ICF International reports Q3 non-GAAP EPS $1.81, consensus $1.62

Reports Q3 revenue $502M, consensus $502.85M. CEO John Wasson said, “This was another quarter of strong execution for ICF. Revenues increased 7.2% year-on-year…revenue growth is estimated at 8.4%1, with our two major market categories, Energy, Environment & Infrastructure and Disaster Recovery and Health & Social Programs posting revenue increases of 14% and 7%, respectively. This also was a robust period for contract wins, which reached a Q3 record of $875M and included record federal government awards…Year-to-date contract awards increased 10%, and 70% of the dollar amount of the awards represented new business…Q3 profitability benefited from higher utilization, lower facility costs, favorable mix, and scale efficiencies. Additionally, net income and per share earnings were bolstered by tax optimization strategies that have helped to offset higher interest expense. At quarter-end, our business development pipeline was $9.8B, 10% above the same period last year. The pipeline represents a diversified set of opportunities, which together with our strong backlog and book-to-bill metrics, support our expectation that 2024 will be another year of considerable recurring revenue growth for ICF.”