Technology
ICF Reports Third Quarter 2024 Results
Published
6 months agoon
By
―Margin Expansion Driven by Favorable Business Mix and Higher Utilization―
―GAAP EPS and Non-GAAP EPS1 Include Tax Benefits of $0.25 Per Share―
―Record Business Development Pipeline of $10.6 Billion at Quarter-End―
―2024 Guidance: Adjusting Revenue Range to Account for Lower Pass-Throughs; Raising EPS Ranges to Reflect Margin Expansion and Tax Benefits―
Third Quarter Highlights:
Revenue Increased 3% to $517 Million, Up 6% Excluding DivestituresNet Income Was $33 Million and GAAP EPS Was $1.73, Up 38% Non-GAAP EPS Increased 18% to $2.13EBITDA1 Increased 18% to $58.2 Million; Adjusted EBITDA1 Was $58.5 Million, Up 8%Contract Awards Were $697 Million for a Quarterly Book-to Bill Ratio of 1.35 and a TTM Book-to-Bill Ratio of 1.31
RESTON, Va., Oct. 31, 2024 /PRNewswire/ — ICF (NASDAQ: ICFI), a global consulting and technology services provider, reported results for the third quarter ended September 30, 2024.
Commenting on the results, John Wasson, chair and chief executive officer, said, “This was another quarter of strong performance for ICF. Total revenues increased 3% year-on-year. Revenues from continuing operations increased 6% from last year’s levels, which includes a considerable impact from lower pass-throughs.
“Our Energy, Environment, Infrastructure and Disaster Recovery client market again was a key contributor to our third quarter results, delivering year-on-year revenue growth of 15.3% and accounting for 45.7% of total third quarter revenues, up from 40.8% in the similar period last year. We experienced continued strong demand from our utility clients for a broad range of ICF’s capabilities, including core energy efficiency programs, grid resilience, electrification, decarbonization and flexible load management, all of which have taken on greater importance given recent increases in projected electricity demand, particularly from the growth in data centers. ICF is a market leader with the unique experience, capabilities and scale to assist utility clients across all these areas with analytics, multidisciplinary solutions and program management.
“Favorable mix and higher utilization were key drivers of third quarter margin expansion. Operating margin increased by 250 basis points year-on-year to 8.9%, and Adjusted EBITDA margin expanded by 50 basis points to 11.3% from 10.8%.
“We ended the third quarter with a record business development pipeline of $10.6 billion, after $697 million in contract awards. Year-to-date contract awards increased 16% from last year’s levels to just over $2.0 billion, of which 63% represented new business wins, indicating how well aligned ICF’s capabilities are with client spending priorities.”
Third Quarter 2024 Results
Third quarter 2024 total revenue was $517.0 million, a 3.1% increase from the $501.5 million reported in the third quarter of 2023, and up 6.0% from last year’s third quarter revenues adjusted for the divestiture of our commercial marketing business lines. Subcontractor and other direct costs were 24.7% of total revenues compared to 27.1% in last year’s third quarter. Operating income was $46.0 million, up 44.3% from $31.9 million last year, and operating margin on revenue expanded to 8.9% from 6.4%. Net income totaled $32.7 million, representing a 37.7% year-on-year increase over the $23.7 million reported in the third quarter of 2023. Diluted EPS was $1.73 per share, up 38.4% from $1.25 reported in the third quarter of 2023, which included $5.2 million, or $0.20 per share, of tax-effected special charges. Third quarter 2024 net income and diluted EPS included incremental tax benefits beyond previous expectations of $0.25 per share. As a result, the company’s effective tax rate was 13.8% in the third quarter.
Non-GAAP EPS increased 17.7% to $2.13 per share, from $1.81 per share reported in the comparable period in 2023. EBITDA was $58.2 million, 18.4% above the $49.2 million reported in the year-ago period. Adjusted EBITDA increased 7.8% to $58.5 million from $54.3 million for the comparable period in 2023.
