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Mar 31, 2020
ICF Q1 2020 Earnings Report
ICF's first quarter results for 2020 were reported, demonstrating revenue growth and strategic contract awards.
Key Takeaways
ICF reported a 5% increase in total revenue to $358 million, driven by growth in government and commercial energy sectors. Diluted EPS was $0.55, and non-GAAP EPS was $0.83. Contract awards increased by 23% to $357 million, resulting in a book-to-bill ratio of 1.06.
Total revenue increased by 5% to $358 million.
Diluted EPS was $0.55, including $0.16 in special charges.
Non-GAAP EPS reached $0.83.
Contract awards grew by 23% to $357 million, with a book-to-bill ratio of 1.06.
Revenue by Geographic Location
Forward Guidance
ICF revised its full year 2020 guidance due to economic uncertainty, now expecting revenue of $1.450 to $1.510 billion and EBITDA of $126.0 million to $136.0 million. GAAP earnings per diluted share is expected to range from $2.85 to $3.15, and non-GAAP diluted EPS is expected to range from $3.50 to $3.80. Operating cash flow is expected to be approximately $110 million.
Positive Outlook
- Substantial backlog.
- Recession-resistant revenue mix.
- Strong balance sheet.
- Record business development pipeline.
- Expect a progressive return to more normalized business conditions in the second half of this year.
Challenges Ahead
- Challenging business and economic conditions caused by the COVID-19 pandemic continue to impact our events work for European government clients and our commercial marketing services business.
- Lower year-on-year revenue performance in our commercial marketing and international government businesses due to COVID-19.
- Reduction from our initial 2020 revenue expectations of approximately 9%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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