ICF International sees Q1 non-GAAP EPS $1.70-$1.80, consensus $1.85

Sees Q1 revenue $480M-$500M, consensus $525.73M. John Wasson, chair and CEO, said, “2024 was a year of growth and substantial profitability for ICF. Our results continued to benefit from our diversified business model that enables us to be agile in shifting emphasis and resources to those areas that are expected to have the greatest growth potential. This agility will be essential in 2025 as we navigate changes in federal government spending priorities, and our strong financial position gives us the flexibility to take advantage of opportunities as they arise. Looking ahead, we expect ICF’s 2025 total revenues, GAAP EPS and Non-GAAP EPS to range from flat to down 10% from 2024 levels, with a 10% decline representing the maximum downside risk we foresee from the loss of business primarily from federal government clients during this transition year. Underpinning this expectation is our projection that ICF’s revenues from commercial energy, state and local and international government clients will grow at least 15% in the aggregate, and that revenues from our federal government clients will be challenged in 2025 by potential funding curtailments and a slower pace of new RFPs. Within this environment, we plan to manage expenditures to maintain similar adjusted EBITDA margins to those of 2024. This framework does not contemplate an extensive government shutdown this year, nor a prolonged period of pauses in funding modifications to existing contracts or new procurements. Operating cash flow in 2025 is projected to be approximately $150M.”