Business
ICF Reports Second Quarter 2024 Results
-- Favorable Business Mix and Higher Utilization Drove Strong EPS Performance -- -- Record Business Development Pipeline of $10.5 Billion at Quarter-End -- --
About this update from Icf International, Inc.
[{"type":"text","content":"-- Favorable Business Mix and Higher Utilization Drove Strong EPS Performance --\n-- Record Business Development Pipeline of $10.5 Billion at Quarter-End --\n-- Increasing Full Year EPS and EBITDA Guidance Primarily to Reflect Mix Shift -- \nSecond Quarter Highlights: \nRevenue Increased 2% to $512 Million; Up 6% Excluding DivestituresNet Income Was $25.6 Million and GAAP EPS Was $1.36, Up 27% Non-GAAP EPS1 Was $1.69, Up 8%EBITDA1 Was $55.6 Million, Up 17%; Adjusted EBITDA1 Was $56.0 Million, Up 10%Contract Awards Were a Record $810 Million, Up 83% Year-on-Year for a TTM Book-to-Bill Ratio of 1.40RESTON, Va., Aug. 1, 2024 /PRNewswire/ -- ICF (NASDAQ: ICFI), a global consulting and technology services provider, reported results for the second quarter ended June 30, 2024.\n\n \n \n \n \n \n \n\n \nCommenting on the results, John Wasson, chair and chief executive officer, said, \"We delivered strong performance across all key financial metrics in the second quarter, demonstrating the benefits of our diversified portfolio and reflecting continued favorable business mix. Revenues increased 2% year-on-year and increased 6% from last year's levels adjusting for the divestiture of our commercial marketing business lines in 2023.\n\"Similar to the first quarter, our second quarter results were led by robust growth in higher-margin revenues from commercial energy clients. We experienced especially strong demand from our utility clients for ICF's core energy efficiency programs as well as our expanded offerings in priority areas including grid resilience, electrification, decarbonization and flexible load management, all of which are particularly relevant given the growth in data center demand. Revenues from our Energy, Environment, Infrastructure and Disaster Recovery client market increased 14% to account for 45% of ICF's second quarter revenues, compared to its 41% contribution to last year's second quarter revenues.\n\"Margin expansion was a key driver of our strong second quarter earnings. In addition to favorable business mix and higher utilization, margin performance reflected lower facility costs, together with the benefits of our increased scale. Also, lower depreciation and amortization expense and lower interest expense enhanced our net income and earnings per share results for the period.\n\"This was a record second quarter of ...