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ICF International (ICFI) Gains 7% Since Q2 Earnings Beat
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ICF International, Inc. (ICFI - Free Report) reported impressive second-quarter 2024 results, with earnings and revenues surpassing Zacks Consensus Estimate.
The better-than-expected results impressed investors, as the stock has gained 6.8% since the earnings release on Aug 1, 2024.
Quarterly earnings (excluding 33 cents from non-recurring items) per share of $1.7 beat the Zacks Consensus Estimate by 11.2% and gained 7.6% from the year-ago quarter. Total revenues of $512 million beat the Zacks Consensus Estimate by a slight margin and increased 2.4% year over year.
The company’s shares have gained 18.9% in the trailing 12 months, outperforming the 17.6% rally of the industry it belongs to and 18.7% growth of the Zacks S&P 500 Composite.
Revenues from government clients increased 1.8% from the year-ago quarter to $387 million, missing our estimate of $388.8 million. U.S. state and local government revenues of $84.8 million, representing 16.6% of the total revenues, surpassed our prediction of $79.9 million and gained 4.7% year over year.
International government revenues reached $28.7 million, representing 5.6% of the total revenues, beating our anticipated $24 million. The metric rose 9.5% from the year-ago quarter.
U.S. federal government revenues of $273.5 million (which contributed 53.4% to the total revenues) lagged our estimate of $285 million and increased marginally on a year-over-year basis.
Commercial revenues, representing 24.4% of the total revenues, amounted to $125 million, outpacing our estimate of $120.1 million. The reported figure moved up 22.6% from the year-ago quarter.
Operating Performance
Adjusted EBITDA increased 9.9% from second-quarter 2023 to $56 million. The current adjusted EBITDA margin of 10.9% rose 70 basis points from the year-ago quarter.
Balance Sheet & Cash Flow
ICF International exited the quarter with cash and cash equivalents of $4.1 million compared with $3.7 million in the first quarter of 2024. Long-term debt at the end of the quarter was $421.6 million, down from $448.7 million in the preceding quarter.
ICFI generated $60.6 million in cash from operating activities. CapEx was $5.2 million.
2024 Guidance
The company expects revenues between $2.03 billion and $2.1 billion for 2024. The mid-point of the guided range ($2.06 billion) is in line with the Zacks Consensus Estimate.
ICFI raised its earnings guidance to $6.95-$7.25 per share from the $6.60-$6.90 provided at the end of the preceding quarter. The Zacks Consensus Estimate of $6.94 is lower than ICF International’s raised guided range. The company hiked its EBITDA guidance to $225-$235 million from the $220-$230 million stated at the end of the preceding quarter.
BR’s adjusted earnings of $3.5 per share beat the Zacks Consensus Estimate by 0.6% and increased 9% from the year-ago quarter. Total revenues of $1.94 billion missed the consensus mark by 1%. However, the top line moved up 6% year over year.
MAN’s quarterly adjusted earnings of $1.3 per share surpassed the consensus mark by 2.4% but declined 17.7% year over year mainly due to the run-off Proservia Germany business and Argentina-related currency translation losses. Revenues of $4.5 billion lagged the consensus mark by a slight margin and dipped 6.9% year over year on a reported basis and 3% on a constant-currency basis.
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ICF International (ICFI) Gains 7% Since Q2 Earnings Beat
ICF International, Inc. (ICFI - Free Report) reported impressive second-quarter 2024 results, with earnings and revenues surpassing Zacks Consensus Estimate.
The better-than-expected results impressed investors, as the stock has gained 6.8% since the earnings release on Aug 1, 2024.
Quarterly earnings (excluding 33 cents from non-recurring items) per share of $1.7 beat the Zacks Consensus Estimate by 11.2% and gained 7.6% from the year-ago quarter. Total revenues of $512 million beat the Zacks Consensus Estimate by a slight margin and increased 2.4% year over year.
The company’s shares have gained 18.9% in the trailing 12 months, outperforming the 17.6% rally of the industry it belongs to and 18.7% growth of the Zacks S&P 500 Composite.
ICF International, Inc. Price and EPS Surprise
ICF International, Inc. price-eps-surprise | ICF International, Inc. Quote
Segmental Revenues
Revenues from government clients increased 1.8% from the year-ago quarter to $387 million, missing our estimate of $388.8 million. U.S. state and local government revenues of $84.8 million, representing 16.6% of the total revenues, surpassed our prediction of $79.9 million and gained 4.7% year over year.
International government revenues reached $28.7 million, representing 5.6% of the total revenues, beating our anticipated $24 million. The metric rose 9.5% from the year-ago quarter.
U.S. federal government revenues of $273.5 million (which contributed 53.4% to the total revenues) lagged our estimate of $285 million and increased marginally on a year-over-year basis.
Commercial revenues, representing 24.4% of the total revenues, amounted to $125 million, outpacing our estimate of $120.1 million. The reported figure moved up 22.6% from the year-ago quarter.
Operating Performance
Adjusted EBITDA increased 9.9% from second-quarter 2023 to $56 million. The current adjusted EBITDA margin of 10.9% rose 70 basis points from the year-ago quarter.
Balance Sheet & Cash Flow
ICF International exited the quarter with cash and cash equivalents of $4.1 million compared with $3.7 million in the first quarter of 2024. Long-term debt at the end of the quarter was $421.6 million, down from $448.7 million in the preceding quarter.
ICFI generated $60.6 million in cash from operating activities. CapEx was $5.2 million.
2024 Guidance
The company expects revenues between $2.03 billion and $2.1 billion for 2024. The mid-point of the guided range ($2.06 billion) is in line with the Zacks Consensus Estimate.
ICFI raised its earnings guidance to $6.95-$7.25 per share from the $6.60-$6.90 provided at the end of the preceding quarter. The Zacks Consensus Estimate of $6.94 is lower than ICF International’s raised guided range. The company hiked its EBITDA guidance to $225-$235 million from the $220-$230 million stated at the end of the preceding quarter.
Currently, ICF International carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Earnings Snapshot
Broadridge Financial Solutions, Inc. (BR - Free Report) reported mixed fourth-quarter fiscal 2024 results.
BR’s adjusted earnings of $3.5 per share beat the Zacks Consensus Estimate by 0.6% and increased 9% from the year-ago quarter. Total revenues of $1.94 billion missed the consensus mark by 1%. However, the top line moved up 6% year over year.
ManpowerGroup Inc. (MAN - Free Report) reported mixed second-quarter 2024 results.
MAN’s quarterly adjusted earnings of $1.3 per share surpassed the consensus mark by 2.4% but declined 17.7% year over year mainly due to the run-off Proservia Germany business and Argentina-related currency translation losses. Revenues of $4.5 billion lagged the consensus mark by a slight margin and dipped 6.9% year over year on a reported basis and 3% on a constant-currency basis.