PSN Stock Recent News

Parsons (PSN) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.

Parsons beat expectations for the quarter and raised guidance for the year. The company also announced an acquisition designed to bolster future growth.

Although the revenue and EPS for Parsons (PSN) give a sense of how its business performed in the quarter ended June 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

Parsons (PSN) came out with quarterly earnings of $0.84 per share, beating the Zacks Consensus Estimate of $0.66 per share. This compares to earnings of $0.63 per share a year ago.

Q2 2024 Financial Highlights Record revenue of $1.7 billion increases 23% year-over-year Strong second quarter organic revenue growth of 22%, including five consecutive quarters with year-over-year organic growth above 20% Record net income of $69 million increases 60% Record adjusted EBITDA increases 27% to $150 million Record cash flow from operations increases $138 million to $161 million; record trailing twelve-month operating cash flow of $492 million increases 117% over the prior twelve-month period After Q2 2024 ended, Parsons entered into a definitive agreement to acquire BlackSignal Technologies Increasing fiscal year 2024 guidance ranges for all financial metrics CHANTILLY, Va., July 31, 2024 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) today announced financial results for the second quarter ended June 30, 2024.

CHANTILLY, Va., July 29, 2024 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company will serve as lead designer and a subconsultant to Elevate Inglewood Partners (“EIP”), a public-private partnership consortium comprised of Plenary Americas US Holdings, Inc. (equity member), Tutor Perini Corporation (lead contractor), Woojin Industrial Systems Co., Ltd. (automated transit system operator and supplier) and Alternate Concepts, Inc. (lead operations and maintenance contractor), that has been selected as the Best Value Proposer by the City of Inglewood (the “City”) for the Inglewood Transit Connector (“ITC”) Project.

Parsons' (PSN) second-quarter 2024 earnings and revenues are expected to increase year over year.

CHANTILLY, Va., July 26, 2024 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company, in a joint venture with Vanir, was selected by the Sacramento County Department of Airports to provide construction management and inspection (CMI) services in support of the Sacramento International Airport (SMF) SMForward Program. The $30 million, five-year contract engages Parsons/Vanir's joint venture (PVJV) in SMF's $1.3 billion airport improvement program, which includes terminal gate expansions and landside projects to support the airport's growth and modernization.

Here is how Parsons (PSN) and Spotify (SPOT) have performed compared to their sector so far this year.

CHANTILLY, Va., July 25, 2024 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company was selected by the Indiana Department of Transportation (INDOT) for continued support of the I-69 Ohio River Crossing (ORX) project. The five-year, $26 million contract was expanded to include design oversight and construction inspection services for I-69 ORX Section 3, which stretches from the Veterans Memorial Parkway to the Indiana state line near the Ohio River.