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ICF 1Q 2013 Revenue Up 3%, Profit Up 13%; Sudhakar Kesavan Comments

Sudhakar Kesavan
Sudhakar Kesavan

ICF International (NASDAQ: ICFI) has announced financial results for the first quarter of its 2013 fiscal year, ended March 31, 2013.

Total revenue increased 2.8 percent to $233.9 million over the $227.6 million from the prior year period and profit grew 13.1 percent to $10.1 million over the $8.9 million from the previous year.

Commercial client revenue grew 14.3 percent to $67 million, representing 28.7 percent of total revenue and a 2.9 percent greater share of total revenue over last year’s first quarter.ICF_Logo

“The 14.3 percent year-over-year growth in our commercial client revenues and the increased contribution from our non-U.S. government clients enabled us to report higher first quarter revenues despite the uncertainty surrounding sequestration in the U.S. federal market and the uneven timing of certain state and local government projects, ” said Sudhakar Kesavan, ICF Chairman and CEO.

Fifty-three percent of the company’s total sales for the quarter came from commercial markets, totaling $121 million.

Backlog reached $1.5 billion at the end of the quarter and funded backlog represented $720 million of that, or 48 percent.

Kesavan also said the company saw a 2.1 percent increase in revenue from its energy, environment and infrastructure markets; followed by 5.5 percent growth in the health, social programs and consumer/financial markets.

“These markets accounted for 87 percent of first quarter 2013 revenues, ” he added.

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