Business
ICF Reports Second Quarter 2019 Results
FAIRFAX, Va., Aug. 1, 2019 /PRNewswire/ -- Second Quarter Highlights: Total Revenue Was $367 Million, up 13 Percent Diluted EPS Increased 7 Percent to $0.76,
About this update from Icf International, Inc.
[{"type":"text","content":"FAIRFAX, Va., Aug. 1, 2019 /PRNewswire/ --\n\n \nSecond Quarter Highlights:\nTotal Revenue Was $367 Million, up 13 Percent Diluted EPS Increased 7 Percent to $0.76, Inclusive of $0.13 in Special Charges; Non-GAAP EPS1 Was $0.97, up 21 Percent Adjusted EBITDA Margin on Service Revenue1 Was 13 Percent, up 110-Basis Points Year-on-Year Contract Awards of $403 Million; TTM Contract Awards Were $1.6 Billion For a Book-to-Bill Ratio of 1.15—Raises Midpoints of 2019 Revenue and Earnings Guidance Ranges—\n—Names John Wasson CEO; Sudhakar Kesavan Moves to Executive Chairman—\nICF (NASDAQ: ICFI), a global consulting and digital services provider, reported results for the second quarter ended June 30, 2019. \n\"This was another quarter of strong operating performance for ICF, in which we posted double-digit revenue growth that was aligned with the positive catalysts we have identified in our government and commercial markets,\" said Sudhakar Kesavan, Chairman and Chief Executive Officer.\n\"Revenue from government clients increased 17.8 percent, led by our work on disaster recovery programs and higher revenues from U.S. federal government agency clients. Commercial revenues increased 4.6 percent year-on-year, reflecting growth in marketing services and energy efficiency implementation programs. Favorable revenue mix, increased service revenue1, and higher utilization drove a 19.5 percent increase in adjusted EBITDA1. Our adjusted EBITDA margin on service revenue was 13.0 percent, 110 basis points higher year-on-year.\n\"Second quarter contract awards of over $400 million included a modification to our FEMA-funded disaster recovery contract with the Government of Puerto Rico that significantly expanded our services, as well as several strategically important awards from both government and commercial clients. Subsequent to the end of the quarter, ICF was awarded a three-year federally-funded contract to assist with Community Development Block Grant (CDBG) housing recovery in Puerto Rico following the damage caused by the 2017 hurricanes. \n\"Our first half performance positions ICF well for continued growth in 2019. Our contract backlog increased sequentially to $2.4 billion, and our business development pipeline was $6.3 billion, representing substantial year-on-year increases across key client categories,\" Mr. Kesavan noted.\nSecond Quar...