NASDAQ$ICFI
ICF International Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
ICF reported strong revenue growth across major markets, record Q3 contract awards, and raised GAAP and Non-GAAP EPS guidance.
ICF's Q3 2023 results showed a 7% increase in revenue to $502 million. Net income increased by 24% to $24 million, with diluted EPS at $1.25, also up 24%. Non-GAAP EPS rose by 12% to $1.81. The company achieved a record $875 million in contract awards, representing a book-to-bill ratio of 1.7.
- Revenue was $502 million, up 7%.
- Net income was $24 million, up 24%; Diluted EPS was $1.25, up 24%.
- Non-GAAP EPS was $1.81, up 12%.
- Contract awards were a record $875 million, representing a book-to-bill ratio of 1.7.
Headline financials
Revenue & EPS history
ICF · Revenue · Quarterly
$502M
Forward guidance
ICF narrowed its full-year 2023 revenue guidance to $1,950 million to $1,980 million and expects subcontractor and other direct costs to be approximately 27% of total revenue. Adjusted EBITDA is expected to range from $212 million to $218 million. The company is raising its guidance ranges for diluted EPS to $5.00 to $5.10, exclusive of special charges, and Non-GAAP EPS to $6.40 to $6.50 due to a lower than anticipated tax rate. Operating cash flow is projected at approximately $150 million in 2023.
Tailwinds
- Key growth markets, utility consulting, disaster management, IT modernization/digital transformation, and climate, environment, and infrastructure services, represented approximately 80% of total nine-month revenues.
- Year-to-date profitability metrics reflect actions taken to deploy resources to support growth markets, strengthen operating efficiencies, and streamline business.
- Record sales.
- Substantial backlog.
- Robust business development pipeline support expectations for high single-digit organic growth in recurring revenues.
Headwinds
- Full year 2023 guidance includes $60 million in year-to-date revenues from the Commercial Marketing Group and the commercial U.K. events business, which were divested in 2023.
- These service lines are estimated to have contributed EPS of approximately $0.20 that will not recur in 2024.
- Variability and difficulty in making accurate forecasts and projections.
- Not all of the information necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures is available to the company without unreasonable effort.
- The company is unable to estimate the probable significance of the unavailable information.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
-0.3%
Avg return
Earnings day
-0.3%
Avg return
5 days after
+1.5%
Avg return
30 days after
58%
38 / 65 earnings
Positive
+19.7%
Q4 2013
Best reaction
-20.7%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.2% | -12.6% | -5.1% | |
| Q4 2025 | +4.5% | -0.5% | +2.6% | |
| Q3 2025 | -7.3% | -2.7% | -8.7% | |
| Q1 2025 | -6.6% | -1.1% | +0.8% | |
| Q4 2024 | -20.7% | -18.1% | -13.8% | |
| Q3 2024 | -1.9% | -0.1% | -19.0% | |
| Q2 2024 | +9.0% | +4.4% | +12.7% | |
| Q1 2024 | +3.1% | +4.6% | -0.8% | |
| Q4 2023 | -0.6% | -1.3% | -4.7% | |
| Q3 2023 | -0.2% | +4.9% | +13.0% | |
| Q2 2023 | +4.5% | +6.8% | +11.0% | |
| Q1 2023 | +2.0% | +2.1% | +9.4% | |
| Q4 2022 | +6.0% | +10.2% | +5.6% | |
| Q3 2022 | -10.5% | -9.5% | -5.7% | |
| Q2 2022 | +5.8% | +5.8% | +6.8% | |
| Q1 2022 | +3.3% | +0.8% | +4.9% | |
| Q4 2021 | +1.3% | -3.2% | +7.0% | |
| Q3 2021 | +3.1% | +3.9% | -1.6% | |
| Q2 2021 | -2.2% | +0.2% | +3.7% | |
| Q1 2021 | +3.5% | +1.1% | -2.0% | |
| Q4 2020 | -3.0% | +1.9% | +8.3% | |
| Q3 2020 | +2.0% | +11.2% | +9.1% | |
| Q2 2020 | +9.9% | +5.7% | +1.2% | |
| Q1 2020 | -6.1% | -9.0% | -1.5% | |
| Q4 2019 | -5.6% | -0.4% | -19.5% | |
| Q3 2019 | +3.4% | -0.6% | +7.3% | |
| Q2 2019 | -3.3% | -6.3% | -0.6% | |
| Q1 2019 | +0.1% | -0.5% | -5.1% | |
| Q4 2018 | +1.9% | +3.0% | +2.8% | |
| Q3 2018 | +0.4% | -7.0% | -4.9% | |
| Q2 2018 | +5.9% | +0.7% | +10.8% | |
| Q1 2018 | -2.7% | -3.9% | +5.8% | |
| Q4 2017 | +1.7% | +6.8% | +4.3% | |
| Q3 2017 | -4.6% | -1.4% | +0.7% | |
| Q2 2017 | +1.3% | -0.1% | +13.3% | |
| Q1 2017 | +7.8% | +7.1% | +7.2% | |
| Q4 2016 | -16.5% | -20.1% | -20.5% | |
| Q3 2016 | +4.1% | +5.3% | +19.6% | |
| Q2 2016 | +1.5% | -0.2% | +2.3% | |
| Q1 2016 | +1.8% | — | — | |
| Q4 2015 | -9.2% | — | — | |
| Q3 2015 | -4.5% | — | — | |
| Q2 2015 | +8.7% | — | — | |
| Q1 2015 | -4.8% | — | — | |
| Q4 2014 | +2.1% | — | — | |
| Q3 2014 | +1.7% | — | — | |
| Q2 2014 | +0.3% | — | — | |
| Q1 2014 | -4.1% | — | — | |
| Q4 2013 | +19.7% | — | — | |
| Q3 2013 | -5.1% | — | — | |
| Q2 2013 | +4.8% | — | — | |
| Q1 2013 | +2.3% | — | — | |
| Q4 2012 | +1.9% | — | — | |
| Q3 2012 | +11.3% | — | — | |
| Q2 2012 | -9.5% | — | — | |
| Q1 2011 | -2.2% | — | — | |
| Q1 2012 | -7.0% | — | — | |
| Q4 2009 | +0.5% | — | — | |
| Q4 2011 | +0.5% | — | — | |
| Q3 2010 | +0.8% | — | — | |
| Q3 2011 | +0.8% | — | — | |
| Q4 2010 | -6.7% | — | — | |
| Q2 2011 | -6.7% | — | — | |
| Q2 2010 | -6.7% | — | — | |
| Q1 2010 | -4.9% | — | — |
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