Icf International (ICFI) has reported 16.39 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $13.44 million, or $0.70 a share in the quarter, compared with $11.54 million, or $0.59 a share for the same period last year. On an adjusted basis, earnings per share were at $0.81 for the quarter compared with $0.75 in the same period last year.
Revenue during the quarter grew 6.08 percent to $306.52 million from $288.95 million in the previous year period. Gross margin for the quarter contracted 86 basis points over the previous year period to 37.59 percent. Total expenses were 92.24 percent of quarterly revenues, down from 92.56 percent for the same period last year. This has led to an improvement of 32 basis points in operating margin to 7.76 percent.
Operating income for the quarter was $23.78 million, compared with $21.50 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $31.46 million compared with $31.10 million in the prior year period. At the same time, adjusted EBITDA margin contracted 50 basis points in the quarter to 10.26 percent from 10.76 percent in the last year period.
"As expected, third quarter results represented a strong start to the second half of this year. We achieved significant year-on-year revenue growth across our key markets and reported increased profitability in line with higher labor utilization and substantial growth in our higher margin commercial business," said ICF chairman and chief executive officer Sudhakar Kesavan.
For financial year 2016, Icf International projects revenue to be in the range of $1,185 million to $1,195 million. The company forecasts diluted earnings per share to be in the range of $2.45 to $2.50, the company forecasts diluted earnings per share to be in the range of $2.91 to $2.96 on adjusted basis.
Operating cash flow improves significantlyIcf International has generated cash of $57.82 million from operating activities during the nine month period, up 34.77 percent or $14.92 million, when compared with the last year period. The company has spent $10.65 million cash to meet investing activities during the nine month period as against cash outgo of $11.61 million in the last year period.
The company has spent $44.67 million cash to carry out financing activities during the nine month period as against cash outgo of $36.21 million in the last year period.
Cash and cash equivalents stood at $9.65 million as on Sep. 30, 2016, up 68.59 percent or $3.92 million from $5.72 million on Sep. 30, 2015.
Working capital increases
Icf International has recorded an increase in the working capital over the last year. It stood at $101.66 million as at Sep. 30, 2016, up 10.07 percent or $9.30 million from $92.36 million on Sep. 30, 2015. Current ratio was at 1.51 as on Sep. 30, 2016, up from 1.47 on Sep. 30, 2015.
Days sales outstanding went down to 84 days for the quarter compared with 88 days for the same period last year.
At the same time, days payable outstanding went down to 29 days for the quarter from 31 for the same period last year.
Debt comes downIcf International has recorded a decline in total debt over the last one year. It stood at $281.19 million as on Sep. 30, 2016, down 15.34 percent or $50.96 million from $332.16 million on Sep. 30, 2015. Icf International has recorded a decline in long-term debt over the last one year. It stood at $281.19 million as on Sep. 30, 2016, down 15.34 percent or $50.96 million from $332.16 million on Sep. 30, 2015. Total debt was 25.75 percent of total assets as on Sep. 30, 2016, compared with 30.14 percent on Sep. 30, 2015. Debt to equity ratio was at 0.51 as on Sep. 30, 2016, down from 0.64 as on Sep. 30, 2015. Interest coverage ratio improved to 9.88 for the quarter from 8.04 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
