Shares of ICF International surged 11.4% to $95.05 after the consulting firm reported adjusted earnings per share of $1.86, beating estimates by about 13%, and reaffirmed its full-year guidance despite a slight revenue miss. Revenue was $474.5 million, essentially flat year over year and below forecasts, as pressure in federal client work was offset by demand from commercial energy, state and local, and international government clients. Management maintained its full-year revenue outlook of $1.89 billion to $1.96 billion and non-GAAP EPS of $6.95 to $7.25, noting that roughly 90% of the revenue needed for the midpoint is already in backlog. Strong operating cash flow in the quarter reinforced the quality of earnings, and the reaffirmed guidance with high backlog coverage reassured investors about a second-half federal recovery despite the top-line miss.
ICF International IncAdjusted EPS beat estimates by 13% and full-year guidance reaffirmed with strong backlog coverage.
