ICF International, Inc. (ICFI - Free Report) reported better-than-expected second-quarter 2023 results with year-over-year increases in revenues and earnings.
Impressive results appeared to have pleased investors as the stock has gained 6.6% since the earnings release on Aug 3.
Quarterly earnings (excluding 50 cents from non-recurring items) of $1.57 per share beat the Zacks Consensus Estimate by 10.6% and gained 18.1% from the year-ago reported figure. Total revenues of $500.1 million surpassed the Zacks Consensus Estimate by 3.7% and improved 18.2% on a year-over-year basis.
Details of the Quarter
Revenues from government clients totaled $379.3 million, up 19.4% on a year-over-year basis. The U.S. federal government revenues of $271.8 million (contributed 54.4% to total revenues) outpaced our estimate of $267.9 million and jumped 20.6% year over year.
The U.S. state and local government revenues of $81.2 million (16.2%) outshined our projection of $70.3 million and moved up 27.5% year over year.
International government revenues reached $26.3 million (5.3%), surpassing our prediction of $25.2 million. The metric, however, dipped 8% year over year.
Commercial revenues ( 24.1%) amounted to $120.7 million, rising 14.5% from the year-ago reported figure. It comprised 73.2% and 19.1% of revenues from Energy markets and, Marketing services and aviation consulting, respectively.
Adjusted EBITDA climbed 15% from the year-earlier reported figure to $51 million. The current adjusted EBITDA margin on revenues of 10.2% contracted 20 basis points from the prior-year reported level.
Backlog and Value of Contracts
Total backlog and funded backlog amounted to $3.6 billion and $1.6 billion at the end of the quarter, respectively. The total value of contracts awarded in the second quarter of 2023 was $441.4 million for a quarterly book-to-bill ratio of 1.3.
Balance Sheet & Cash Flow
As of Jun 30, ICF International had cash and cash equivalents of $6,972 million compared with $5,364 million in the previous quarter. Long-term debt at the end of the second quarter was $581.3 million, up from $572 million reported a quarter ago.
ICFI generated $36.7 million in cash from operating activities. CapEx was $6.66 million.
Reposts 2023 Guidance
Total revenues are expected to be between $1.93 billion and $2 billion. The midpoint of the guided range ($1.965 billion) is below the Zacks Consensus Estimate of $1.97 billion.
Earnings (on an adjusted basis) are anticipated in the range of $6.15-$6.45 per share. The midpoint of the guided range ($6.30) is above the Zacks Consensus Estimate of $6.28.
EBITDA is estimated to be between $210 million and $220 million. Operating cash flow is projected to be 150 million.
Zacks Rank
ICF currently carries a Zacks Rank #2 (Buy). 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 mixed second-quarter 2023 results, wherein earnings surpassed the Zacks Consensus Estimate but revenues missed the same.
OMC’s earnings of $1.81 per share beat the consensus estimate by 0.6% and climbed 7.7% year over year. Total revenues of $3.6 billion lagged the consensus estimate by 0.3% but inched up 1.2% year over year.
Equifax (EFX - Free Report) reported mixed second-quarter 2023 results, wherein earnings beat the Zacks Consensus Estimate but revenues disappointed.
EFX’s adjusted earnings came in at $1.71 per share, outpacing the consensus mark by 2.4%. Yet, the bottom line tumbled 18.2% from the year-ago figure. Total revenues of $1.32 billion fell short of the consensus estimate by 0.4% but matched the prior-year figure on a reported basis.
Interpublic’s (IPG - Free Report) second-quarter 2023 earnings surpassed the Zacks Consensus Estimate while revenues lagged the same.
IPG’s adjusted earnings reached 74 cents per share, outshining the Zacks Consensus Estimate by 23.3%. Nonetheless, the metric declined 17.5% on a year-over-year basis. Net revenues of $2.33 billion missed the consensus estimate by 2.9% and plunged 14.9% on a year-over-year basis. Total revenues of $2.67 billion decreased 2.6% year over year.
4 Oil Stocks with Massive Upsides
Global demand for oil is through the roof... and oil producers are struggling to keep up. So even though oil prices are well off their recent highs, you can expect big profits from the companies that supply the world with "black gold."
Zacks Investment Research has just released an urgent special report to help you bank on this trend.
In Oil Market on Fire, you'll discover 4 unexpected oil and gas stocks positioned for big gains in the coming weeks and months. You don't want to miss these recommendations.
Download your free report now to see them.
ICF International, Inc. (ICFI - Free Report) reported better-than-expected second-quarter 2023 results with year-over-year increases in revenues and earnings.
