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ICF International (ICFI) Q4 Earnings Top Estimates, Up Y/Y
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ICF International, Inc. (ICFI - Free Report) delivered impressive fourth-quarter 2020 results, with earnings and revenues beating the Zacks Consensus Estimate.
However, better-than-expected results failed to impress the market as there has not been any major price change since the earnings release on Feb 25.
In the past year, ICF’s shares have increased 7.5% compared to 12.6% growth of the industry it belongs to.
Non-GAAP earnings (excluding 69 cents from non-recurring items) of $1.36 per share surpassed the Zacks Consensus Estimate by 19.3% and increased 15.3% on a year-over-year basis. Moreover, revenues of $434.3 million surpassed the consensus mark by 9% and increased 9.5% year over year owing to increase in service revenues.
Revenues in Detail
Revenues from government clients came in at $251.5 million, up 3% on a year-over-year basis. The U.S. federal government revenues of $165.5 million increased 18.9% year over year and contributed 38% to total revenues. The U.S. state and local government revenues of $51.7 million declined 25.6% year over year and contributed 12% to total revenues. International government revenues of $34.4 million were down 2.8% year over year, contributing 8% to total revenues.
Commercial revenues totaled $182.8 million, up 20% from the year-ago quarter’s figure and contributed 42% to total revenues. Energy markets and marketing services contributed 36% and 59%, respectively, to commercial revenues.
Backlog and Value of Contracts
Total backlog and funded backlog amounted to $2.9 billion and $1.5 billion at the end of the fourth quarter, respectively. The total value of contracts awarded in the quarter came in at $525 million.
ICF International, Inc. Price, Consensus and EPS Surprise
Adjusted EBITDA of $44.9 million, increased 20.1% from the year-ago quarter’s figure. Adjusted EBITDA margin on revenues of 10.3% increased 90 basis points (bps) year over year. Adjusted EBITDA margin on service revenues was 17.1%, up 220 bps year over year.
Balance Sheet
ICF exited the fourth quarter with cash and cash equivalent balance of $13.8 million compared with the $8.2 million recorded at the end of the previous quarter. The company had a long-term debt of $303.2 million compared with $362.3 million at the end of the prior quarter.
The company generated $78 million of cash from operating activities and capex was $4.7 million. ICF paid out dividends of $2.6 million in the reported quarter.
Dividend Declared
ICF announced a quarterly cash dividend of 14 cents per share, payable to its shareholders on Apr 13, 2021 as of record date Mar 26.
2021 Guidance
ICF reported non-GAAP diluted earnings per share (EPS) guidance to $4.35-$4.65. The midpoint ($4.50) of the guidance is above the Zacks Consensus Estimate of $4.38.
Revenues are projected in the range of $1.52-$1.57 billion, while the Zacks Consensus Estimate is pegged at $1.58 billion.
EBITDA is expected to be in the range of $145 million and $155 million. Operating cash flow is anticipated to be approximately $100 million.
Rollins’ (ROL - Free Report) fourth-quarter 2020 adjusted earnings of 13 cents per share came ahead of the consensus estimate as well as the year-ago quarter’s figure by 18.2%. Revenues of $536.3 million beat the consensus mark by 1.7% and rose 6% year over year.
IHS Markit’s fourth-quarter fiscal 2020 adjusted earnings per share of 72 cents beat the Zacks Consensus Estimate by 7.5% and increased 11% on a year-over-year basis. Total revenues came in at $1.11 billion, marginally missing the consensus mark and declining 1% from the year-ago quarter’s on a reported basis.
Automatic Data Processing’s (ADP - Free Report) second-quarter fiscal 2021 adjusted EPS of $1.52 beat the consensus mark by 17.8% and were flat year over year. Total revenues of $3.69 billion beat the consensus mark by 3.2% and moved up 0.7% year over year.
