2024

Billion

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 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
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<p class="has-drop-cap">Parsons Corporation (NYSE: PSN) has reported a robust performance in the <a aria-label="first quarter of 2024 (opens in a new tab)" href="https://investors.parsons.com/news-releases/news-release-details/parsons-reports-strong-first-quarter-2024-results" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">first quarter of 2024</a>, marking a significant year-over-year growth. The company announced record revenue of $1.5 billion, a 31% increase compared to last year.</p> 
<p>This growth was primarily driven by a 29% rise in organic revenue, highlighting the company’s fourth consecutive quarter of organic growth surpassing 20%. The substantial revenue boost was attributed to double-digit growth across all four business units and significant geographies, underscoring Parsons’ solid execution and expanding market footprint.</p> 
<p>Despite a net loss of $107 million, mainly due to a $214 million pre-tax charge related to the partial repurchase of 2025 convertible notes, the company’s adjusted EBITDA surged by 56% to $141 million. This financial strength is further evidenced by a robust book-to-bill ratio of 1.4x on record contract awards, which grew by 51%, and a total backlog increase of 8% to $9.0 billion.</p> 
<h3 id="parsons-corporation-outperforms-expectations-comfortably-in-q1">Parsons Corporation Outperforms Expectations Comfortably in Q1</h3> 
<p>Analyst expectations for the quarter were an <a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="dofollow" class="deco-link">EPS</a> of $0.61 and revenue of $1.36 billion. Parsons shattered these predictions with an adjusted EPS of $0.70 and total revenue of $1.5 billion. The significant revenue outperformance, attributed to robust organic growth and effective execution of backlog programs, underscores the company’s operational efficiency and strategic positioning in its market segments.</p> 
<p>Moreover, the adjusted EBITDA of $141 million and the expanded margin of 9.2% reflect strong cost management and operational leverage. Despite facing a net loss due to the repurchase of the convertible notes, the company’s adjusted financial metrics highlight a solid underlying profitability and growth trajectory, surpassing analyst expectations and setting a positive tone for the fiscal year.</p> 
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<h3 id="parsons-raises-fy-2024-guidance-anticipates-revenue-between-6-1-to-6-4-billion">Parsons Raises FY 2024 Guidance, Anticipates Revenue Between $6.1 to $6.4 Billion</h3> 
<p>Parsons has raised its fiscal year 2024 guidance across all financial metrics, reflecting confidence in its operational performance and market outlook. The company anticipates revenue to be between $6.1 billion and $6.4 billion, from the previous forecast of $5.8 billion to $6.0 billion. Adjusted EBITDA expectations have also increased to $535 million to $575 million, up from $505 million to $545 million.</p> 
<p>This upward revision is a testament to Parsons’ strong first-quarter performance and its optimistic view on continuing this momentum throughout the year. The company’s strategic focus on driving future revenue growth and margin expansion through accretive acquisitions and leveraging its robust backlog and pipeline is expected to sustain its growth trajectory. </p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p> 
<h3 id="br"><br></h3> 
<p>The post <a rel="nofollow" href="https://tokenist.com/parsons-corporation-psn-shatters-expectations-with-1-5-billion-in-q1-revenue/">Parsons Corporation (PSN) Shatters Expectations with $1.5 Billion in Q1 Revenue</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Parsons Corporation (PSN) Shatters Expectations with $1.5 Billion in Q1 Revenue

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