Parsons Corp ( (PSN) ) has realeased its Q3 earnings. Here is a breakdown of the information Parsons Corp presented to its investors.
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Parsons Corporation is a leading disruptive technology provider, operating in the national security and global infrastructure markets with a focus on cyber and intelligence, space and missile defense, transportation, and critical infrastructure protection. The company has announced its third-quarter 2024 earnings, reporting record financial results since its IPO, with significant increases in revenue, net income, and adjusted EBITDA.
Parsons has achieved a record revenue of $1.8 billion for the third quarter of 2024, marking a 28% increase year-over-year. Additionally, the company saw a 52% rise in net income, reaching $72 million, and a 31% boost in adjusted EBITDA to $167 million. These impressive gains were driven by organic growth and strategic acquisitions, including the recent acquisition of BlackSignal Technologies.
The company’s Federal Solutions segment experienced a 42% revenue increase, benefiting from both organic growth and acquisitions. In contrast, the Critical Infrastructure segment saw a 10% revenue increase but faced a decline in adjusted EBITDA due to a legacy program write-down. Noteworthy contract wins and a robust backlog further underline Parsons’ strong market position.
Looking ahead, Parsons is optimistic about its growth prospects, reflected in the raised fiscal year 2024 guidance for revenue, adjusted EBITDA, and cash flow from operations. This positive outlook is supported by its strategic acquisitions and continued focus on expanding its capabilities and geographic presence.
