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Dec 31, 2023
ICF Q4 2023 Earnings Report
ICF's fourth quarter and full year 2023 results were reported, showing double-digit revenue growth aligned with strength in growth markets.
Key Takeaways
ICF reported a 1% increase in revenue for the fourth quarter, totaling $478 million. Excluding divestitures, revenue increased by 5%. Net income was $22 million, with diluted EPS at $1.16. Non-GAAP EPS was $1.68, up 8%.
Revenue increased 1% to $478 million, or 5% excluding divestitures.
Net income was $22 million, with diluted EPS at $1.16, inclusive of $0.18 in tax-effected net special charges.
Non-GAAP EPS was $1.68, an increase of 8%.
Contract awards totaled $611 million, resulting in a book-to-bill ratio of 1.3.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
ICF expects 2024 organic revenues from continuing operations to range from $2.03 billion to $2.10 billion, representing year-on-year growth of 5.2% at the midpoint when compared to reported 2023 and 8.5% at the midpoint on continuing operations. EBITDA is expected to range from $220 million to $230 million, reflecting year-on-year growth of 14.2% at the midpoint. Our guidance range for GAAP EPS is $5.25 to $5.55, excluding special charges, and for Non-GAAP EPS is $6.60 to $6.90.
Positive Outlook
- Strong backlog
- Positive trends in key growth markets
- Revenue growth from continuing operations expected to range from $2.03 billion to $2.10 billion
- EBITDA expected to range from $220 million to $230 million
- GAAP EPS is expected to range from $5.25 to $5.55, excluding special charges, and for Non-GAAP EPS is $6.60 to $6.90.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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