Backlog and New Business
Total backlog was $3.9 billion at the end of the third quarter of 2024. Funded backlog was $1.9 billion, or approximately 50% of the total backlog. The total value of contracts awarded in the 2024 third quarter was $696.9 million for a quarterly book-to-bill ratio of 1.35, and trailing twelve-month contract awards totaled $2.0 billion, up 16.0% year-on-year for a book-to-bill ratio of 1.31.
Government Revenue Third Quarter 2024 Highlights
Revenue from government clients was $387.8 million, up 1.1% year-over-year.
U.S. federal government revenue was $282.0 million, an increase of 1.0% compared to the $279.3 million reported in the third quarter of 2023, and was impacted by a year-over-year decrease in subcontractor and other direct costs estimated at $10 million in the quarter. Federal government revenue accounted for 54.5% of total revenue, compared to 55.7% of total revenue in the third quarter of 2023.U.S. state and local government revenue increased 3.0% to $78.9 million, from $76.6 million in the year-ago quarter. State and local government clients represented 15.3% of total revenue, unchanged from the third quarter of 2023.International government revenue was $26.9 million, slightly down from the $27.5 million reported in the year-ago quarter. International government revenue represented 5.2% of total revenue, compared to 5.5% in the third quarter of 2023.
Key Government Contracts Awarded in the Third Quarter 2024
Notable government contract awards won in the third quarter of 2024 included:
Health and Social Programs
A new task order with a value of $40.2 million with a U.S. federal agency to deliver strategic and digital communications and engagement campaigns to combat human trafficking.A contract modification with a value of $33.2 million with a U.S. federal agency to provide stakeholder engagement support services.A new contract with a value of $14.8 million with the U.S. Centers for Disease Control and Prevention (CDC) to provide support for CDC’s Needle Exchange Utilization Survey (NEXUS) surveillance project.A new subcontract with a value of $11.2 million to provide information resource support services for the U.S. National Institute of Neurological Disorders and Stroke, Office of Neuroscience Communications and Engagement.A new contract with a value of $10.9 million with the U.S. National Institutes of Health to support the National Library of Medicine’s User Services and Collections Division cross-functional initiatives, including advancing GenAI projects and other programming and technical development activities.A new contract with a value of $9.7 million with the U.S. Department of Education to provide capacity-building services to state, regional and local education agencies.
Disaster Management and Mitigation
A contract extension with a value of $38.5 million with a U.S. state land agency to provide disaster recovery and mitigation grant management services.A new contract with a value of $10.5 million with the government of a U.S. territory to provide a comprehensive array of services to support compliance with federal and local disaster management regulations related to its hurricane recovery efforts.
IT Modernization
A new contract with a value of $69.9 million with the government of a U.S. territory to design, build and implement a new geospatial data management system.A new task order under a blanket purchase agreement with a value of $8.9 million with a U.S. federal agency to provide data center modernization services.
Climate, Energy and Environment
A single-award recompete blanket purchase agreement with a ceiling of $75 million with the U.S. Environmental Protection Agency Office of Water to provide environmental, economic, regulatory and evaluation services to the agency’s critical water programs.A recompete blanket purchase agreement with a ceiling of $40.0 million with the U.S. Federal Highway Administration to provide technical, engineering, publications, marketing and professional support services.
Commercial Revenue Third Quarter 2024 Highlights
Commercial revenue was $129.2 million, compared to $118.1 million reported in the third quarter of 2023; up 23.7% compared to revenues of $104.5 million excluding divestitures in 2023.
Commercial revenue accounted for 25.0% of total revenue compared to 23.5% of total revenue in the 2023 third quarter.Energy markets revenue, which includes energy efficiency programs, increased 24.6% and represented 86.7% of commercial revenue.
