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Quarterly Financial Information - Unaudited | 12 Months Ended
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Sep. 29, 2019
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Information - Unaudited | Quarterly Financial Information – Unaudited In the opinion of management, the following unaudited quarterly data for the fiscal years ended September 29, 2019 and September 30, 2018 reflect all adjustments necessary for a fair statement of the results of operations. As a result of the TCJA, we reduced our deferred tax liabilities and recorded a one-time deferred tax benefit of approximately $14.7 million in the first quarter of fiscal 2018. In the third quarter of fiscal 2018, we recognized losses of $3.4 million related to the divestiture of our non-core utility field services operations and other non-core assets. We settled a claim related to a fixed-price construction project completed in fiscal 2014 and recognized a reduction in revenue of $10.6 million and a related loss in operating income of $12.5 million in the fourth quarter of fiscal 2018. In the second quarter of fiscal 2019, deferred tax valuation allowances of $23.4 million in Australia were released due to sufficient positive evidence obtained. During the fourth quarter of fiscal 2019, we decided to dispose of the turn-key pipeline activities in our CIG segment. As a result, we recorded a $7.8 million goodwill impairment charge and other charges for severance and other disposition costs totaling $10.9 million. Also in the fourth quarter of fiscal 2019, we incurred acquisition and transaction charges of $10.4 million related to the acquisition of WYG.
| First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
| (in thousands, except per share data)
Fiscal Year 2019 |  |  |  |  |  |  |  |  |  |  |
Revenue | $ | 717,431 |  |  | $ | 722,621 |  |  | $ | 825,793 |  |  | $ | 841,502 |
Income from operations | 55,711 |  |  | 47,545 |  |  | 64,841 |  |  | 20,665 |
Net income attributable to Tetra Tech | 41,997 |  |  | 55,911 |  |  | 49,233 |  |  | 11,527 |
Earnings per share attributable to Tetra Tech: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.76 |  |  | $ | 1.01 |  |  | $ | 0.90 |  |  | $ | 0.21 |
Diluted | $ | 0.75 |  |  | $ | 1.00 |  |  | $ | 0.88 |  |  | $ | 0.21 |
Weighted-average common shares outstanding: |  |  |  |  |  |  |  |  |  |  |
Basic | 55,390 |  |  | 55,143 |  |  | 54,819 |  |  | 54,617 |
Diluted | 56,366 |  |  | 55,985 |  |  | 55,768 |  |  | 55,618 |
Fiscal Year 2018 |  |  |  |  |  |  |  |  |  |  |
Revenue | $ | 759,749 |  |  | $ | 700,262 |  |  | $ | 764,795 |  |  | $ | 739,343 |
Income from operations | 48,589 |  |  | 42,716 |  |  | 55,496 |  |  | 43,285 |
Net income attributable to Tetra Tech | 46,034 |  |  | 28,725 |  |  | 33,322 |  |  | 28,802 |
Earnings per share attributable to Tetra Tech: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.82 |  |  | $ | 0.51 |  |  | $ | 0.60 |  |  | $ | 0.52 |
Diluted | $ | 0.81 |  |  | $ | 0.51 |  |  | $ | 0.59 |  |  | $ | 0.51 |
Weighted-average common shares outstanding: |  |  |  |  |  |  |  |  |  |  |
Basic | 55,855 |  |  | 55,841 |  |  | 55,537 |  |  | 55,341 |
Diluted | 56,875 |  |  | 56,673 |  |  | 56,390 |  |  | 56,349 |

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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