<p><strong>Icf International</strong>（ICFI 5.44%），一家全球咨询和技术服务公司，以其与政府和商业客户的合作而闻名，于 2025 年 7 月 31 日公布了财务业绩。主要亮点是 2025 年第二季度的收入（GAAP）较 2024 年第二季度下降了 7.0%，为 4.762 亿美元，未达到分析师预期的 4.828 亿美元（GAAP）。然而，非 GAAP 每股收益为 1.66 美元，超出预期，分析师共识为 1.57 美元（非 GAAP），得益于利润率的改善和谨慎的成本管理。该季度显示出商业能源和咨询工作的韧性，但突显了联邦政府合同中持续存在的挑战，导致整体收入收缩。</p>
<table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度预估</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（非 GAAP）</td>
<td>$1.66</td>
<td>$1.57</td>
<td>$1.69</td>
<td>(1.8%)</td>
</tr>
<tr>
<td>收入</td>
<td>$4.762 亿</td>
<td>$4.828 亿</td>
<td>$5.120 亿</td>
<td>(7.0%)</td>
</tr>
<tr>
<td>调整后息税折旧摊销前利润</td>
<td>$5,290 万</td>
<td></td>
<td>$5,600 万</td>
<td>(5.5%)</td>
</tr>
<tr>
<td>营业利润率</td>
<td>8.4%</td>
<td></td>
<td>8.3%</td>
<td>+0.1 pp</td>
</tr>
<tr>
<td>净收入</td>
<td>$2,370 万</td>
<td></td>
<td>$2,560 万</td>
<td>(7.4%)</td>
</tr>
</tbody>
</table>
<p>来源：FactSet 提供的季度分析师预估。</p>
<h2>理解 Icf International 的业务和近期重点</h2>
<p>Icf International 帮助政府、公用事业和企业应对能源、环境、灾后恢复、公共卫生和 IT 现代化等复杂问题。它提供咨询、项目管理和技术解决方案，特别活跃于能源效率、电气化和数字化转型项目。</p>
<p>该公司近期的业务重点是扩大商业工作，特别是在公用事业和寻求向低排放和更具韧性系统过渡的客户的能源咨询方面。技术是另一个重点领域，持续投资于分析和人工智能项目，帮助客户现代化运营。商业和政府客户之间的投资组合平衡是成功的关键因素，同时在受监管行业中维持长期客户关系也至关重要。</p>
<h2>季度亮点：部门变化、利润率和关键发展</h2>
<p>本季度，最显著的发展是收入结构的变化。商业部门的收入同比增长 25.2%，主要得益于能源市场收入同比增长 27.4%。能源、环境、基础设施和灾后恢复项目占总收入的 52%，较上个时期有所增加。管理层归功于在能源效率和数字现代化产品方面的成功中标和合同续签，包括年初至今近 11 亿美元的新合同。</p>
<p>尽管商业业务表现强劲，但政府工作——尤其是来自美国联邦机构的工作——急剧下降。联邦收入同比下降 25.1%，管理层将其归因于政府合同资金和新项目授予的持续延迟。总体而言，政府客户占收入的 67%，低于 2024 年第二季度的 76%。州和地方政府工作以及国际合同均保持稳定或略有上升，帮助稳定了业务。</p>
<p>与去年相比，利润率表现有所改善，公司营业利润率为 8.4%，尽管整体收入下降，但略有上升。毛利率扩大，受益于固定价格和时间与材料合同的更高比例——这些类型的协议在管理得当时可以提高盈利能力——以及支付给分包商和其他直接费用的成本下降。这在一定程度上得益于该期间较低的税率。</p>
<p>公司本季度的账单比率为 1.30，显示出管道中健康的需求。业务开发管道为 92 亿美元。季度股息没有变化，连续保持在每股 0.14 美元。</p>
<h2>展望未来：管理层指导和未来考虑</h2>
<p>管理层维持 2025 年全年指导范围，表明其不预计全年收入较 2024 财年下降超过 10%，此前被视为 “底线”。调整后的息税折旧摊销前利润率预计将保持在去年的水平，报告的非 GAAP 每股收益正朝着指导范围的高端发展，考虑到上半年的业绩。2025 财年的预期经营现金流为 1.5 亿美元。2026 年的前景指向可能恢复总收入和盈利增长，但确切的时机取决于市场条件和联邦政府资金周期。</p>
<p>尽管该期间没有新的大规模收购，但在现有客户基础上发展并确保新的能源和技术合同将对未来增长至关重要。季度股息保持不变，为每股 0.14 美元。</p>
<p><em>收入和净收入按美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>

不动产指数 ETF - iShares

<p>Icf International (ICFI) 报告称，2025 年第二季度收入下降 7%，总计 4.762 亿美元，未达到分析师预期。然而，非 GAAP 每股收益为 1.66 美元，超出 1.57 美元的预测。商业部门收入增长 25.2%，主要受能源市场推动，而联邦收入下降 25.1%。公司维持全年指导，预计收入将比 2024 财年下降不到 10%。季度股息保持在每股 0.14 美元，账单比率健康，为 1.30，业务发展管道为 92 亿美元</p>

<p><strong>Icf International</strong>(ICFI 5.44%), a global consulting and technology services company known for its work with government and commercial clients, reported financial results on July 31, 2025. The major headline was Revenue (GAAP) fell 7.0% in Q2 2025 compared to Q2 2024, coming in at $476.2 million and missing analyst expectations of $482.8 million (GAAP). However, non-GAAP earnings per share was $1.66, beating expectations, compared with the analyst consensus of $1.57 (Non-GAAP), thanks to improved margins and careful cost management. The quarter showed resilience in commercial energy and advisory work but highlighted persistent challenges in federal government contracting, resulting in overall revenue contraction.</p>
<div class="lb-trans"><p><strong>Icf International</strong>（ICFI 5.44%），一家全球咨询和技术服务公司，以其与政府和商业客户的合作而闻名，于 2025 年 7 月 31 日公布了财务业绩。主要亮点是 2025 年第二季度的收入（GAAP）较 2024 年第二季度下降了 7.0%，为 4.762 亿美元，未达到分析师预期的 4.828 亿美元（GAAP）。然而，非 GAAP 每股收益为 1.66 美元，超出预期，分析师共识为 1.57 美元（非 GAAP），得益于利润率的改善和谨慎的成本管理。该季度显示出商业能源和咨询工作的韧性，但突显了联邦政府合同中持续存在的挑战，导致整体收入收缩。</p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q2 2025</th>
