ICF 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.