Home / Financial Report / ICF Posts 2Q Earnings Beat; Boosts Federal Revenue Outlook on 8% Sales Increase

ICF Posts 2Q Earnings Beat; Boosts Federal Revenue Outlook on 8% Sales Increase

ICF logo_EbizICF International (Nasdaq: ICFI) reported second quarter earnings and revenue above the consensus analyst estimate Tuesday on year-over-year growth in U.S. federal government sales as the company also lifted guidance on full-year results for that market.

Fairfax, Virginia-based consulting and technical services provider ICF said earnings for the April-June period came in at 69 cents per share versus Wall Street’s forecast of 68 cents and revenue increased 5.7 percent from the prior year period to $305.42 million compared to analyst expectations of $294.06 million.

The GovCon Index-listed company reported a 4.7 percent increase in U.S. federal revenue to $148.3 million at 49 percent of ICF’s total sales and the contractor lifted its outlook for that segment to a growth rate at mid-single digits on task order activity with civilian agencies, up from the low-single digit rate stated in first quarter guidance.

Federal sales in 2015 totaled $537.4 million and represented 47.47 percent of overall revenue that year.

ICF held to full-year guidance of $2.79-$2.94 earnings per share with revenue at $1.15 billion-$1.19 billion but forecasts sales to hit the high point of its forecast range, which would represent a 5.31 percent increase from 2015 figures.

Net income rose 15.37 percent year-over-year to $10.58 million on higher utilization rates, reduced amortization expenses and the lower tax rate as earnings before interest, tax, debt and amortization fell 1.19 percent to $26.59 million at an EBITDA margin of 8.7 percent.

As of Tuesday’s close, shares in ICF have added 16.37 percent year-to-date and are up 23.39 percent over 12 months.

By comparison, the GovCon Index has climbed 7.77 percent since the start of 2016 and 9.77 percent for 52 weeks.

Check Also

HHS Seeks Proposals for $347M Follow-On Credential, Access Mgmt Support Contract

The Department of Health and Human Services has issued a solicitation for a potential five-year, …

General Dynamics Gets $125M Contract Modification for US, Foreign Military Bomb Components

A General Dynamics (NYSE: GD) business unit has received a $125M contract modification from the …