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ICF Posts Higher Q2 Revenue From Government Clients; John Wasson on Commercial Marketing Group Divestiture

ICF (Nasdaq: ICFI) reported $500 million in fiscal 2023 second-quarter revenue, up 18 percent from the same period a year ago, with the company’s federal business accounting for 54.4 percent of total quarterly sales.

The consulting and technology services provider said Thursday sales from its federal customers jumped 20.6 percent year-over-year to $271.8 million, while combined revenue from state and local government clients rose 27.5 percent to $81.2 million.

In mid-July, ICF entered into a definitive agreement to sell a business group that drove client engagement within the consumer, retail, travel, hospitality and healthcare sectors.

“Given our focus on key growth markets within our government and commercial energy client sets, we believe the Commercial Marketing Group will be better positioned to thrive under its new ownership,” said Chair and CEO John Wasson.

The three-time Wash100 awardee noted the company expects to close the sale transaction in the third quarter and does not expect the move to have a material impact on its 2023 outlook.

ICF forecasts full year sales in the $1.93 billion-to-$2 billion range and diluted earnings of $4.75 per share to $5.05 per share.

The Reston, Virginia-based company also disclosed its acquisition of power engineering firm CMY in the second quarter, a deal Wasson believes would expand his company’s ability to support customer projects in renewables interconnection, grid resilience and distribution system modernization.

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