Business
ICF Reports First Quarter 2023 Results
First Quarter Highlights: Total Revenue Was $483.3 Million; Service Revenue¹ Was $351.3 Million, Up 15%Net Income Was $16.4 Million and U.S. GAAP Diluted EPS
About this update from Icf International, Inc.
[{"type":"text","content":"First Quarter Highlights:\nTotal Revenue Was $483.3 Million; Service Revenue¹ Was $351.3 Million, Up 15%Net Income Was $16.4 Million and U.S. GAAP Diluted EPS Was $0.87, Inclusive of $3.5 Million and $0.18 Per Share in Tax-Effected Special ChargesNon-GAAP Adjusted EPS¹ Was $1.42, Up 8%Adjusted EBITDA¹ Was $51.0 Million, Up 22%Contract Awards Were $410 Million; TTM Contract Awards Were $2.4 Billion for a Book-to-Bill Ratio of 1.30—Strong Revenue Performance Reflected ICF's Expanded Capabilities in Growth Markets—\n—ICF Reaffirms Its Full Year 2023 Guidance—\n—Record Business Development Pipeline of $9.9 Billion at Quarter-End Underpins Significant Future Growth Potential—\nRESTON, Va., May 9, 2023 /PRNewswire/ -- ICF (NASDAQ:ICFI), a global consulting and technology services provider, reported results for the first quarter ended March 31, 2023. \n\n \n \n \n \n \n \n\n \nCommenting on the results, John Wasson, chair and chief executive officer, said, \"Our first quarter results represented a very strong start to the year. We achieved solid double-digit revenue growth and substantial margin expansion, and our business development pipeline increased 16% from year-end 2022 levels, after winning significant new contract awards. This performance has put us on track to deliver another year of record results in 2023.\n\"Revenue growth was broad-based, led by double-digit increases in revenue from federal government, commercial, and state and local government clients. Within those client categories, we continued to see strong demand for our services in the key growth areas of IT modernization, public health, disaster management, utility consulting and climate, environmental and infrastructure services. Included in first quarter revenues was a one-time media buy that represented approximately $6 million of the year-on-year total revenue growth for the period.\n\"In the first quarter, we took the strategic decision to exit a non-core commercial U.K. events service line, which we expect to fully wind down by the end of the second quarter. The revenue and profit impacts of this action in 2023 are immaterial and thus do not affect our 2023 guidance.\n\"At the same time, we continue to make investments in people and technology to ensure that we are well positioned to take advantage of the growth opportunities we see on the horizon. We are plea...