Business
ICF Reports Third Quarter 2021 Results
FAIRFAX, Va., Nov. 2, 2021 /PRNewswire/ -- Third Quarter Highlights: Total Revenue Was $394 Million, up 9%; Service Revenue¹ Increased 4% to $276 Million
About this update from Icf International, Inc.
[{"type":"text","content":"FAIRFAX, Va., Nov. 2, 2021 /PRNewswire/ -- \n\n \n \n \n \n \n \n\n \nThird Quarter Highlights:\nTotal Revenue Was $394 Million, up 9%; Service Revenue¹ Increased 4% to $276 Million Diluted EPS Increased 14% to $1.07, Inclusive of $0.14 in Special Charges Non-GAAP EPS¹ Increased 20% to $1.32 Adjusted EBITDA Margin on Service Revenue¹ Was 15.9%, up 160 Basis Points Contract Awards of $604 Million; TTM Contract Awards Were $2.1 Billion for a Book-to-Bill Ratio of 1.33—Increases GAAP EPS and Non-GAAP EPS Guidance for Full Year 2021 and Operating Cash Flow Guidance to $110 Million—\n—Substantial Backlog and Record Business Development Pipeline Support Continued Growth in 2022—\n—Announces Acquisition of ESAC, an Innovative Provider of Advanced Public Health Technology Solutions—\nICF (NASDAQ: ICFI), a global consulting and digital services provider, reported results for the third quarter ended September 30, 2021.\nCommenting on the results, John Wasson, chairman and chief executive officer, said, \"We continued to deliver strong results in the third quarter, led by double-digit growth in revenue from government clients and the steady growth of commercial energy. Similarly, year-to-date growth in these client categories has been robust, with government up 14% and commercial energy up 8.7%, representing 88% of nine-month revenue in the aggregate. \n\"ICF's year-to-date 7.1% increase in service revenue demonstrates how well our domain expertise and qualifications are aligned with market demand. This performance reflects the combined strength of our growth markets, including IT modernization, public health and disaster management, which together with our climate, environmental consulting and utility programs continued to drive positive revenue comparisons for both the third quarter and nine-month periods.\n\"Operating income increased 14.2% in the third quarter, benefitting from higher utilization, the timing of energy efficiency incentive fees, lower depreciation and amortization expense and reduced facility-related costs. Although certain operating expense items will increase in future periods in tandem with the return of pre-pandemic activities, we believe that ICF's diversified business model will continue to yield operating leverage.\n\"We are very pleased with the pace of our contract awards, which at $604 million represented a 1....