Business
ICF Reports Second Quarter 2021 Results
FAIRFAX, Va., Aug. 3, 2021 /PRNewswire/ -- Second Quarter Highlights: Total Revenue Was $393 Million; Service Revenue¹ Was $281 Million, up 7.7% Diluted EPS
About this update from Icf International, Inc.
[{"type":"text","content":"FAIRFAX, Va., Aug. 3, 2021 /PRNewswire/ -- \n\n \n \n \n \n \n \n\n \nSecond Quarter Highlights:\nTotal Revenue Was $393 Million; Service Revenue¹ Was $281 Million, up 7.7% Diluted EPS Increased 49% to $1.07 Non-GAAP EPS¹ Was $1.19, up 34% Adjusted EBITDA Margin on Service Revenue¹ Was 14.2%, up 180 Basis Points Contract Awards of $398 Million up 41%; TTM Contract Awards Were $2.3 Billion for a Book-to-Bill Ratio of 1.48—Reaffirms Full Year 2021 Service Revenue, EBITDA¹, and EPS at Upper End of Guidance Ranges—\n—Record Business Development Pipeline Underscores ICF's Significant Long-Term Growth Prospects—\nICF (NASDAQ:ICFI), a global consulting and digital services provider, reported results for the second quarter ended June 30, 2021. \nCommenting on the results, John Wasson, chairman and chief executive officer, said, \"This was another quarter of strong performance for ICF, in which we executed well across our diversified client set and expanded our business development pipeline by over $1 billion, reinforcing the substantial growth opportunities in our key markets. \n\"Year-on-year revenue increases for the quarter were broad-based across all client categories, led by double-digit growth with our government clients and commercial energy clients that together accounted for over 87% of total second quarter revenues. Our work in IT modernization, public health and social programs, utility consulting and climate change and resilience were key contributors to second quarter revenue growth. These results were paired with steady performance in commercial marketing activity and a material pick up in aviation consulting activity. \n\"Substantial growth in service revenue, favorable business mix and continued high utilization drove strong year-on-year increases in earnings and EBITDA in the quarter. The growth in these profit metrics significantly outpaced revenue growth, while we continued to invest in people and technologies to build our capabilities in anticipation of increased activity in our high-growth markets. In making these investments in people and technologies, we have continued to carefully manage our overall cost structure. \n\"Year-to-date contract awards increased 56% and reflected broad-based wins across our key markets, the majority of which represented new business. This performance has resulted in a trailing twelve-...