Parsons Corporation Reports Strong Q3 Results

CHANTILLY, Va. – Parsons Corporation (NYSE: PSN) saw its shares jump 4.7% after the defense and infrastructure company reported third quarter results that beat analyst expectations and raised its full-year guidance.

The company posted adjusted earnings per share of $0.95, surpassing the consensus estimate of $0.80. Revenue came in at $1.81 billion, well above analysts' projections of $1.64 billion, representing a 28% increase year-over-year.

Parsons attributed the strong performance to 26% organic revenue growth, driven by recent contract wins and growth in existing contracts across its critical infrastructure protection and cyber and intelligence markets.

> "We delivered record third quarter results for total revenue, organic revenue growth, net income, adjusted EBITDA, operating cash flow, and contract awards," said Carey Smith, chair, president, and CEO of Parsons.

The company also raised its full-year 2024 guidance, now expecting revenue between $6.6 billion and $6.8 billion, up from its previous forecast of $6.35 billion to $6.55 billion. The new outlook tops the average analyst estimate of $6.53 billion.

Adjusted EBITDA guidance was increased to a range of $590 million to $620 million, compared to the prior $555 million to $595 million range.

Parsons reported Q3 contract awards of $1.8 billion, up 24% year-over-year. The company's total backlog stood at $8.8 billion at the end of the quarter.

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