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FAIRFAX — ICF International Inc.'s quarterly profit ticked higher as the company benefited from a lower tax rate and higher revenue from its consulting and technology services.
The company's forecast for the current quarter was weaker than some analysts expected, however. The stock slipped in extended trading.
The company said Tuesday that its net income was $6.2 million, or 37 cents per share, in the fourth quarter, versus $6.1 million, or 40 cents per share, in the year-earlier period.
The company said it benefited from "favorable nonrecurring tax benefits" that reduced the tax rate in the latest quarter.
The profit topped the average estimate of analysts polled by Thomson Reuters. They were expecting 31 cents per share.
For the three months ended Dec. 31, revenue rose 7 percent to $174.1 million, exceeding analysts' average estimate of $168 million.
For all of 2009, net income fell 22 percent to $22.4 million, as revenue fell 3 percent to $674.4 million.
For the first quarter of 2010, the company expects revenue of $170 million to $175 million, and profit of 27 cents to 30 cents per share. Analysts were expecting $176.4 million in revenue and 30 cents per share in profit.
For 2010, the company boosted its revenue guidance to $740 million to $775 million to include the results from a recent acquisition, with earnings per share of $1.33 to $1.43.
That was in line with analysts' projections for $759.2 million in revenue and $1.39 per share in profit.
The stock fell 39 cents to $24.40 in extended trading, after the results were reported. It had risen 21 cents to close at $24.79 during the regular trading session.
