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Jun 30, 2024
ICF Q2 2024 Earnings Report
ICF's Q2 2024 performance was marked by favorable business mix and higher utilization, resulting in strong EPS performance.
Key Takeaways
ICF reported a 2% increase in revenue to $512 million and a 27% increase in GAAP EPS to $1.36. The company's performance was driven by robust growth in higher-margin revenues from commercial energy clients and margin expansion due to favorable business mix and higher utilization.
Revenue increased 2% to $512 million; up 6% excluding divestitures.
Net income was $25.6 million and GAAP EPS was $1.36, up 27%.
Non-GAAP EPS was $1.69, up 8%.
Contract awards were a record $810 million, up 83% year-on-year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
ICF increased its earnings per share and adjusted EBITDA guidance for full year 2024.
Positive Outlook
- Revised GAAP EPS guidance in the range of $5.60 to $5.90.
- Revised Non-GAAP EPS guidance in the range of $6.95 to $7.25, up $0.35 from prior guidance.
- Adjusted EBITDA is now expected to range between $225 million and $235 million.
- Energy, Environment, Infrastructure and Disaster Recovery client market expected to show robust growth in the second half of this year.
- Operating cash flow guidance remains at approximately $155 million.
Challenges Ahead
- Gross revenue comparisons in Health and Social Programs client market have been impacted by lower pass-through revenues.
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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