ICF expands share repurchase authorization by $100 million

ICF (NASDAQ: ICFI) announced its board has approved a $100 million expansion to its share repurchase authorization, bringing the total repurchase authority to $165 million, according to a press release from the Reston, Va.-based company.

The increase builds on a prior program that had $65 million remaining. Year to date, ICF has repurchased approximately 435,000 shares for total consideration of $29 million.

"The increased authorization underscores our confidence in our long-term business prospects, supported by a substantial backlog and robust new business development pipeline," said John Wasson, ICF chair and chief executive officer. "We will use the share repurchase program, together with our strong cash flow, to both return additional capital to shareholders via share repurchases and maintain our dividend payments, and continue to execute on our other capital allocation priorities, namely organic investments and pursuing strategic acquisitions."

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