Reports Q2 revenue $476M, consensus $482.84M. CEO John Wasson said, “Q2 results were in line with our expectations, demonstrating the benefits of our diversified client base, our agility in adapting to dynamic market conditions and ICF’s deep domain expertise and crosscutting capabilities that underpin our business development opportunities…As a result of the strong growth in our non-federal government client work, we delivered Q2 revenues at 2.4% below Q1 levels, after absorbing a 14.6% sequential decline in revenues from federal government clients…Q2 adjusted EBITDA margin expanded by approximately 20 basis points year-on-year, reflecting the increased mix of higher-margin commercial energy revenues and a 15.5% reduction in subcontractor and other direct costs. Margins also benefitted from cost management initiatives and a higher percentage of fixed price and time and material contracts, which accounted for 93% of our second quarter revenues, up from 88% last year, while cost reimbursement contracts were under 7%. This was a strong quarter for contract awards, which reached $621M for a second quarter book-to-bill ratio of 1.30. Year-to-date our contract wins amounted to almost $1.1B, despite delays in new procurements in the federal government business. Our business development pipeline was $9.2B, supporting our confidence in ICF’s future performance.”
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