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Dec 31, 2024
ICF Q4 2024 Earnings Report
ICF reported strong fourth quarter and full year 2024 results, driven by robust demand from commercial energy clients and improved profitability.
Key Takeaways
ICF reported a strong fourth quarter in 2024, with revenue increasing by 4% to $496.3 million and net income rising by 11% to $24.6 million. Diluted EPS was $1.30, up 12% year-over-year. The company also achieved a quarterly book-to-bill ratio of 1.02, with contract awards totaling $504 million.
Fourth quarter revenue increased 4% to $496.3 million, driven by strong demand from commercial energy clients.
Net income for the fourth quarter was $24.6 million, an 11% increase year-over-year, with diluted EPS at $1.30, up 12%.
Non-GAAP EPS for the fourth quarter increased 11% to $1.87.
Contract awards in the fourth quarter totaled $504 million, resulting in a book-to-bill ratio of 1.02.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
ICF expects 2025 total revenues, GAAP EPS, and Non-GAAP EPS to range from flat to down 10% from 2024 levels, with a 10% decline representing the maximum downside risk from federal government client business loss. The company plans to manage expenditures to maintain similar adjusted EBITDA margins to those of 2024, and projects operating cash flow to be approximately $150 million.
Positive Outlook
- Commercial energy, state, local, and international government client revenues are projected to grow at least 15% in aggregate.
- The company's strong financial position provides flexibility to capitalize on opportunities.
- ICF has a proven track record of effectively managing through dynamic business environments.
- The company repurchased 395,000 shares from mid-November 2024 to date, demonstrating confidence in its long-term outlook.
- The acquisition of Applied Energy Group (AEG) is anticipated to be immediately accretive to ICF's Non-GAAP EPS.
Challenges Ahead
- Total revenues, GAAP EPS, and Non-GAAP EPS are expected to range from flat to down 10% from 2024 levels.
- Revenues from federal government clients are expected to be challenged in 2025 due to potential funding curtailments and a slower pace of new RFPs.
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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