Parsons Corp. had significantly higher profits and revenue in the third quarter of 2024, the company reported on Oct. 30, concluding its most successful quarter since its 2019 initial public offering.
The announcement came nine days after the Chantilly, Va.-based company (NYSE-PSN) announced its $230 million cash acquisition of BCC Engineering, a Miami-based general engineer with a major practice transportation that includes offices in Georgia, Texas and South. Carolina. The company has 385 employees and is ranked 239th on the ENR Top 500 Design Firms list.
In its most recent financial report, Parsons he said had net income of $72 million on revenue of $1.8 billion in the three months ended Sept. 30, compared with $47 million on revenue of $1.4 billion in the same period a year ago.
For the nine-month period ended Sept. 30, the company reported net income of $34 million on revenue of $5 billion, compared with $116 million on $3.9 billion in the same period last year. last year
An increase in recent contract awards helped boost revenue in the quarter, as did growth in existing contracts in the critical infrastructure protection and cyber and enterprise intelligence markets.
While revenue rose, Parsons’ net income for the nine-month period was limited by a write-down in a legacy program from the company’s critical infrastructure segment, contracts that predate its current more disciplined approach to work that accepts The legacy program is expected to reach substantial completion in the fourth quarter, the firm said.
Parsons, what it ranks number 15 in the ENR top 500. is among the government contractors that can benefit from both the growing need for military and security technology and non-military infrastructure.
The company’s future workload is promising, with significant infrastructure contracts in the New York City area and a growing portfolio of work on projects in Saudi Arabia.
Chief Executive Officer Carey Smith told investment analysts on an Oct. 31 conference call that the company’s strategy included investing in software and integrated solutions and executing “progressive acquisitions that provide distinguished defense capabilities that counter nearly pure or strengthen our engineering expertise and increase our geographic footprint.” in high-growth infrastructure markets.”