Key Commercial Contracts Awarded in the Third Quarter of 2024
Notable commercial awards won in the third quarter of 2024 included:
A contract modification with a mid-Atlantic U.S. utility to continue to provide program implementation services for its residential energy efficiency portfolio.A contract modification with a multinational energy company to prepare environmental impact statements for the company’s offshore wind projects.A new contract with an international renewable energy company to prepare an environmental impact statement for its offshore wind project.A new contract with a Midwestern U.S. utility to provide program implementation services for its residential energy efficiency program.A new contract with a Midwestern U.S. electric and gas utility to provide program implementation services for its residential energy efficiency program.A new contract with a Midwestern U.S. utility to provide demand-side management programs for both market rate and disadvantaged communities for its residential energy efficiency portfolio.A contract modification with a mid-Atlantic U.S. utility to continue to provide program implementation services for its energy efficiency programs.
Dividend Declaration
On October 31, 2024, ICF declared a quarterly cash dividend of $0.14 per share, payable on January 10, 2025, to shareholders of record on December 6, 2024.
Summary and Outlook
“Continued favorable business mix and utilization metrics, together with the incremental tax benefits of approximately $0.25 per share, have led us to increase the midpoint of our earnings per share guidance for full year 2024 by $0.35. Our revised guidance for GAAP EPS is in the range of $6.05 to $6.15, excluding special charges, and Non-GAAP EPS is expected to range from $7.40 to $7.50, representing year-on-year growth of 14.6% at the midpoint. We have adjusted our full year 2024 revenue guidance range to $2.0 billion to $2.03 billion from $2.03 billion to $2.10 billion to reflect an estimated $50 million reduction in expected pass-throughs. This primarily impacts revenue comparisons for our Health and Social Programs client market with no meaningful impact on margins. Based on our strong cash flow to date, we reaffirm our guidance for full year 2024 operating cash flow of approximately $155 million.
“Our forward-looking metrics support our confidence in continued growth for ICF as we enter 2025. We have a strong multiyear backlog, a record business development pipeline and a consistent track record of new business wins. We are experiencing robust demand from commercial clients for our energy and environment expertise and related implementation and technology capabilities. We have excellent credentials in disaster management, resilience and mitigation work to assist state and local governments with recovery after storms, flooding and wildfires, as well as with their future resilience planning. The large majority of our federal government work is in areas that have bipartisan support, particularly IT modernization, which remains an area of priority spending. And importantly, our people are fully engaged in achieving the objectives and missions of our clients, which underpins our confidence in ICF’s future growth potential,” Mr. Wasson concluded.
1 Non-GAAP EPS, EBITDA, and Adjusted EBITDA are non-GAAP measurements. A reconciliation of all non-GAAP measurements to the most applicable GAAP number is set forth below. Special charges are items that were included within our consolidated statements of comprehensive income but are not indicative of ongoing performance and have been presented net of applicable U.S. GAAP taxes. The presentation of non-GAAP measurements may not be comparable to other similarly titled measures used by other companies.
About ICF
ICF is a global consulting and technology services company with approximately 9,000 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. Learn more at icf.com.
Caution Concerning Forward-looking Statements
Statements that are not historical facts and involve known and unknown risks and uncertainties are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; and our ability to acquire and successfully integrate businesses. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements that are included in the “Risk Factors” section of our securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.
Note on Forward-Looking Non-GAAP Measures
The company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to the variability and difficulty in making accurate forecasts and projections and because not all of the information necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures (such as the effect of share-based compensation or the impact of future extraordinary or non-recurring events like acquisitions) is available to the company without unreasonable effort. For the same reasons, the company is unable to estimate the probable significance of the unavailable information. The company provides forward-looking non-GAAP financial measures that it believes will be achievable, but it cannot accurately predict all of the components of the adjusted calculations, and the U.S. GAAP financial measures may be materially different than the non-GAAP financial measures.
