ICF International reports Q1 non-GAAP EPS $1.77, consensus $1.46

Reports Q1 revenue $494M, consensus $487.93M. CEO John Wasson said, “This was a record Q1 for ICF. Revenues increased 2% year-on-year, however, adjusting for the divestiture of our commercial marketing business lines during 2023, Q1 revenue increased 9% year-over-year. This strong performance was led by robust growth in revenues from commercial energy clients and supported by solid revenue growth from government clients…The substantial increase in first quarter profitability was attributable to both recurring and quarter-specific factors. Revenue mix together with higher utilization, lower facility costs and our increased scale continued to drive improved margin performance. Additionally, margins benefited from the ramp-up of several recently awarded energy efficiency contracts, which are more profitable during the startup phase…Our business development pipeline remained at $9.7B at the end of the quarter, providing further confidence in our ability to sustain our high single-digit organic growth going forward.”