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Mar 31, 2024
ICF Q1 2024 Earnings Report
ICF's first quarter results for 2024 were reported, showing revenue growth and increased profitability.
Key Takeaways
ICF reported a record first quarter with a 2% increase in revenue to $494 million, or 9% excluding divestitures. Net income was $27 million, with GAAP EPS at $1.44 and non-GAAP EPS at $1.77. Contract awards were $495 million, resulting in a trailing twelve-month book-to-bill ratio of 1.23. The company reaffirmed its full-year guidance.
Revenue increased by 2% to $494 million, and 9% excluding the impact of divestitures.
Net income reached $27 million, with GAAP EPS at $1.44, a 66% increase.
Non-GAAP EPS was $1.77, reflecting a 25% increase.
Contract awards totaled $495 million, with a trailing twelve-month book-to-bill ratio of 1.23.
Revenue by Geographic Location
Forward Guidance
ICF reaffirmed its full year guidance for 2024, expecting organic revenues from continuing operations to range from $2.03 billion to $2.10 billion, EBITDA to range from $220 million to $230 million, GAAP EPS to range from $5.25 to $5.55, excluding special charges, and Non-GAAP EPS to range from $6.60 to $6.90. Full year 2024 operating cash flow is expected to be approximately $155 million.
Positive Outlook
- Strong demand from commercial and government clients.
- Continued benefit from energy efficiency and utility consulting, as well as climate and infrastructure services.
- Disaster management work progressing with new contract wins.
- Significant long-term growth opportunities in public health and IT modernization/digital transformation within the federal government arena.
- Strong backlog and current visibility support the full year guidance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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