ICF International, Inc. (ICFI) reported its financial results for the three and nine months ended September 30, 2024, showing notable growth in revenue and profitability compared to the same periods in 2023. For the third quarter of 2024, revenue reached $516.998 million, a 3.1% increase from $501.519 million in Q3 2023. For the nine-month period, revenue totaled $1.523 billion, up 2.6% from $1.485 billion in the prior year.
Operating income for Q3 2024 was $46.024 million, reflecting a significant increase of 44.3% from $31.901 million in Q3 2023. Similarly, net income for the third quarter rose to $32.679 million, a 37.7% increase from $23.740 million in the same quarter last year. For the nine months ended September 30, 2024, net income was $85.607 million, up 41.6% from $60.450 million in 2023. Basic earnings per share (EPS) for Q3 2024 was $1.74, compared to $1.26 in Q3 2023, while diluted EPS increased to $1.73 from $1.25.
The revenue growth was primarily driven by increases in the Energy, Environment, Infrastructure, and Disaster Recovery sectors, which saw a rise of $31.3 million (15.3%). However, revenues from Health and Social Programs decreased by $13.2 million (6.3%), attributed to reduced subcontractor pass-throughs and the exit from the commercial marketing business.
Total current assets as of September 30, 2024, increased to $493.115 million from $447.157 million at the end of 2023. Total liabilities decreased to $1.052 billion from $1.094 billion, while total stockholders’ equity rose to $976.317 million from $917.585 million. The company’s cash and cash equivalents also improved, reaching $6.911 million compared to $6.361 million at the end of 2023.
In terms of strategic developments, ICF has continued to focus on enhancing its service offerings and client relationships, particularly in response to long-term demand in environmental and health sectors. The company has also engaged in share repurchase activities, with $33.566 million spent on repurchasing shares in the nine months ended September 30, 2024.
The effective income tax rate for Q3 2024 was significantly higher at 13.8%, compared to 1.4% in Q3 2023, influenced by restructuring efforts and deductions related to the wind-down of the U.K. commercial marketing business. Overall, ICF International's financial performance reflects a positive trajectory, supported by strategic focus and operational efficiencies.
About ICF International, Inc.
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