<th>Q2 2025 Estimate</th>
<th>Q2 2024</th>
<th>Y/Y Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS (Non-GAAP)</td>
<td>$1.66</td>
<td>$1.57</td>
<td>$1.69</td>
<td>(1.8%)</td>
</tr>
<tr>
<td>Revenue</td>
<td>$476.2 million</td>
<td>$482.8 million</td>
<td>$512.0 million</td>
<td>(7.0%)</td>
</tr>
<tr>
<td>Adjusted EBITDA</td>
<td>$52.9 million</td>
<td></td>
<td>$56.0 million</td>
<td>(5.5%)</td>
</tr>
<tr>
<td>Operating Margin</td>
<td>8.4%</td>
<td></td>
<td>8.3%</td>
<td>+0.1 pp</td>
</tr>
<tr>
<td>Net Income</td>
<td>$23.7 million</td>
<td></td>
<td>$25.6 million</td>
<td>(7.4%)</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度预估</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（非 GAAP）</td>
<td>$1.66</td>
<td>$1.57</td>
<td>$1.69</td>
<td>(1.8%)</td>
</tr>
<tr>
<td>收入</td>
<td>$4.762 亿</td>
<td>$4.828 亿</td>
<td>$5.120 亿</td>
<td>(7.0%)</td>
</tr>
<tr>
<td>调整后息税折旧摊销前利润</td>
<td>$5,290 万</td>
<td></td>
<td>$5,600 万</td>
<td>(5.5%)</td>
</tr>
<tr>
<td>营业利润率</td>
<td>8.4%</td>
<td></td>
<td>8.3%</td>
<td>+0.1 pp</td>
</tr>
<tr>
<td>净收入</td>
<td>$2,370 万</td>
<td></td>
<td>$2,560 万</td>
<td>(7.4%)</td>
</tr>
</tbody>
</table>
</div><p>Source: Analyst estimates for the quarter provided by FactSet.</p>
<div class="lb-trans"><p>来源：FactSet 提供的季度分析师预估。</p>
</div><h2>Understanding Icf International's Business and Recent Focus</h2>
<div class="lb-trans"><h2>理解 Icf International 的业务和近期重点</h2>
</div><p>Icf International helps governments, utilities, and businesses navigate complex issues in energy, environment, disaster recovery, public health, and IT modernization. It provides consulting, project management, and technology solutions, and is especially active in energy efficiency, electrification, and digital transformation projects.</p>
<div class="lb-trans"><p>Icf International 帮助政府、公用事业和企业应对能源、环境、灾后恢复、公共卫生和 IT 现代化等复杂问题。它提供咨询、项目管理和技术解决方案，特别活跃于能源效率、电气化和数字化转型项目。</p>
</div><p>The company's recent business focus is on expanding commercial work, especially in energy advisory for utilities and clients seeking to transition to lower emissions and more resilient systems. Technology is another focus area, with ongoing investments in analytics and artificial intelligence projects that help clients modernize operations. Portfolio balance across commercial and government clients is a key success factor, as is maintaining long-term customer relationships in a regulated industry.</p>
<div class="lb-trans"><p>该公司近期的业务重点是扩大商业工作，特别是在公用事业和寻求向低排放和更具韧性系统过渡的客户的能源咨询方面。技术是另一个重点领域，持续投资于分析和人工智能项目，帮助客户现代化运营。商业和政府客户之间的投资组合平衡是成功的关键因素，同时在受监管行业中维持长期客户关系也至关重要。</p>
</div><h2>Quarterly Highlights: Segment Shifts, Margins, and Key Developments</h2>
<div class="lb-trans"><h2>季度亮点：部门变化、利润率和关键发展</h2>
</div><p>This quarter, the most notable development was the shift in revenue mix. The commercial segment delivered a 25.2% increase in revenue year-over-year, driven by a 27.4% year-over-year gain in energy markets revenue. Energy, environment, infrastructure, and disaster recovery projects made up 52% of total revenue, an increase from the prior period. Management credited successful wins and contract renewals across both energy efficiency and digital modernization offerings, including almost $1.1 billion in new contracts year-to-date.</p>
