ICF International, Inc. (ICFI) has reported a 2.89 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $10.18 million, or $0.52 a share in the quarter, compared with $9.89 million, or $0.51 a share for the same period last year. On an adjusted basis, earnings per share were at $0.69 for the quarter compared with $0.62 in the same period last year. Revenue during the quarter grew 4.48 percent to $296.30 million from $283.60 million in the previous year period. Gross margin for the quarter expanded 51 basis points over the previous year period to 38.03 percent. Total expenses were 94.39 percent of quarterly revenues, up from 93.76 percent for the same period last year. That has resulted in a contraction of 63 basis points in operating margin to 5.61 percent.
Operating income for the quarter was $16.63 million, compared with $17.69 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $25.58 million compared with $24.84 million in the prior year period. At the same time, adjusted EBITDA margin contracted 12 basis points in the quarter to 8.63 percent from 8.76 percent in the last year period.
“Revenue growth of 4.5 percent in the first quarter represented a solid start to 2017, with each of our key client categories posting positive year-over-year revenue comparisons. Commercial revenue increased 9.4 percent from last year's first quarter, and revenue from government clients in the aggregate increased 1.9 percent. ICF’s balanced business model, which gives us both the benefits of a large government backlog and the upside potential of a growing commercial client base, enables continued growth in both revenue and earnings,” said Sudhakar Kesavan, ICF’s chairman and chief executive officer.
For fiscal year 2017, ICF International, Inc. forecasts revenue to be in the range of $1,200 million to $1,240 million. It expects diluted earnings per share to be in the range of $2.50 to $2.75. It expects diluted earnings per share to be in the range of $2.84 to $3.09 on adjusted basis for the same period.
Operating cash flow turns positive
ICF International, Inc. has generated cash of $6.70 million from operating activities during the quarter as against cash outgo of $13.38 million in the last year period. The company has spent $2.66 million cash to meet investing activities during the quarter as against cash outgo of $4.18 million in the last year period.
The company has spent $1.92 million cash to carry out financing activities during the quarter as against cash inflow of $18.72 million in the last year period.
Cash and cash equivalents stood at $8.21 million as on Mar. 31, 2017, down 12.31 percent or $1.15 million from $9.36 million on Mar. 31, 2016.
Working capital decreases marginally
ICF International, Inc. has witnessed a decline in the working capital over the last year. It stood at $124.24 million as at Mar. 31, 2017, down 2.77 percent or $3.54 million from $127.78 million on Mar. 31, 2016. Current ratio was at 1.70 as on Mar. 31, 2017, down from 1.74 on Mar. 31, 2016.
Days sales outstanding went down to 82 days for the quarter compared with 86 days for the same period last year.
At the same time, days payable outstanding was almost stable at 29 days for the quarter, when compared with the previous year period.
Debt comes down
ICF International, Inc. has recorded a decline in total debt over the last one year. It stood at $275.84 million as on Mar. 31, 2017, down 18.37 percent or $62.09 million from $337.93 million on Mar. 31, 2016. Icf International has recorded a decline in long-term debt over the last one year. It stood at $275.84 million as on Mar. 31, 2017, down 18.37 percent or $62.09 million from $337.93 million on Mar. 31, 2016. Total debt was 25.45 percent of total assets as on Mar. 31, 2017, compared with 30.66 percent on Mar. 31, 2016. Debt to equity ratio was at 0.49 as on Mar. 31, 2017, down from 0.64 as on Mar. 31, 2016. Interest coverage ratio improved to 8.53 for the quarter from 7.24 for the same period last year.
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