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ICF International (ICFI) Q4 Earnings Top Estimates, Up Y/Y
ICF International, Inc. (ICFI - Free Report) delivered impressive fourth-quarter 2020 results, with earnings and revenues beating the Zacks Consensus Estimate.
However, better-than-expected results failed to impress the market as there has not been any major price change since the earnings release on Feb 25.
In the past year, ICF’s shares have increased 7.5% compared to 12.6% growth of the industry it belongs to.
Non-GAAP earnings (excluding 69 cents from non-recurring items) of $1.36 per share surpassed the Zacks Consensus Estimate by 19.3% and increased 15.3% on a year-over-year basis. Moreover, revenues of $434.3 million surpassed the consensus mark by 9% and increased 9.5% year over year owing to increase in service revenues.
Revenues in Detail
Revenues from government clients came in at $251.5 million, up 3% on a year-over-year basis. The U.S. federal government revenues of $165.5 million increased 18.9% year over year and contributed 38% to total revenues. The U.S. state and local government revenues of $51.7 million declined 25.6% year over year and contributed 12% to total revenues. International government revenues of $34.4 million were down 2.8% year over year, contributing 8% to total revenues.
Commercial revenues totaled $182.8 million, up 20% from the year-ago quarter’s figure and contributed 42% to total revenues. Energy markets and marketing services contributed 36% and 59%, respectively, to commercial revenues.
Backlog and Value of Contracts
Total backlog and funded backlog amounted to $2.9 billion and $1.5 billion at the end of the fourth quarter, respectively. The total value of contracts awarded in the quarter came in at $525 million.
ICF International, Inc. Price, Consensus and EPS Surprise
ICF International, Inc. price-consensus-eps-surprise-chart | ICF International, Inc. Quote
Operational Results
Adjusted EBITDA of $44.9 million, increased 20.1% from the year-ago quarter’s figure. Adjusted EBITDA margin on revenues of 10.3% increased 90 basis points (bps) year over year. Adjusted EBITDA margin on service revenues was 17.1%, up 220 bps year over year.
Balance Sheet
ICF exited the fourth quarter with cash and cash equivalent balance of $13.8 million compared with the $8.2 million recorded at the end of the previous quarter. The company had a long-term debt of $303.2 million compared with $362.3 million at the end of the prior quarter.
The company generated $78 million of cash from operating activities and capex was $4.7 million. ICF paid out dividends of $2.6 million in the reported quarter.
Dividend Declared
ICF announced a quarterly cash dividend of 14 cents per share, payable to its shareholders on Apr 13, 2021 as of record date Mar 26.
2021 Guidance
ICF reported non-GAAP diluted earnings per share (EPS) guidance to $4.35-$4.65. The midpoint ($4.50) of the guidance is above the Zacks Consensus Estimate of $4.38.
Revenues are projected in the range of $1.52-$1.57 billion, while the Zacks Consensus Estimate is pegged at $1.58 billion.
EBITDA is expected to be in the range of $145 million and $155 million. Operating cash flow is anticipated to be approximately $100 million.
ICF currently carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Business Services Companies
Rollins’ (ROL - Free Report) fourth-quarter 2020 adjusted earnings of 13 cents per share came ahead of the consensus estimate as well as the year-ago quarter’s figure by 18.2%. Revenues of $536.3 million beat the consensus mark by 1.7% and rose 6% year over year.
IHS Markit’s fourth-quarter fiscal 2020 adjusted earnings per share of 72 cents beat the Zacks Consensus Estimate by 7.5% and increased 11% on a year-over-year basis. Total revenues came in at $1.11 billion, marginally missing the consensus mark and declining 1% from the year-ago quarter’s on a reported basis.
Automatic Data Processing’s (ADP - Free Report) second-quarter fiscal 2021 adjusted EPS of $1.52 beat the consensus mark by 17.8% and were flat year over year. Total revenues of $3.69 billion beat the consensus mark by 3.2% and moved up 0.7% year over year.
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
AccessZacks Top 10 Stocks for 2021 today >>