Welcome to our dedicated page for ICF International news (Ticker: ICFI), a resource for investors and traders seeking the latest updates and insights on ICF International stock.
ICF International, Inc. (NASDAQ: ICFI) is a prominent global consulting and technology services provider with a workforce of over 9,000 employees specializing in an array of fields including business analysis, policy development, technology, digital strategy, social science, and creative solutions. Established in 1969, ICF has a broad portfolio of clients primarily comprising United States federal government departments and agencies, as well as commercial clients.
ICF's core services span across four primary markets: Energy, Environment, Infrastructure and Disaster Recovery; Health and Social Programs; Security; and Other Civilian & Commercial. Their expertise encompasses professional services and technology-based solutions such as management consulting, marketing, technology implementation, and policy consulting.
One of ICF's notable achievements includes a recent collaboration with the U.S. Department of Health and Human Services (HHS) to advance the cloud migration and digital modernization of the Centers for Medicare & Medicaid Services (CMS) systems. These projects, valued at $50 million, aim to improve healthcare services for Medicare and Medicaid beneficiaries across the nation.
Additionally, ICF has been instrumental in implementing energy efficiency programs for utility companies like Baltimore Gas and Electric (BGE) and Entergy Arkansas, leveraging their proprietary utility technology platform to monitor and optimize program performance. Their collaboration with the California State Lottery further exemplifies their ability to enhance digital infrastructure, ensuring websites are user-friendly and compliant with the Americans with Disabilities Act.
ICF's digital modernization services are bolstered by partnerships with more than 30 platform partners, including being an Amazon Web Services (AWS) Advanced Tier Services Partner. This positions ICF to provide comprehensive cloud capabilities, artificial intelligence (AI), machine learning (ML), and data sharing solutions. In the realm of global health, ICF has been a pivotal partner for the U.S. Agency for International Development (USAID), delivering the Demographic and Health Surveys (DHS) Program for over 40 years, providing critical data for health, population, and nutrition programs worldwide.
ICF's dedication to utilizing science and technology has also been recognized by their work with the U.S. Environmental Protection Agency (EPA) under a $75 million contract to assess chemical hazards and environmental stressors. Their advanced data modeling and analysis tools like Litstream® aid in producing broad-based, scientifically defensible analyses.
Financially, ICF has demonstrated robust performance with a 2% year-over-year revenue increase in the first quarter of 2024, adjusting for the divestiture of its commercial marketing business lines. Their backlog of $3.6 billion and a 1.2 book-to-bill ratio underscore their strong positioning and growth prospects.
On January 3, 2022, ICF (NASDAQ: ICFI) announced the completion of its acquisition of Creative Systems and Consulting, a provider of IT modernization solutions for U.S. federal agencies. This acquisition enhances ICF's digital transformation service offerings and leverages Creative's expertise in cloud solutions, data analytics, and customer experience, particularly within Salesforce and ServiceNow platforms. The integration aims to strengthen ICF's position in the federal market, benefiting from Creative's skilled 270-person team.
ICF has announced a definitive agreement to acquire Creative Systems and Consulting, a prominent provider of IT modernization solutions for U.S. federal agencies, expected to generate approximately $60 million in revenue in 2021. The acquisition is anticipated to slightly enhance ICF's GAAP EPS in 2022 and deliver mid-teens revenue growth in the following year. Creative’s strong expertise in cloud services complements ICF’s offerings and is projected to yield significant revenue synergies. The deal is subject to customary closing conditions and is slated for completion by year-end 2021.
ICF (NASDAQ:ICFI) has been recognized as the Appian 2021 Trusted Delivery Partner in the Public Sector for its consistent implementation of Appian's Low-Code Platform. This acknowledgment highlights ICF's successful partnerships with federal agencies including the U.S. Departments of Transportation, Labor, and Health and Human Services. Additionally, ICF received the Appian 2021 Public Sector Solutions Cup for delivering an effective financial examiner platform, positioning the company as a leader in digital transformation within the public sector.
ICF (NASDAQ: ICFI) has appointed Michelle A. Williams, dean of the Harvard T.H. Chan School of Public Health, to its board of directors effective December 1, 2021. Williams brings extensive experience as an epidemiologist and academic leader, having published over 500 peer-reviewed papers. ICF CEO John Wasson expressed enthusiasm for her joining, highlighting her expertise in public health as a strong asset for the company. Williams aims to support ICF in tackling complex challenges and enhancing community resilience. This strategic addition strengthens ICF's leadership in addressing pressing global issues.
ICF reported third-quarter 2021 revenue of $394 million, a 9% rise from last year, with service revenue at $276 million, up 4%. Diluted EPS increased to $1.07, a 14% increase. The company secured $604 million in new contracts, resulting in a trailing twelve-month contract total of $2.1 billion. The backlog stood at $3.1 billion, with 55% funded. ICF announced the acquisition of ESAC to enhance its public health services. Despite a decline in commercial revenue, strong growth in government revenue (up 16.1%) supports future growth, with revised EPS guidance for 2021 reflecting significant expected growth.
ICF (NASDAQ:ICFI) has acquired ESAC, a specialized provider of advanced health analytics and bioinformatics, enhancing its capabilities in federal health agencies. This acquisition aims to address the increasing complexity of health data and interoperability requirements in the U.S. federal health sector. With a strong cultural alignment, ICF plans to leverage ESAC's expertise in health IT and data standards to capture growth opportunities. The 40-person ESAC team has extensive experience since 2006, supporting research and healthcare quality improvements.
The U.S. Department of Health and Human Services awarded ICF $24 million in technical assistance contracts to enhance programs under the Administration for Children and Families. The agreements include a $15 million contract focused on human trafficking prevention, a $5 million extension for early childhood education support, and a $4 million contract for low-income water assistance programs. ICF has over 30 years of experience aiding ACF programs, aiming to improve the social well-being of children and families nationwide.
The U.S. Department of Justice has awarded ICF a $20 million contract to provide training and technical assistance to the Bureau of Justice Assistance's National Training and Technical Assistance Center (BJA NTTAC). The contract spans five years, consisting of a one-year base and four one-year options. ICF will leverage over 20 years of experience in supporting similar services to enhance the criminal justice system by reducing crime and recidivism. This partnership aims to deliver impactful solutions and support for state, local, and tribal justice agencies.
The CDC has awarded ICF (NASDAQ:ICFI) three contracts totaling $35 million for digital transformation and health services. The largest, worth $15 million, focuses on modernizing HIV clinical surveillance systems over a five-year term. An $11 million contract supports cancer surveillance systems, and a $9 million task order involves tobacco control communications and marketing. ICF's long-standing relationship with the CDC underscores its capabilities in addressing public health challenges.
FAQ
What is the current stock price of ICF International (ICFI)?
What is the market cap of ICF International (ICFI)?
What services does ICF International provide?
Who are ICF International’s primary clients?
What markets does ICF International serve?
What recent projects has ICF International undertaken?
How does ICF International support global health initiatives?
What technology partnerships does ICF International have?
How does ICF International contribute to environmental protection?
What is ICF International's financial outlook?
How does ICF International enhance digital infrastructure for clients?
What distinguishes ICF International from other consulting firms?