Investor Contacts:
Lynn Morgen, ADVISIRY PARTNERS, lynn.morgen@advisiry.com +1.212.750.5800
David Gold, ADVISIRY PARTNERS, david.gold@advisiry.com +1.212.750.5800
Company Information Contact:
Lauren Dyke, ICF, lauren.dyke@ICF.com +1.571.373.5577
ICF International, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in thousands, except per share amounts)
2024
2023
2024
2023
Revenue
$ 516,998
$ 501,519
$ 1,523,463
$ 1,484,886
Direct costs
325,047
323,504
964,911
961,473
Operating costs and expenses:
Indirect and selling expenses
132,816
131,553
389,001
381,808
Depreciation and amortization
4,820
5,917
15,303
19,052
Amortization of intangible assets
8,291
8,644
24,873
27,154
Total operating costs and expenses
145,927
146,114
429,177
428,014
Operating income
46,024
31,901
129,375
95,399
Interest, net
(7,195)
(10,557)
(23,136)
(30,146)
Other (expense) income
(899)
2,736
767
1,501
Income before income taxes
37,930
24,080
107,006
66,754
Provision for income taxes
5,251
340
21,399
6,304
Net income
$ 32,679
$ 23,740
$ 85,607
$ 60,450
Earnings per Share:
Basic
$ 1.74
$ 1.26
$ 4.57
$ 3.22
Diluted
$ 1.73
$ 1.25
$ 4.53
$ 3.19
Weighted-average Shares:
Basic
18,760
18,815
18,752
18,795
Diluted
18,910
18,974
18,915
18,958
Cash dividends declared per common share
$ 0.14
$ 0.14
$ 0.42
$ 0.42
Other comprehensive loss, net of tax
(951)
(4,053)
(610)
(2,236)
Comprehensive income, net of tax
$ 31,728
$ 19,687
$ 84,997
$ 58,214
ICF International, Inc. and Subsidiaries
Reconciliation of Non-GAAP financial measures (2)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in thousands, except per share amounts)
2024
2023
2024
2023
Reconciliation of Revenue, Adjusted for Impact of Exited Business
Revenue
$ 516,998
$ 501,519
$ 1,523,463
$ 1,484,886
Less: Revenue from exited business (3)
—
(13,565)
—
(59,713)
Total Revenue, Adjusted for Impact of Exited Business
$ 516,998
$ 487,954
$ 1,523,463
$ 1,425,173
Reconciliation of EBITDA and Adjusted EBITDA (4)
Net income
$ 32,679
$ 23,740
$ 85,607
$ 60,450
Interest, net
7,195
10,557
23,136
30,146
Provision for income taxes
5,251
340
21,399
6,304
Depreciation and amortization
13,111
14,561
40,176
46,206
EBITDA
58,236
49,198
170,318
143,106
Impairment of long-lived assets (5)
—
2,912
—
3,806
Acquisition and divestiture-related expenses (6)
139
1,779
205
4,685
Severance and other costs related to staff realignment (7)
449
595
1,184
4,455
Charges for facility consolidations and office closures (8)
—
2,220
—
2,579
Pre-tax gain from divestiture of a business (9)
(298)
(2,425)
(2,013)
(2,425)
Total Adjustments
290
5,081
(624)
13,100
Adjusted EBITDA
$ 58,526
$ 54,279
$ 169,694
$ 156,206
Net Income Margin Percent on Revenue (10)
6.3 %
4.7 %
5.6 %
4.1 %
EBITDA Margin Percent on Revenue (11)
11.3 %
9.8 %
11.2 %
9.6 %
Adjusted EBITDA Margin Percent on Revenue (11)
11.3 %
10.8 %
11.1 %
10.5 %
Reconciliation of Non-GAAP Diluted EPS (4)
U.S. GAAP Diluted EPS
$ 1.73
$ 1.25
$ 4.53
$ 3.19
Impairment of long-lived assets
—
0.15
—
0.20
Acquisition and divestiture-related expenses
0.01
0.09
0.01
0.25
Severance and other costs related to staff realignment
0.02
0.03
0.06
0.23
Expenses related to facility consolidations and office closures (12)
—
0.12
0.04
0.14
Pre-tax gain from divestiture of a business
(0.02)
(0.13)
(0.11)
(0.13)
Amortization of intangibles
0.44
0.46
1.31
1.43
Income tax effects of the adjustments (13)
(0.05)
(0.16)
(0.26)
(0.50)
Non-GAAP Diluted EPS
$ 2.13
$ 1.81
$ 5.58
$ 4.81
(2) These tables provide reconciliations of non-GAAP financial measures to the most applicable GAAP numbers. While we believe that these non-GAAP financial measures may be useful in evaluating our financial information, they should be considered supplemental in nature and not as a substitute for financial information prepared in accordance with GAAP. Other companies may define similarly titled non-GAAP measures differently and, accordingly, care should be exercised in understanding how we define these measures.
