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Jun 30, 2021
ICF Q2 2021 Earnings Report
ICF's second quarter results for 2021 were reported, showing revenue growth and increased profitability.
Key Takeaways
ICF reported a strong second quarter in 2021 with a 10.9% increase in total revenue to $392.5 million and a 49% increase in diluted EPS to $1.07. The company saw broad-based revenue increases across all client categories, driven by growth in IT modernization, public health, and utility consulting. ICF reaffirms full-year 2021 service revenue, EBITDA, and EPS at the upper end of guidance ranges.
Total revenue was $393 million, with service revenue up 7.7% to $281 million.
Diluted EPS increased by 49% to $1.07, and non-GAAP EPS rose by 34% to $1.19.
Adjusted EBITDA margin on service revenue improved by 180 basis points to 14.2%.
Contract awards increased by 41% to $398 million, with a trailing twelve-month book-to-bill ratio of 1.48.
Revenue by Geographic Location
Forward Guidance
ICF anticipates reporting full year 2021 service revenue, EBITDA and EPS that are at the upper end of the guidance ranges, namely service revenue of $1.095 billion to $1.13 billion, EBITDA of $145 million to $155 million, GAAP EPS of $3.90 to $4.20, and Non-GAAP EPS of $4.35 to $4.65. Total revenue in 2021 is expected to be $1.525 billion to $1.575 billion.
Positive Outlook
- Service revenue of $1.095 billion to $1.13 billion.
- EBITDA of $145 million to $155 million.
- GAAP EPS of $3.90 to $4.20.
- Non-GAAP EPS of $4.35 to $4.65.
- Total revenue of $1.525 billion to $1.575 billion.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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