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ICF Reports Fourth Quarter and Full Year 2019 Results; John Wasson Quoted

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ICF has released its report for the fourth quarter and full year results, ending Dec. 31, 2019, the company announced on Friday

"Growth catalysts across our client set resulted in a revenue increase of 11 percent for full year 2019, representing positive year-on-year comparisons in each of our client categories," said John Wasson, president and chief executive officer of ICF and 2020 Wash100 Award recipient. 

Revenue from government clients increased at a double-digit rate, led by large growth in state and local government and a significant pickup in federal government work in the second half of the year. 

Revenue from commercial clients, approximately 35 percent of 2019 revenue, advanced by 6 percent year-over-year, accredited to growth in marketing services and energy markets, which together comprised 93 percent of commercial revenue.

ICF recorded its full year results, highlighting a total revenue of $1.48 billion; diluted EPS Was $3.59, inclusive of $0.24 in special charges; non-GAAP EPS was $4.15 and adjusted EBITDA Margin on Service revenue was 13.4 percent. The company reported contract awards of  $1.5 billion and operating cash flow of $91 million.

ICF reported its fourth quarter highlights, noting a total revenue of $397 million, diluted EPS as $1.01, inclusive of $0.09 in special charges. Non-GAAP EPS was $1.18, adjusted EBITDA margin on service revenue was 14.9 percent and contract awards of $353 million. 

The company highlighted key contract awards for the fourth quarter. Notably, the company received a contract with a midwestern U.S. utility to provide program implementation services for its residential energy efficiency programs within its energy services division.

In Marketing Services, ICF won multiple task orders with a U.S. health insurer to provide a variety of marketing services for its programs. The company also received extensions of its retainer with a U.S. rail transportation system to continue providing loyalty services and a retainer with a hospitality website to provide public relations and social media services.

For its public health and survey research, ICF reported a  follow-on agreement with U.S. Agency for International Development and the President's Malaria Initiative to strengthen country systems across sub-Saharan Africa to generate high quality health information used to support actions that address malaria.

Within the company’s commercial revenue fourth quarter 2019 highlights, ICF recorded a commercial revenue of $152.4 million, up 1.0 percent from the $150.9 million reported in last year's fourth quarter. Commercial revenue accounted for 38 percent of total revenue compared to 40 percent of total revenue in the 2018 fourth quarter.

About ICF

ICF (NASDAQ:ICFI) is a global consulting services company with over 7,000 full- and part-time employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. 

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