(3) Revenue from the exited U.K. commercial marketing business (June 30, 2023), U.S. commercial marketing business (September 11, 2023), and Canadian mobile text aggregation business (November 1, 2023). Subcontractor and other direct costs from the exited business are approximately 15.0% and 31.1% of revenue of the exited business for the three and nine months ended September 30, 2023, respectively.
(4) Reconciliations of EBITDA, Adjusted EBITDA, and Non-GAAP Diluted EPS were calculated using numbers as reported in U.S. GAAP.
(5) Represents impairment charges recorded in the first and third quarters of 2023 of $0.9 million and $2.9 million, respectively, of an intangible asset associated with the exit of our commercial marketing business in the U.K. and operating lease right-of-use assets.
(6) These are primarily third-party costs related to acquisitions and potential acquisitions, integration of acquisitions, and separation of discontinued businesses or divestitures.
(7) These costs are mainly due to involuntary employee termination benefits for our officers, and employees who have been notified that they will be terminated as part of a business reorganization or exit.
(8) These are exit costs associated with terminated leases or full office closures that we either (i) will continue to pay until the contractual obligations are satisfied but with no economic benefit to us, or (ii) paid upon termination and ceasing to use the leased facilities.
(9) Pre-tax gain related to the 2023 divestiture of our U.S. commercial marketing business which include contingent gains realized in the first and the third quarter of 2024.
(10) Net Income Margin Percent on Revenue was calculated by dividing net income by revenue.
(11) EBITDA Margin Percent and Adjusted EBITDA Margin Percent on Revenue were calculated by dividing the non-GAAP measure by the corresponding revenue.
(12) These are exit costs related to actual office closures (previously included in Adjusted EBITDA) and accelerated depreciation related to fixed assets for planned office closures.
(13) Income tax effects were calculated using the effective tax rate, adjusted for certain discrete items, if any, of 13.8% and 21.7% for the three months ended September 30, 2024 and 2023, respectively, and 20.0% and 23.5% for the nine months ended September 30, 2024 and 2023, respectively.
