its strong momentum into fiscal year 2021 with first quarter results that exceeded our forecast for both net revenue and earnings . Our results were led by 11 % net revenue growth in water and environmental programs for our U.S. state and local government clients and a 70 basis point increase in operating margin . Our Leading with Science® approach is in high demand by our clients , augmented by a suite of proprietary technologies and tools we call the Tetra Tech Delta . The new U.S. administration's priorities in climate change and infrastructure are well aligned with our market leading positions in water , environment , sustainable infrastructure and renewable energy . Given the strength of our performance to date and outlook , we are increasing guidance for both net revenue and EPS for fiscal 2021. " 1 Non - GAAP financial measures which the Company believes provide valuable perspectives on its business results . Refer to Reconciliation of GAAP and non- GAAP Item .