ICF International (Nasdaq: ICFI) — one of 30 companies listed in Executive Mosaic’s GovCon Index — has reported third quarter earnings of 75 cents per share to fall 3 cents below the Wall Street consensus estimate.
The Fairfax, Va.-based consulting and contracting firm reported 70 cents per share for the same quarter in 2014.
Profit was unchanged year-over-year at $11.54 million and revenue climbed 9.12 percent from third quarter 2014 to $288.95 million versus the Wall Street forecast of $298.26 million.
ICF also lowered its guidance for 2015 to earnings of between $2.65 and $2.70 per share from the prior $2.68-$2.83 range and narrowed its revenue outlook to $1.14 billion from the previous $1.15 billion-$1.17 billion forecasts.
Sales in ICF’s U.S. federal government business climbed 0.6 percent to $141.4 million from the prior year period to represent 49 percent of the company’s total revenue.
During a Thursday call with investors, Chairman and CEO Sudhakar Kesavan said the flow of federal revenue from ICF’s backlog has started to become more normal compared to the previous four quarters.
The company hopes that trend continues with the two-year budget deal in Congress, he said.
“(Federal) trends for 2016 look more positive than they have in the last four years.”
International government revenue declined 4.7 percent year-over-year to $20.22 million on a strengthening U.S. dollar against the Canadian, British and Euro currencies.
On a constant currency basis, international government sales rose approximately 11 percent, ICF said.
Revenue in ICF’s commercial segment grew 35 percent year-over-year to $101.9 million.
Backlog as of Sept. 30 was $2 billion, $916 million of it funded, compared to $1.9 billion at the same time last year.
As of Thursday’s close, shares of ICF have declined 22.72 percent from the year’s start and fallen 10.13 percent over 12 months.