ICF International, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
(in thousands, except share and per share amounts)
September 30, 2024
December 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents
$ 6,911
$ 6,361
Restricted cash
724
3,088
Contract receivables, net
212,412
205,484
Contract assets
237,742
201,832
Prepaid expenses and other assets
24,785
28,055
Income tax receivable
10,541
2,337
Total Current Assets
493,115
447,157
Property and Equipment, net
71,299
75,948
Other Assets:
Goodwill
1,221,437
1,219,476
Other intangible assets, net
70,030
94,904
Operating lease – right-of-use assets
122,543
132,807
Other assets
49,754
41,480
Total Assets
$ 2,028,178
$ 2,011,772
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Current portion of long-term debt
$ 13,750
$ 26,000
Accounts payable
121,093
134,503
Contract liabilities
17,176
21,997
Operating lease liabilities
21,204
20,409
Finance lease liabilities
2,590
2,522
Accrued salaries and benefits
91,103
88,021
Accrued subcontractors and other direct costs
55,600
45,645
Accrued expenses and other current liabilities
85,274
79,129
Total Current Liabilities
407,790
418,226
Long-term Liabilities:
Long-term debt
405,396
404,407
Operating lease liabilities – non-current
160,926
175,460
Finance lease liabilities – non-current
11,922
13,874
Deferred income taxes
5,982
26,175
Other long-term liabilities
59,845
56,045
Total Liabilities
1,051,861
1,094,187
Commitments and Contingencies
Stockholders’ Equity:
Preferred stock, par value $.001; 5,000,000 shares authorized; none issued
—
—
Common stock, par value $.001; 70,000,000 shares authorized; 24,138,735 and 23,982,132 shares issued at September 30, 2024 and December 31, 2023, respectively; 18,762,710 and 18,845,521 shares outstanding at September 30, 2024 and December 31, 2023, respectively
24
24
Additional paid-in capital
436,671
421,502
Retained earnings
852,835
775,099
Treasury stock, 5,376,025 and 5,136,611 shares at September 30, 2024 and December 31, 2023, respectively
(300,718)
(267,155)
Accumulated other comprehensive loss
(12,495)
(11,885)
Total Stockholders’ Equity
976,317
917,585
Total Liabilities and Stockholders’ Equity
$ 2,028,178
$ 2,011,772
ICF International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
(in thousands)
2024
2023
Cash Flows from Operating Activities
Net income
$ 85,607
$ 60,450
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses
3,176
691
Deferred income taxes and unrecognized income tax benefits
(16,957)
(3,533)
Non-cash equity compensation
12,494
10,134
Depreciation and amortization
40,177
46,207
Gain on divestiture of a business
(2,009)
(4,302)
Other operating adjustments, net
2,206
2,563
Changes in operating assets and liabilities, net of the effects of acquisitions:
Net contract assets and liabilities
(40,155)
(52,010)
Contract receivables
(9,634)
12,087
Prepaid expenses and other assets
(434)
11,893
Operating lease assets and liabilities, net
(3,065)
3,897
Accounts payable
(13,402)
(13,333)
Accrued salaries and benefits
2,889
(8,521)
Accrued subcontractors and other direct costs
9,660
(3,353)
Accrued expenses and other current liabilities
16,979
(18,727)
Income tax receivable and payable
(9,574)
450
Other liabilities
(1,774)
959
Net Cash Provided by Operating Activities
76,184
45,552
Cash Flows from Investing Activities
Payments for purchase of property and equipment and capitalized software
(15,559)
(17,876)
Payments for business acquisitions, net of cash acquired
—
(32,664)
Proceeds from divestiture of a business
1,985
47,151
Net Cash Used in Investing Activities
(13,574)
(3,389)
Cash Flows from Financing Activities
Advances from working capital facilities
917,953
972,266
Payments on working capital facilities
(930,043)
(995,244)
Proceeds from other short-term borrowings
43,735
25,394
Repayments of other short-term borrowings
(53,280)
(18,845)
Receipt of restricted contract funds
1,275
6,412
Payment of restricted contract funds
(3,586)
(7,042)
Dividends paid
(7,880)
(7,903)
Net payments for stock issuances and share repurchases
(30,995)
(20,601)
Other financing, net
(1,777)
(1,501)
Net Cash Used in Financing Activities
(64,598)
(47,064)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash
174
(213)
Decrease in Cash, Cash Equivalents, and Restricted Cash
(1,814)
(5,114)
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period
9,449
12,968
Cash, Cash Equivalents, and Restricted Cash, End of Period
$ 7,635
$ 7,854
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for:
Interest
$ 24,388
$ 29,173
Income taxes
$ 50,382
$ 12,604
ICF International, Inc. and Subsidiaries
Supplemental Schedule (14)
Revenue by client markets
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2023
2024
2023
Energy, environment, infrastructure, and disaster recovery
46 %
41 %
46 %
40 %
Health and social programs
38 %
42 %
38 %
42 %
Security and other civilian & commercial
16 %
17 %
16 %
18 %
Total
100 %
100 %
100 %
100 %
Revenue by client type
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2023
2024
2023
U.S. federal government
55 %
56 %
55 %
55 %
U.S. state and local government
15 %
15 %
16 %
16 %
International government
5 %
5 %
5 %
5 %
Total Government
75 %
76 %
76 %
76 %
Commercial
25 %
24 %
24 %
24 %
Total
100 %
100 %
100 %
100 %
Revenue by contract mix
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2023
2024
2023
Time-and-materials
43 %
41 %
42 %
41 %
Fixed-price
46 %
45 %
46 %
45 %
Cost-based
11 %
14 %
12 %
14 %
Total
100 %
100 %
100 %
100 %
(14) As is shown in the supplemental schedule, we track revenue by key metrics that provide useful information about the nature of our operations. Client markets provide insight into the breadth of our expertise. Client type is an indicator of the diversity of our client base. Revenue by contract mix provides insight in terms of the degree of performance risk that we have assumed.