<div class="lb-trans"><p>本季度，最显著的发展是收入结构的变化。商业部门的收入同比增长 25.2%，主要得益于能源市场收入同比增长 27.4%。能源、环境、基础设施和灾后恢复项目占总收入的 52%，较上个时期有所增加。管理层归功于在能源效率和数字现代化产品方面的成功中标和合同续签，包括年初至今近 11 亿美元的新合同。</p>
</div><p>Despite strong results in the commercial business, government work -- especially from U.S. federal agencies -- declined sharply. Federal revenue dropped 25.1% year-over-year, which management attributed to ongoing delays in government contract funding and new project awards. Overall, government clients accounted for 67% of revenue, down from 76% in Q2 2024. State and local government work and international contracts both remained steady or up slightly, helping stabilize the business.</p>
<div class="lb-trans"><p>尽管商业业务表现强劲，但政府工作——尤其是来自美国联邦机构的工作——急剧下降。联邦收入同比下降 25.1%，管理层将其归因于政府合同资金和新项目授予的持续延迟。总体而言，政府客户占收入的 67%，低于 2024 年第二季度的 76%。州和地方政府工作以及国际合同均保持稳定或略有上升，帮助稳定了业务。</p>
</div><p>Margin performance improved versus the prior year, with the company's operating margin at 8.4%, up slightly despite lower overall revenue. Gross margin expanded, benefiting from a higher mix of fixed-price and time-and-materials contracts.—which are types of agreements that can improve profitability when managed well—and a decline in costs paid to subcontractors and other direct expenses. This was helped further by a lower tax rate during the period.</p>
<div class="lb-trans"><p>与去年相比，利润率表现有所改善，公司营业利润率为 8.4%，尽管整体收入下降，但略有上升。毛利率扩大，受益于固定价格和时间与材料合同的更高比例——这些类型的协议在管理得当时可以提高盈利能力——以及支付给分包商和其他直接费用的成本下降。这在一定程度上得益于该期间较低的税率。</p>
</div><p>The company booked a quarterly book-to-bill ratio of 1.30, signaling healthy demand in the pipeline. The business development pipeline stood at $9.2 billion. No changes were made to the quarterly dividend, which held steady at $0.14 per share for another consecutive period.</p>
<div class="lb-trans"><p>公司本季度的账单比率为 1.30，显示出管道中健康的需求。业务开发管道为 92 亿美元。季度股息没有变化，连续保持在每股 0.14 美元。</p>
</div><h2>Looking Ahead: Management Guidance and Future Considerations</h2>
<div class="lb-trans"><h2>展望未来：管理层指导和未来考虑</h2>
</div><p>Management maintained its full-year 2025 guidance range, signaling that it does not expect full-year revenue to fall by as much as 10% compared to FY2024, which was previously seen as the &#34;floor.&#34; Adjusted EBITDA margin is projected to hold steady near last year’s level, and reported Non-GAAP earnings per share are tracking toward the higher end of the guidance range given the first-half results. Expected operating cash flow for FY2025 is $150 million. The outlook for 2026 points to a potential return to total revenue and earnings growth, but the exact timing depends on both market conditions and federal government funding cycles.</p>
<div class="lb-trans"><p>管理层维持 2025 年全年指导范围，表明其不预计全年收入较 2024 财年下降超过 10%，此前被视为 “底线”。调整后的息税折旧摊销前利润率预计将保持在去年的水平，报告的非 GAAP 每股收益正朝着指导范围的高端发展，考虑到上半年的业绩。2025 财年的预期经营现金流为 1.5 亿美元。2026 年的前景指向可能恢复总收入和盈利增长，但确切的时机取决于市场条件和联邦政府资金周期。</p>
</div><p>Though the period saw no new large-scale acquisitions, the ability to build on its current client base and secure new energy and technology contracts will be critical for future growth. The quarterly dividend remains unchanged at $0.14 per share.</p>
<div class="lb-trans"><p>尽管该期间没有新的大规模收购，但在现有客户基础上发展并确保新的能源和技术合同将对未来增长至关重要。季度股息保持不变，为每股 0.14 美元。</p>
</div><p><em>Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.</em></p>
<div class="lb-trans"><p><em>收入和净收入按美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>
</div>

Icf (ICFI) 第二季度的收入下降了 7%