ICF International (ICFI) Rises 3.6% Since Q1 Earnings Beat

ICF International, Inc. ICFI reported impressive first-quarter 2024 results, with both earnings and revenues surpassing the Zacks Consensus Estimate. The better-than-expected results impressed investors as the stock has gained 3.6% since the earnings release on May 2, 2024.

Quarterly adjusted earnings per share of $1.77 beat the Zacks Consensus Estimate by 22.9% and gained 24.7% from the year-ago reported figure. Total revenues of $494.4 million beat the Zacks Consensus Estimate by a slight margin but increased 2.3% year over year.

ICF International, Inc. Price, Consensus and EPS Surprise ICF International, Inc. Price, Consensus and EPS Surprise

ICF International, Inc. price-consensus-eps-surprise-chart | ICF International, Inc. Quote

Segmental Revenues

Revenues from government clients totaled $376.4 million, up 3.5% on a year-over-year basis. The U.S. state and local government revenues of $76.9 million, representing 16% of total revenues, lagged our projection of $77.6 million but moved up 2.2% year over year.

U.S. federal government revenues of $274.2 million (contributed 56% to total revenues) missed our estimate of $276.9 million but increased 2.4% year over year.

International government revenues reached $25.3 million, representing 5% of total revenues, surpassing our prediction of $22.3 million. It increased 22.2% from the year ago quarter.

Commercial revenues amounted to $118.1 million, surpassing our estimate of $117.8 million,

Operating Results

Adjusted EBITDA increased 8% year over year to $55.2 million. Adjusted EBITDA margin of 11.2% increased by 70 basis points from the year-ago quarter.

Balance Sheet and Cash Flow

ICF International exited the quarter with cash and cash equivalents of $3.7 million compared with $6.4 million in the previous quarter. Long-term debt at the end of the quarter was $448.7 million, up from $404.4 million in the previous quarter. ICFI used $10 million of cash in operating activities. CapEx was $5.2 million.

2024 Guidance

Total revenues are expected to be between $2.03 billion and $2.1 billion. The midpoint of the guided range ($2.06 billion) is below the Zacks Consensus Estimate of $2.07 billion.

Earnings are anticipated in the range of $6.6-$6.9 per share. The midpoint of the guided range ($6.75 per share) is above the Zacks Consensus Estimate of $6.72 per share. EBITDA is estimated to be between $220 million to $230 million.

Currently, ICF International carries a Zacks Rank #3 (Hold).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Earnings Snapshots of Some Service Providers

Omnicom OMC reported impressive first-quarter 2024 results, wherein both earnings and revenues beat the Zacks Consensus Estimate.

OMC’s earnings of $1.67 per share beat the consensus estimate by 9.9% and increased 7.1% year over year. Total revenues of $3.6 billion surpassed the consensus estimate by 1.6% and increased 5.4% year over year.

Equifax EFX reported mixed first-quarter 2024 results, wherein earnings surpassed the Zacks Consensus Estimate, but revenues missed the same.

EFX’s adjusted earnings were $1.5 per share, which beat the Zacks Consensus Estimate by 4.2% and up 4.9% from the year-ago quarter. Total revenues of $1.4 billion missed the consensus estimate by a slight margin but increased 6.7% from the year-ago quarter.

ManpowerGroup MAN reported mixed first-quarter 2024 results, with earnings beating the Zacks Consensus Estimate but revenues missing the same.

Quarterly adjusted earnings of 94 cents per share surpassed the consensus mark by 4.4% but declined 41.6% year over year. Revenues of $4.4 billion lagged the consensus mark by 0.6% and fell 7% year over year.

Zacks Names "Single Best Pick to Double"

From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.

It’s an American AI company that’s riding low right now, but it has rounded up clients like BMW, GE, Dell Computer, and Bosch. It has prospects for not just doubling but quadrupling in the year to come. Of course, all our picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.

Free: See Our Top Stock And 4 Runners Up

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

ManpowerGroup Inc. (MAN) : Free Stock Analysis Report

Omnicom Group Inc. (OMC) : Free Stock Analysis Report

Equifax, Inc. (EFX) : Free Stock Analysis Report

ICF International, Inc. (ICFI) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.