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SOURCE ICF
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May 2, 2025By
30-acre site will generate up to 2.5 megawatts of electricity for customers
BLACKMAN TOWNSHIP, Mich., May 2, 2025 /PRNewswire/ — During a ceremonial groundbreaking event today featuring local elected officials, Consumers Energy representatives and representatives from construction contractor Kokosing, celebrated the beginning of site work and construction on our Blackman Solar Gardens solar project, which is slated to start generating electricity by the end of the year.
“Consumers Energy is committed to reliably and affordably powering Michigan’s homes and businesses. In addition to its environmental benefits, renewable energy is increasingly cost competitive and provides flexibility to respond to emerging needs, adapt to changing conditions and embrace innovative technology. By participating in these programs, customers can save money and contribute to a greener Michigan,” said David Hicks. Consumers Energy’s vice president of clean energy development.
Blackman Solar will provide new capacity to expand Consumers’ Solar Gardens program. Solar Gardens is a community solar program which allows utility customers the ability to support the development and production of solar energy without having to own their own installations. Furthermore, the program is an easy, cost-effective way for customers to offset their carbon footprint and make Michigan a better place to live for future generations to come. The new Solar Gardens facility will be the fourth that Consumers Energy owns and operates to support residential customers joining other projects in Cadillac, at Western Michigan University and at Grand Valley State University. Blackman Solar will include nearly 5,000 solar panels, generating enough renewable electricity for approximately 2,500 future Solar Gardens customers.
Consumers Energy is Michigan’s largest energy provider, providing natural gas and/or electricity to 6.8 million of the state’s 10 million residents in all 68 Lower Peninsula counties. We are committed to delivering reliable, clean, and affordable energy to our customers 24/7.
For more information about Consumers Energy, go to ConsumersEnergy.com.
Check out Consumers Energy on Social Media
Facebook: https://www.facebook.com/consumersenergymichigan
Twitter: https://twitter.com/consumersenergy
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SOURCE Consumers Energy
Technology
Siemon Announces 52.5% Absolute Reduction in Scope 1 and 2 GHG Emissions, Accelerating Decarbonization Journey
Published
2 minutes agoon
May 2, 2025By
WATERTOWN, Conn., May 2, 2025 /PRNewswire-PRWeb/ — The Siemon Company, a global leader in network infrastructure solutions, is proud to announce a significant milestone in its sustainability journey by achieving a 52.5% absolute reduction in combined Scope 1 and Scope 2 greenhouse gas (GHG) emissions between 2021 and 2024. This commitment to environmental responsibility also strengthens Siemon’s long-term operational stability, ensuring reliable and consistent product delivery for our customers. This accomplishment underscores Siemon’s unwavering dedication to mitigating climate change and optimizing energy efficiency across its global operations.
