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ICF 2012 Revenue Jumps 11%, Profit Up 9%; Sudhakar Kesavan Comments

Sudhakar Kesavan
Sudhakar Kesavan

ICF International (NASDAQ: ICFI) has announced financial results for both its fourth quarter and full 2012 fiscal year ended Dec. 31, 2012.

Full year revenue increased 11.5 percent to $937.1 million and fourth quarter revenue increased 8.4 percent over the prior-year period to $232 million.

Profit for the full year increased 9.2 percent to $38.1 million and fourth quarter profit rose 4.3 percent over the prior-year period to $9.2 million.

Sudhakar Kesavan, chairman and CEO, cited growth in ICF’s commercial business as helping drive the company’s growth in fiscal 2012.

“Commercial revenues increased 29.4 percent as compared to 2011 and accounted for 27 percent of our annual revenues as compared to 23 percent in 2011, ” Kesavan said.

For the quarter, commercial revenues increased 24.6 percent over the prior-year period to $67.5 million and represented 29 percent of total revenue, up from 25 percent in the fourth quarter for 2011.

Revenue in the health, social programs and consumer and financial business lines increased 20.1 percent for fiscal 2012 and Kesavan attributed the growth to ICF’s $100 million acquisition of Ironworks Consulting in 2011.

The energy, environment and infrastructure lines saw 6.3 percent increases in 2012 revenue over 2011 levels and the public safety and defense lines increased 2.3 percent in revenue, Kesavan said.

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