Impressive results appeared to have pleased investors as the stock has gained 6.6% since the earnings release on Aug 3.
Quarterly earnings (excluding 50 cents from non-recurring items) of $1.57 per share beat the Zacks Consensus Estimate by 10.6% and gained 18.1% from the year-ago reported figure. Total revenues of $500.1 million surpassed the Zacks Consensus Estimate by 3.7% and improved 18.2% on a year-over-year basis.
Details of the Quarter
Revenues from government clients totaled $379.3 million, up 19.4% on a year-over-year basis. The U.S. federal government revenues of $271.8 million (contributed 54.4% to total revenues) outpaced our estimate of $267.9 million and jumped 20.6% year over year.
The U.S. state and local government revenues of $81.2 million (16.2%) outshined our projection of $70.3 million and moved up 27.5% year over year.
International government revenues reached $26.3 million (5.3%), surpassing our prediction of $25.2 million. The metric, however, dipped 8% year over year.
Commercial revenues ( 24.1%) amounted to $120.7 million, rising 14.5% from the year-ago reported figure. It comprised 73.2% and 19.1% of revenues from Energy markets and, Marketing services and aviation consulting, respectively.
Adjusted EBITDA climbed 15% from the year-earlier reported figure to $51 million. The current adjusted EBITDA margin on revenues of 10.2% contracted 20 basis points from the prior-year reported level.
Backlog and Value of Contracts
Total backlog and funded backlog amounted to $3.6 billion and $1.6 billion at the end of the quarter, respectively. The total value of contracts awarded in the second quarter of 2023 was $441.4 million for a quarterly book-to-bill ratio of 1.3.
Balance Sheet & Cash Flow
As of Jun 30, ICF International had cash and cash equivalents of $6,972 million compared with $5,364 million in the previous quarter. Long-term debt at the end of the second quarter was $581.3 million, up from $572 million reported a quarter ago.
ICFI generated $36.7 million in cash from operating activities. CapEx was $6.66 million.
Reposts 2023 Guidance
Total revenues are expected to be between $1.93 billion and $2 billion. The midpoint of the guided range ($1.965 billion) is below the Zacks Consensus Estimate of $1.97 billion.
Earnings (on an adjusted basis) are anticipated in the range of $6.15-$6.45 per share. The midpoint of the guided range ($6.30) is above the Zacks Consensus Estimate of $6.28.
EBITDA is estimated to be between $210 million and $220 million. Operating cash flow is projected to be 150 million.
Zacks Rank
ICF currently carries a Zacks Rank #2 (Buy). 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 mixed second-quarter 2023 results, wherein earnings surpassed the Zacks Consensus Estimate but revenues missed the same.
OMC’s earnings of $1.81 per share beat the consensus estimate by 0.6% and climbed 7.7% year over year. Total revenues of $3.6 billion lagged the consensus estimate by 0.3% but inched up 1.2% year over year.
Equifax (EFX - Free Report) reported mixed second-quarter 2023 results, wherein earnings beat the Zacks Consensus Estimate but revenues disappointed.
EFX’s adjusted earnings came in at $1.71 per share, outpacing the consensus mark by 2.4%. Yet, the bottom line tumbled 18.2% from the year-ago figure. Total revenues of $1.32 billion fell short of the consensus estimate by 0.4% but matched the prior-year figure on a reported basis.
Interpublic’s (IPG - Free Report) second-quarter 2023 earnings surpassed the Zacks Consensus Estimate while revenues lagged the same.
IPG’s adjusted earnings reached 74 cents per share, outshining the Zacks Consensus Estimate by 23.3%. Nonetheless, the metric declined 17.5% on a year-over-year basis. Net revenues of $2.33 billion missed the consensus estimate by 2.9% and plunged 14.9% on a year-over-year basis. Total revenues of $2.67 billion decreased 2.6% year over year.
4 Oil Stocks with Massive Upsides
Global demand for oil is through the roof... and oil producers are struggling to keep up. So even though oil prices are well off their recent highs, you can expect big profits from the companies that supply the world with "black gold."
Zacks Investment Research has just released an urgent special report to help you bank on this trend.
In Oil Market on Fire, you'll discover 4 unexpected oil and gas stocks positioned for big gains in the coming weeks and months. You don't want to miss these recommendations.
Download your free report now to see them.
Get the latest research report on OMC - FREE
Get the latest research report on IPG - FREE
Get the latest research report on EFX - FREE
Get the latest research report on ICFI - FREE