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.
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.
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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.
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.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
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