The achievement is supported by notable improvements in operational metrics, with Scope 1 emissions declining from 271 to 195 tCO₂e (tonnes of carbon dioxide equivalent) and Scope 2 emissions from 1163 to 486 tCO₂e. This strategic initiative not only demonstrates Siemon’s commitment to sustainable business practices but also aligns with its broader ESG objectives of setting science-based targets and reducing overall carbon footprints.
“We are proud to announce this significant reduction in our GHG emissions as a critical step in our decarbonization journey, Our commitment to innovative energy solutions and continuous improvement in operational efficiency is a testament to our proactive approach in addressing climate change. By investing in renewable energy, optimizing processes, and engaging in comprehensive energy audits, we are setting new benchmarks for sustainability in our industry and building a more resilient and efficient supply chain to better serve our customers in the long run.”
John Siemon, Chief Technology Officer and Chief Operations Officer, Siemon
Key initiatives that contributed to this milestone include:
Comprehensive Energy Audits: Identifying high-emission areas and energy inefficiencies to drive focused improvements.Transition to Renewable Energy: Increasing the use of solar power to significantly reduce reliance on conventional energy sources.Energy Efficiency Upgrades: Installing energy-efficient lighting and optimizing HVAC systems to lower overall consumption.Waste Reduction and Recycling Programs: Implementing robust programs to diminish waste generation and promote resource efficiency.Enhanced Manufacturing Processes: Upgrading equipment and processes to support energy efficiency and reduce environmental impact.
Through these initiatives, Siemon is leading by example in the industry, reinforcing its commitment to environmental leadership and sustainable operations. The company will continue to invest in advanced energy technologies, collaborate with suppliers on green practices, and maintain transparent reporting practices that ensure accountability and continuous progress and provide our customers with the data and assurance they need to meet their own sustainability commitments. Learn more about Siemon’s sustainability efforts at www.siemon.com/esg.
About Siemon
Established in 1903, Siemon is an industry leader specializing in the design and manufacture of high-quality, high-performance IT infrastructure solutions and services for Data Centers, LANs, and Smart Buildings. Headquartered in Connecticut, USA, with global sales, technical, and logistics expertise spanning 150 countries, Siemon offers the most comprehensive suites of copper and optical fiber cabling systems, racks, cable management, and Intelligent Infrastructure Management solutions. With more than 400 patents specific to structured cabling, Siemon Labs invests heavily in R&D and the development of Industry Standards, underlining the company’s long-standing commitment to its customers and the industry. Through an ongoing commitment to waste and energy reduction, Siemon’s environmental sustainability benchmarks are unparalleled in the industry.
Media Contact
Brian Baum, Siemon, 1 8609454200, brian_baum@siemon.com
View original content:https://www.prweb.com/releases/siemon-announces-52-5-absolute-reduction-in-scope-1-and-2-ghg-emissions-accelerating-decarbonization-journey-302443758.html
SOURCE Siemon
DOWNERS GROVE, Ill., May 2, 2025 /PRNewswire/ — The Board of Directors of Dover Corporation (NYSE: DOV) today declared a regular quarterly cash dividend of $0.515 (fifty-one and one-half cents) per share, payable on June 16, 2025, to shareholders of record as of May 30, 2025.
About Dover:
Dover is a diversified global manufacturer and solutions provider with annual revenue of over $7 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what’s possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under “DOV.” Additional information is available at dovercorporation.com.
Investor Contact:
Jack Dickens
Vice President – Investor Relations
(630) 743-2566
jdickens@dovercorp.com
Media Contact:
Adrian Sakowicz
Vice President – Communications
(630) 743-5039
asakowicz@dovercorp.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/dover-declares-regular-quarterly-cash-dividend-302445288.html
SOURCE Dover
Consumers Energy Breaks Ground on Blackman Solar Gardens Site Near Jackson
Siemon Announces 52.5% Absolute Reduction in Scope 1 and 2 GHG Emissions, Accelerating Decarbonization Journey
Dover Declares Regular Quarterly Cash Dividend
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