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Parsons Q1 Revenue Up 9%; Carey Smith Quoted

Parsons (NYSE: PSN) recorded $949 million in revenue for the first quarter of its 2022 fiscal year, up 9 percent from the prior-year period, and attributed the sales increase to organic growth from the company’s federal solutions and critical infrastructure segments.

The Centreville, Virginia-based contractor ended the quarter with a total backlog of $8.2 billion with $917 million in Q1 2022 net bookings and a book-to-bill ratio of 1.0x.

We delivered strong first quarter financial results and continued the momentum established in the second half of 2021,” Carey Smith, chairwoman, president and CEO of Parsons and a 2022 Wash100 Award winner.

Parsons secured a number of contracts in critical infrastructure and national security areas during the quarter, including a $118 million cyber mission support contract with the General Services Administration and a $116 million National Airspace System modernization award with the Federal Aviation Administration.

The company saw its net income rise 129 percent to $21 million and posted $74 million in adjusted earnings before interest, taxes, depreciation and amortization during the quarter, reflecting an 8 percent jump from the same quarter the previous year.

Parsons’ critical infrastructure business saw its Q1 2022 revenue rise 8 percent to $35 million, driven by increased hiring activity and contract awards. The company’s federal solutions segment reported a 9 percent increase in sales due to organic growth and acquisitions.

We are well-positioned in two growing and complementary markets with increasing importance. We also solidified our base of business by winning all major recent recompete contracts, we have over two years of revenue in backlog, and have a strong balance sheet that will enable us to continue to make ongoing organic and M&A investments to drive growth and expand margins,” Smith added.

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