NEW YORK, Feb. 20, 2025 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP is investigating potential claims against Parsons Corporation (“Parsons” or the “Company”) (NYSE:PSN). The investigation concerns whether Parsons and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices. [LEARN MORE ABOUT THE INVESTIGATION] On February 19, 2025, Parsons released its fourth quarter 2024 financial results, falling short of its prior guidance in r ...

Financial Data and Key Metrics Changes - For fiscal year 2024, total revenue exceeded $6.7 billion for the first time, representing a 24% increase from the prior year and a 22% organic growth [15][44] - Adjusted EBITDA for the full year was $605 million, a 30% increase from 2023, with an adjusted EBITDA margin of 9%, up 50 basis points [44][60] - The company achieved a record contract awards of $7 billion, a 17% increase over 2023, with a win rate of 71%, the highest in company history [16][17] Business Line Data and Key Metrics Changes - Federal Solutions segment revenue increased by 33% year-over-year, driven by organic growth of 30% and contributions from acquisitions [48] - Critical Infrastructure segment revenue increased by 13% for the full year, primarily organic growth, with adjusted EBITDA increasing by 8% [52][53] - In Q4 2024, Federal Solutions revenue increased by 19%, while Critical Infrastructure revenue increased by 12% [46][50] Market Data and Key Metrics Changes - The company reported strong growth in critical infrastructure protection and cyber markets, with growth rates of 31% and 24% respectively in Q4 2024 [40] - The backlog at the end of Q4 totaled $8.9 billion, up 4% from the previous year, with a funded backlog at 66%, the highest since the IPO [59][121] Company Strategy and Development Direction - The company is focused on high-growth areas such as artificial intelligence, cyber, and environmental remediation, with plans to continue strategic acquisitions [15][29] - The company aims to leverage its unique portfolio in federal and critical infrastructure markets, aligning with government priorities and increasing infrastructure spending [11][33] - The strategy includes moving up the value chain and differentiating with advanced technology and digital enablement [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, citing strong alignment with government priorities and ongoing global infrastructure spending [67] - The company anticipates organic growth in 2025, despite some expected lower volumes on certain contracts, with guidance for revenue between $7.0 billion and $7.5 billion [59][60] - Management highlighted the importance of maintaining a strong balance sheet to support strategic investments and acquisitions [65] Other Important Information - The company completed two significant acquisitions in 2024, enhancing capabilities in federal solutions and critical infrastructure [26][27] - Parsons was recognized as one of America's most trusted companies by Forbes, and its Kicking Horse Canyon project received a prestigious award [30] Q&A Session Summary Question: Update on confidential customer and project - Management confirmed that the option year two has been exercised, valued at $242 million, but noted a related program has been paused, impacting completion [70][72] Question: Procurement environment and contract awards - Management indicated a slower procurement environment but noted an increase in extensions and ceiling increases, with less than 5% of business up for recompete [78][79] Question: Guidance for 2025 and impact of confidential contract - Guidance includes the full negotiated amount for the option year, with potential for adjustments based on related program developments [116][82] Question: Role with FAA and current projects - Management highlighted ongoing support for the FAA with a significant contract, emphasizing opportunities for modernization and safety improvements [105][108] Question: Clarification on margin expectations - Management discussed expectations for margin progression, indicating some compression in federal business but growth in critical infrastructure margins [130]

Parsons (PSN) reported $1.73 billion in revenue for the quarter ended December 2024, representing a year-over-year increase of 16.1%. EPS of $0.78 for the same period compares to $0.69 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $1.74 billion, representing a surprise of -0.51%. The company delivered an EPS surprise of -15.22%, with the consensus EPS estimate being $0.92.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how ...

Parsons (PSN) came out with quarterly earnings of $0.78 per share, missing the Zacks Consensus Estimate of $0.92 per share. This compares to earnings of $0.69 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -15.22%. A quarter ago, it was expected that this software and infrastructure services provider would post earnings of $0.79 per share when it actually produced earnings of $0.95, delivering a surprise of 20.25%.Over the la ...

FOURTH QUARTER AND FISCAL YEAR 2024 Earnings Conference Call Presentation February 19, 2025 FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs, and assumptions, and are not guarantees of future performance. Fo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-07782 PARSONS CORPORATION (Exact name of Registrant as Specified in Its Charter) Delaware 95-3232481 (State or other jurisdiction of ...

Exhibit 99.1 Parsons Reports Record Results Since IPO for the Fourth Quarter and Fiscal Year 2024 Fourth Quarter Financial Highlights Record Fiscal Year 2024 Highlights Chantilly, VA – February 19, 2025, Parsons Corporation (NYSE: PSN) today announced financial results for the fourth quarter and fiscal year ended December 31, 2024. CEO Commentary "2024 was another exceptional year for Parsons. We achieved record results for total revenue, adjusted EBITDA, adjusted EBITDA margin, operating cash flow, contrac ...

Fourth Quarter Financial Highlights Record revenue of $1.7 billion increases 16% year-over-yearOrganic revenue growth of 14%; eighth consecutive quarter of double-digit organic growthRecord net income of $54 million increases 21%Record adjusted EBITDA of $147 million increases 14%Cash flow from operations of $127 millionRecord contract awards increase 34% year-over-year to $1.7 billion Record Fiscal Year 2024 Highlights Record revenue of $6.8 billion, representing total growth of 24% year-over-year and org ...

Analysts on Wall Street project that Parsons (PSN) will announce quarterly earnings of $0.92 per share in its forthcoming report, representing an increase of 33.3% year over year. Revenues are projected to reach $1.74 billion, increasing 16.7% from the same quarter last year.The current level reflects no revision in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.B ...

COLUMBIA, Md., Feb. 13, 2025 /PRNewswire/ -- Sealing Technologies (SealingTech), a Parsons Corporation company (NYSE: PSN), and trusted partner in providing powerful edge computing hardware and cybersecurity solutions to protect government entities and private enterprises, proudly announces it has signed an agreement with MAW Telecom International, S.A. (MAW Telecom), a Polish company, to serve as its authorized agent in Poland. The U.S. Department of Commerce and the U.S. Embassy in Warsaw will host a com ...