Fri, Aug 2, 10:17 AM (88 days ago)
ICF International, Inc. reported a 2.4% increase in quarterly revenue, reaching $512 million for Q2 2024, compared to $500 million in Q2 2023. The revenue growth was primarily driven by increases in the Energy, Environment, Infrastructure, and Disaster Recovery sectors, offset by declines in Health and Social Programs. Operating income rose by 32.3% to $42.4 million, attributed to higher direct labor costs and reduced subcontractor expenses. Net income increased by 26.1% to $25.6 million, with diluted EPS at $1.36, up from $1.07. The effective tax rate surged to 26.3% from 4.4% due to tax planning changes implemented in 2023. The company’s cash flow from operations improved significantly to $50.6 million, driven by better working capital management and higher net income. Total debt stood at $433.9 million, with an average interest rate of 6.8%. The company maintains strong liquidity with $575.9 million available under its credit facility. Future performance may be influenced by federal budget changes, disaster recovery efforts, and international operations.