Reports Q3 revenue $517M, consensus $528.02M. CEO John Wasson said, “This was another quarter of strong performance for ICF. Total revenues increased 3% year-on-year. Revenues from continuing operations increased 6% from last year’s levels, which includes a considerable impact from lower pass-throughs.,,Favorable mix and higher utilization were key drivers of Q3 margin expansion. Operating margin increased by 250 basis points year-on-year to 8.9%, and Adjusted EBITDA margin expanded by 50 basis points to 11.3% from 10.8%. We ended Q3 with a record business development pipeline of $10.6B, after $697M in contract awards. Year-to-date contract awards increased 16% from last year’s levels to just over $2.0B, of which 63% represented new business wins, indicating how well aligned ICF’s capabilities are with client spending priorities.”
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