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ICF International (ICFI) Rises 3.6% Since Q1 Earnings Beat
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ICF International, Inc. (ICFI - Free Report) reported impressive first-quarter 2024 results, with both earnings and revenues surpassing the Zacks Consensus Estimate. The better-than-expected results impressed investors as the stock has gained 3.6% since the earnings release on May 2, 2024.
Quarterly adjusted earnings per share of $1.77 beat the Zacks Consensus Estimate by 22.9% and gained 24.7% from the year-ago reported figure. Total revenues of $494.4 million beat the Zacks Consensus Estimate by a slight margin but increased 2.3% year over year.
ICF International, Inc. Price, Consensus and EPS Surprise
Revenues from government clients totaled $376.4 million, up 3.5% on a year-over-year basis. The U.S. state and local government revenues of $76.9 million, representing 16% of total revenues, lagged our projection of $77.6 million but moved up 2.2% year over year.
U.S. federal government revenues of $274.2 million (contributed 56% to total revenues) missed our estimate of $276.9 million but increased 2.4% year over year.
International government revenues reached $25.3 million, representing 5% of total revenues, surpassing our prediction of $22.3 million. It increased 22.2% from the year ago quarter.
Commercial revenues amounted to $118.1 million, surpassing our estimate of $117.8 million,
Operating Results
Adjusted EBITDA increased 8% year over year to $55.2 million. Adjusted EBITDA margin of 11.2% increased by 70 basis points from the year-ago quarter.
Balance Sheet and Cash Flow
ICF International exited the quarter with cash and cash equivalents of $3.7 million compared with $6.4 million in the previous quarter. Long-term debt at the end of the quarter was $448.7 million, up from $404.4 million in the previous quarter. ICFI used $10 million of cash in operating activities. CapEx was $5.2 million.
2024 Guidance
Total revenues are expected to be between $2.03 billion and $2.1 billion. The midpoint of the guided range ($2.06 billion) is below the Zacks Consensus Estimate of $2.07 billion.
Earnings are anticipated in the range of $6.6-$6.9 per share. The midpoint of the guided range ($6.75 per share) is above the Zacks Consensus Estimate of $6.72 per share. EBITDA is estimated to be between $220 million to $230 million.
Currently, ICF International carries a Zacks Rank #3 (Hold).
Recent Earnings Snapshots of Some Service Providers
Omnicom (OMC - Free Report) reported impressive first-quarter 2024 results, wherein both earnings and revenues beat the Zacks Consensus Estimate.
OMC’s earnings of $1.67 per share beat the consensus estimate by 9.9% and increased 7.1% year over year. Total revenues of $3.6 billion surpassed the consensus estimate by 1.6% and increased 5.4% year over year.
Equifax (EFX - Free Report) reported mixed first-quarter 2024 results, wherein earnings surpassed the Zacks Consensus Estimate, but revenues missed the same.
EFX’s adjusted earnings were $1.5 per share, which beat the Zacks Consensus Estimate by 4.2% and up 4.9% from the year-ago quarter. Total revenues of $1.4 billion missed the consensus estimate by a slight margin but increased 6.7% from the year-ago quarter.
ManpowerGroup (MAN - Free Report) reported mixed first-quarter 2024 results, with earnings beating the Zacks Consensus Estimate but revenues missing the same.
Quarterly adjusted earnings of 94 cents per share surpassed the consensus mark by 4.4% but declined 41.6% year over year. Revenues of $4.4 billion lagged the consensus mark by 0.6% and fell 7% year over year.
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ICF International (ICFI) Rises 3.6% Since Q1 Earnings Beat
ICF International, Inc. (ICFI - Free Report) reported impressive first-quarter 2024 results, with both earnings and revenues surpassing the Zacks Consensus Estimate. The better-than-expected results impressed investors as the stock has gained 3.6% since the earnings release on May 2, 2024.
Quarterly adjusted earnings per share of $1.77 beat the Zacks Consensus Estimate by 22.9% and gained 24.7% from the year-ago reported figure. Total revenues of $494.4 million beat the Zacks Consensus Estimate by a slight margin but increased 2.3% year over year.
ICF International, Inc. Price, Consensus and EPS Surprise
ICF International, Inc. price-consensus-eps-surprise-chart | ICF International, Inc. Quote
Segmental Revenues
Revenues from government clients totaled $376.4 million, up 3.5% on a year-over-year basis. The U.S. state and local government revenues of $76.9 million, representing 16% of total revenues, lagged our projection of $77.6 million but moved up 2.2% year over year.
U.S. federal government revenues of $274.2 million (contributed 56% to total revenues) missed our estimate of $276.9 million but increased 2.4% year over year.
International government revenues reached $25.3 million, representing 5% of total revenues, surpassing our prediction of $22.3 million. It increased 22.2% from the year ago quarter.
Commercial revenues amounted to $118.1 million, surpassing our estimate of $117.8 million,
Operating Results
Adjusted EBITDA increased 8% year over year to $55.2 million. Adjusted EBITDA margin of 11.2% increased by 70 basis points from the year-ago quarter.
Balance Sheet and Cash Flow
ICF International exited the quarter with cash and cash equivalents of $3.7 million compared with $6.4 million in the previous quarter. Long-term debt at the end of the quarter was $448.7 million, up from $404.4 million in the previous quarter. ICFI used $10 million of cash in operating activities. CapEx was $5.2 million.
2024 Guidance
Total revenues are expected to be between $2.03 billion and $2.1 billion. The midpoint of the guided range ($2.06 billion) is below the Zacks Consensus Estimate of $2.07 billion.
Earnings are anticipated in the range of $6.6-$6.9 per share. The midpoint of the guided range ($6.75 per share) is above the Zacks Consensus Estimate of $6.72 per share. EBITDA is estimated to be between $220 million to $230 million.
Currently, ICF International carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Earnings Snapshots of Some Service Providers
Omnicom (OMC - Free Report) reported impressive first-quarter 2024 results, wherein both earnings and revenues beat the Zacks Consensus Estimate.
OMC’s earnings of $1.67 per share beat the consensus estimate by 9.9% and increased 7.1% year over year. Total revenues of $3.6 billion surpassed the consensus estimate by 1.6% and increased 5.4% year over year.
Equifax (EFX - Free Report) reported mixed first-quarter 2024 results, wherein earnings surpassed the Zacks Consensus Estimate, but revenues missed the same.
EFX’s adjusted earnings were $1.5 per share, which beat the Zacks Consensus Estimate by 4.2% and up 4.9% from the year-ago quarter. Total revenues of $1.4 billion missed the consensus estimate by a slight margin but increased 6.7% from the year-ago quarter.
ManpowerGroup (MAN - Free Report) reported mixed first-quarter 2024 results, with earnings beating the Zacks Consensus Estimate but revenues missing the same.
Quarterly adjusted earnings of 94 cents per share surpassed the consensus mark by 4.4% but declined 41.6% year over year. Revenues of $4.4 billion lagged the consensus mark by 0.6% and fell 7% year over year.