New fed awards help ICF International post 25 percent quarterly gain
Contractor records $9 million in net income for second quarter
ICF International, Inc. ended its second quarter of 2011 with $9 million in net income, a 25 percent increase compared to the 7.2 million reported for the corresponding quarter a year ago.
Total revenue totaled $213.4 million, a 6.9 percent increase over the $199.6 million reported in 2010, according to the ICF quarterly financial report released Aug. 1.
“ICF’s strong second quarter 2011 performance demonstrates the advantages of our diversified business mix,” said Chairman and CEO Sudhakar Kesavan in the announcement. “We continue to achieve significant growth in profitability driven by the strength of our commercial business and success in managing costs.”
ICF International, which provides consulting services and technology solutions to government and commercial clients, won a number of federal contracts in the second quarter that helped boost its bottom line, including a $40 million contract from the Energy Department for technical, IT and management support assistance in modernizing the electric grid and securing the department's infrastructure.
The contractor also won a $25.9 million task order under its Centers for Disease Control and Prevention’s information management services contract, and a $27.5 million award to help the National Institutes of Health’s CIO with IT market research and other management duties.
“ICF continues to gain share in its key markets, and we believe that our recent awards will ensure continued future growth in our federal business. We also expect our commercial business to continue to show double-digit revenue growth and drive significant growth in profitability,” Kesavan said.
Executives said they expect the company’s revenues for the year to range between $835 million to $850 million, which would represent a 10.2 percent year-over-year growth at the midpoint.
ICF International, of Fairfax, Va., ranks No. 64 on the Washington Technology 2011 Top 100 list of the largest federal government contractors.
Matthew Weigelt is a former FCW senior writer who covered acquisition and procurement.