GovCon Index-listed contractor ICF (Nasdaq: ICFI) lifted full-year earnings guidance to a range above the consensus Wall Street forecast Tuesday and slightly increased revenue projections to a range in-line with analysts’ expectations.
Fairfax, Virginia-based ICF said in its third quarter financial statement it expects earnings of $2.91-$2.96 per share versus analyst forecasts of a $2.88 EPS midpoint and $1.185 billion-$1.195 billion in revenue against Wall Street’s estimate of $1.19 billion.
ICF cited higher sales in the government, commercial energy and digital marketing services sectors during the third quarter ended Sept. 30 as drivers of performance for that three-month period.
The company projects of mid-single digit growth in U.S. federal government revenue from the $537.4 million reported in 2015, while sales have increased in that segment for five consecutive quarters primarily on activity with civilian agencies.
ICF also reported a record backlog of $2.2 billion as of Sept. 30 with $1.1 billion funded.
Third quarter earnings came in at $0.81 earnings per share to fall in-line with the consensus analyst estimate, while revenue increased 6.08 percent from the prior year period to $306.52 billion versus Wall Street’s forecast of $302.02 million.
U.S. federal government revenue climbed 4.6 percent to approximately $149.7 million and represented 48.8 percent of total sales at roughly the same proportion in the 2015 third quarter.
Net income rose 16.46 percent to a company record of $13.44 million.
As of Tuesday’s close, shares in ICF have climbed 30.76 percent since the start of the year and added 45.41 percent over 12 months.
By comparison, the GovCon Index is up 4.79 percent year-to-date and 2.93 percent for 52 weeks.