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ICF International (ICFI) Stock Up 6.6% on Q2 Earnings Beat
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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.
ICF International, Inc. Price, Consensus and EPS Surprise
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.
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.
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ICF International (ICFI) Stock Up 6.6% on Q2 Earnings Beat
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.
ICF International, Inc. Price, Consensus and EPS Surprise
ICF International, Inc. price-consensus-eps-surprise-chart | ICF International, Inc. Quote
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.