Government technology contractor ICF International, Inc. (NASDAQ:ICFI), released financial results for the third quarter ended September 30, 2011 that exceeded analyst estimates.
Net Income amounted to $9.3 million or $0.47 cents per diluted share in the third quarter 2011, an increase of 26.3 percent compared to $7.4 million or $0.38 cents per diluted share in the same period of 2010.
The average analyst estimate was $0.45 cents and the company also beat the high estimate of $0.46 cents.
Revenue increased as well at the Fairfax-based company, posting a total $218.7 million, up 10.6 percent in the third quarter 2011 from the $197.7 million reported in the same period of 2010.That narrowly past the average analyst revenue estimate of $217.12 million but also the high estimate of $218.47 million.
ICF International expects a 10 percent increase in full year revenues of $838 million to $845 million.
The company had cash of only $2.01 millionas of September 301, 2011.