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ICF Logs Double Digit Q4 Revenue Growth; John Wasson Touts 2022 ‘Record Year’ for Contract Wins

ICF (Nasdaq: ICFI) reported an increase of 22.6 percent in sales for the fourth quarter of 2022 to $475.6 million and a full year revenue growth of 14.6 percent to $1.78 billion compared to 2021 results.

Net income for the three months ended Dec. 31 was $8.9 million while earnings amounted to 47 cents per share, the global consulting and technology services provider said Tuesday.

The Reston, Virginia-based company stated $1.8 billion in year-end funded backlog and booked $777 million $2.3 billion contracts last year.

John Wasson, chair and CEO of ICF, attributed the year-on-year revenue growth in the October-December period to federal, state and local government programs as well as commercial energy projects.

Revenue from public sector clients climbed 29.3 percent for the fourth quarter to $354.3 million, while federal business revenue reached $264.5 million, accounting for 55.6 percent of Q4 revenue. 

“Our business development pipeline was over $8.5 billion at 2022 year-end, 20% higher than a year ago, in part due to revenue synergy opportunities related to the two larger acquisitions we completed since the end of 2021,” added Wasson, a recipient of the 2023 Wash100 Award. (Voting is underway for this year’s ranking of awardees at Wash100.com)

Shares of ICF opened slightly lower at $101.32, compared to a previous close of $101.96.

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