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Sep 30, 2024
ICF Q3 2024 Earnings Report
ICF reported strong Q3 2024 results, driven by favorable business mix and higher utilization.
Key Takeaways
ICF reported a 3% increase in revenue to $517 million, with a 6% increase excluding divestitures. Net income rose by 38% to $33 million, with GAAP EPS at $1.73 and Non-GAAP EPS increasing by 18% to $2.13. The company's business development pipeline reached a record $10.6 billion.
Revenue increased by 3% to $517 million, and 6% excluding divestitures.
Net income was $33 million, and GAAP EPS was $1.73, up 38%.
Non-GAAP EPS increased 18% to $2.13.
The company had a record business development pipeline of $10.6 billion at quarter-end.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
ICF adjusted its full-year 2024 revenue guidance range to $2.0 billion to $2.03 billion and raised its EPS ranges to $6.05 to $6.15 for GAAP EPS and $7.40 to $7.50 for Non-GAAP EPS.
Positive Outlook
- Favorable business mix and utilization metrics.
- Incremental tax benefits of approximately $0.25 per share.
- Strong multiyear backlog.
- Record business development pipeline.
- Consistent track record of new business wins.
Challenges Ahead
- Adjusted revenue range to account for lower pass-throughs.
- Reduction in expected pass-throughs primarily impacts Health and Social Programs client market.
- Unspecified risks related to the government contracting industry.
- Dependence on contracts with U.S. federal government agencies.
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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