ICF Reported 40% Rise in 2018 Contract Awards; Sudhakar Kesavan, John Wasson Quoted

Sudhakar Kesavan

ICF (Nasdaq: ICFI) recorded $1.34B in total revenue for the full year of 2018, reflecting a 9 percent increase from the previous year.

The Fairfax, Va.-based company said Wednesday 2018 contract awards grew 40 percent to $1.82B with a book-to-bill ratio of 1.4, while its total backlog for the year reached $2.4B, including $1.1B in funded backlog.

The consulting and digital services provider posted $61.4M in 2018 net income and $3.18 in diluted earnings per share.

ICF saw its fourth-quarter revenue rise 18 percent to $378M and logged $286M in Q4 contract awards.

“Revenue growth in the fourth quarter was broad-based, across each of our client categories. Revenue from government clients increased 22 percent, driven by our disaster recovery work for state and local government clients,” said Sudhakar Kesavan, chairman and CEO of ICF.

John Wasson

“At the same time, our year-end business development pipeline increased to over $5.8B, representing a year-over-year increase of 38 percent,” added Kesavan, a 2019 Wash100 winner.

John Wasson, president and chief operating officer of ICF, said during the earnings call Tuesday that the company is seeing growth opportunities in the cybersecurity market both in civilian and defense sectors as the government increases its spending on cyber-related work.

Wasson also mentioned the cyber contracts the company won from the U.S. Air Force and Army Research Laboratory in the past year.

You may also be interested in...

huntington-ingalls-wins-air-national-guard-training-support-contract

HII Books $175M Navy Contract for Aircraft Carrier Elevator Support Maintenance

Huntington Ingalls Industries (NYSE: HII) will maintain and repair elevator support units aboard the U.S. Navy's nuclear-powered aircraft carriers under a five-year, $174.9M contract. 

Lockheed THAAD

Lockheed to Help Maintain UAE THAAD Weapon System Under $255M MDA Contract

Lockheed Martin (NYSE: LMT) has received a five-year, $254.7M contract from the Missile Defense Agency to maintain two batteries for the United Arab Emirates' Terminal High Altitude Area Defense system.