( ! ) Notice: Undefined index: content_SEDAR in /home/www/eninvs.com/html/blocks/block_press_release.php on line 97 | ||||
---|---|---|---|---|
Call Stack | ||||
# | Time | Memory | Function | Location |
1 | 0.0002 | 235312 | {main}( ) | .../press_release.php:0 |
2 | 0.6954 | 6903688 | include_once( '/home/www/eninvs.com/html/blocks/block_press_release.php' ) | .../press_release.php:5 |
( ! ) Notice: Undefined index: moment in /home/www/eninvs.com/html/blocks/block_press_release.php on line 181 | ||||
---|---|---|---|---|
Call Stack | ||||
# | Time | Memory | Function | Location |
1 | 0.0002 | 235312 | {main}( ) | .../press_release.php:0 |
2 | 0.6954 | 6903688 | include_once( '/home/www/eninvs.com/html/blocks/block_press_release.php' ) | .../press_release.php:5 |
( ! ) Notice: Undefined index: insert_status in /home/www/eninvs.com/html/blocks/block_press_release.php on line 192 | ||||
---|---|---|---|---|
Call Stack | ||||
# | Time | Memory | Function | Location |
1 | 0.0002 | 235312 | {main}( ) | .../press_release.php:0 |
2 | 0.6954 | 6903688 | include_once( '/home/www/eninvs.com/html/blocks/block_press_release.php' ) | .../press_release.php:5 |
FAIRFAX, Va., Nov. 6, 2019 /PRNewswire/ --
Third Quarter Highlights:
ICF (NASDAQ:ICFI), a global consulting and digital services provider, reported results for the third quarter ended September 30, 2019.
"ICF's strong third quarter performance demonstrated the underlying growth catalysts in our key markets," said John Wasson, ICF's President and Chief Executive Officer. "Double-digit revenue growth was in line with our expectations and represented excellent execution on contracts across our client set. Revenues from government clients increased over 11 percent, and revenues from commercial clients were up over 14 percent.
"Higher service revenue¹ and favorable mix contributed to increased profitability in the third quarter, as diluted EPS growth substantially outpaced revenue growth, and Adjusted EBITDA margin on service revenue expanded by 20 basis points year-on-year to 14 percent.
"Third quarter contract awards represented a substantial number of wins with federal agency and commercial clients. We had a book-to-bill ratio of 1.3 in the third quarter, and we ended the quarter with a record business development pipeline in excess of $6.5 billion, comprised of a diversified universe of opportunities across our major markets."
1 Non-GAAP EPS, Service Revenue, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted EBITDA Margin on Service Revenue are non-GAAP measurements. A reconciliation of all non-GAAP measurements to the most applicable GAAP number is set forth below. Special charges are items that were included within our consolidated statements of comprehensive income but are not indicative of ongoing performance and have been presented net of applicable U.S. GAAP taxes. The presentation of non-GAAP measurements may not be comparable to other similarly titled measures used by other companies.
Third Quarter 2019 Results
Third quarter 2019 total revenue was $373.9 million, representing 12.3 percent growth over the $333.0 million reported in the third quarter of 2018. Service revenue increased 11.2 percent year-over-year to $257.2 million compared to $231.3 million. Net income was $19.6 million in the third quarter, up 17.7 percent from $16.7 million in the third quarter 2018. Diluted earnings per share amounted to $1.02, an 18.6 percent increase over the $0.86 per diluted share in the prior year quarter.
Non-GAAP EPS increased 10.9 percent to $1.12 per share from $1.01 per share in the year-ago quarter. EBITDA¹ was $35.6 million, up 15.1 percent from $30.9 million reported in the third quarter of 2018. Adjusted EBITDA¹ was $36.0 million, 12.8 percent above the $31.9 million reported in the comparable quarter of 2018. Third quarter 2019 adjusted EBITDA margin on service revenue expanded by 20 basis points year-on-year to 14.0 percent.
Backlog and New Business Awards
Total backlog was $2.5 billion at the end of the third quarter of 2019. Funded backlog was $1.3 billion, or approximately 54 percent of the total backlog. The total value of contracts awarded in the 2019 third quarter was $477.2 million, resulting in a third quarter book-to-bill ratio of 1.3, and a trailing-twelve-month (TTM) book-to-bill ratio of 1.0.
Government Revenue Third Quarter 2019 Highlights
Revenue from government clients was $247.7 million, up 11.4 percent year-over-year.
Key Government Contracts Awarded in the Third Quarter
ICF was awarded more than 150 U.S. federal contracts and task orders and more than 200 additional contracts from U.S. state and local and international governments with an aggregate value of $391.2 million. Notable awards won in the third quarter included:
Commercial Revenue Third Quarter 2019 Highlights
Key Commercial Contracts Awarded in the Third Quarter 2019
Commercial sales were $85.9 million in the third quarter of 2019. ICF was awarded a diverse array of commercial projects globally during the third quarter including:
In Energy Markets:
In Marketing Services:
Dividend Declaration
On November 6, 2019, ICF declared a quarterly cash dividend of $0.14 per share, payable on January 14, 2020 to shareholders of record on December 13, 2019.
Summary and Outlook
"Year-to-date results have set the stage for strong full year 2019 performance. We reaffirm our expectation for full year 2019 revenues in the range of $1.475 to $1.5 billion, GAAP EPS to range from $3.80 to $3.95, exclusive of special charges, and Non-GAAP EPS of between $4.10 and $4.25. Operating cash flow is projected to be approximately $80 million, lower than our original guidance range due to the longer payment cycle we are presently experiencing associated with the large, federally-funded contract we won in Puerto Rico in 2018. Revised cash flow guidance is based on recent payments on this contract and expectations for additional payments prior to year-end.
"Recent contract awards, backlog levels and the size and diversity of our business development pipeline provide an excellent platform for future growth. Based on our current visibility, we expect 2020 to be a year of continued growth for ICF across our major client categories, driven by our deep subject matter expertise and our cross-cutting capabilities in technology and engagement," Mr. Wasson concluded.
About ICF ICF (NASDAQ:ICFI) is a global consulting services company with over 7,000 full- and part-time employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at icf.com.
Caution Concerning Forward-looking StatementsStatements that are not historical facts and involve known and unknown risks and uncertainties are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; and our ability to acquire and successfully integrate businesses. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements are included in the "Risk Factors" section of our securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.
Investor Contacts: Lynn Morgen, ADVISIRY PARTNERS, lynn.morgen@advisiry.com+1.212.750.5800David Gold, ADVISIRY PARTNERS, david.gold@advisiry.com+1.212.750.5800Company Information Contact: Lauren Dyke, ICF, lauren.dyke@ICF.com +1.571.373.5577
View original content to download multimedia:http://www.prnewswire.com/news-releases/icf-reports-third-quarter-2019-results-300953188.html
SOURCE ICF