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ICF International Reports Second Quarter 2012 Results

Stocks in this article: ICFI

ICF International, Inc. (NASDAQ:ICFI), a leading provider of consulting services and technology solutions to government and commercial clients, reported results for the second quarter ended June 30, 2012.

Second Quarter/First Half 2012 Results

For the second quarter, revenue reached $239.6 million, a 12.3 percent increase over the $213.4 million reported in the 2011 second quarter. Operating income increased 16.3 percent to $18.1 million from the $15.5 million reported in last year’s second quarter. Net income was $10.3 million, or $0.52 per diluted share, representing a 15.4 percent increase over net income of $9 million, or $0.45 per diluted share, earned in the comparable 2011 period.

For the 2012 first half, revenue was $467.3 million, up 14.5 percent over the $408.1 million reported in the 2011 first half. Operating income increased 18.5 percent to $34.3 million, net income was up 15.5 percent to $19.3 million, and earnings per diluted share were $0.96 compared to $0.84.

Commenting on ICF’s second quarter results, Chairman and Chief Executive Officer Sudhakar Kesavan said , “Our double-digit revenue and earnings performance resulted from strong year-over-year increases in our commercial business. The continued strength of our commercial business and the solid performance of our state and local government work offset the headwinds in our U.S. Federal Government business.”

“We achieved year-on-year revenue growth across each of our markets in the second quarter. Energy, Environment, & Infrastructure increased 13.5 percent; Health, Social Programs, & Consumer/Financial increased 14.6 percent; and Public Safety & Defense was up 2.7 percent. Organic revenue growth 1 for the first half of 2012 was 3.9 percent. Organic revenue growth for the second quarter was 1 percent.”

“Operating income and net income growth continued to outpace revenue growth, reflecting the greater contribution from commercial business and effective cost management. EBITDA margin was 10.2 percent, significantly ahead of the 9.7 percent reported in last year’s second quarter,” noted Mr. Kesavan.

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