From GlobeNewswire: 2025-02-19 06:30:00

Parsons Corporation reported record revenue of $1.7 billion in the fourth quarter, with a 16% year-over-year increase. They also achieved record net income of $54 million, a 21% increase, and record adjusted EBITDA of $147 million, a 14% increase. Contract awards also hit a record high at $1.7 billion.

For the full fiscal year 2024, Parsons Corporation reported record revenue of $6.8 billion, marking a 24% year-over-year increase. Net income rose by 46% to $235 million, and adjusted EBITDA reached $605 million, a 30% increase. Contract awards totaled $7.0 billion, with 15 contracts worth $100 million or more.

CEO Carey Smith highlighted the company’s exceptional performance, achieving record results in various areas including total revenue, adjusted EBITDA, and contract win rates. Parsons expects to maintain mid-single-digit organic revenue growth and continues to focus on driving shareholder value.

In the fourth quarter of 2024, Parsons Corporation saw a 16% increase in total revenue, reaching $1.7 billion driven by strong organic growth. Adjusted EBITDA grew by 14% to $147 million, with an adjusted EBITDA margin of 8.5%. Net income was $54 million. For the full year, revenue increased by 24% to $6.8 billion.

Parsons Corporation’s Federal Solutions segment saw a 19% revenue increase in Q4 2024, reaching $1.0 billion. Adjusted EBITDA for the segment was $100 million, with a margin of 10.0%. For the full fiscal year, Federal Solutions revenue increased by 33% to $4.0 billion, with adjusted EBITDA of $415 million and a margin of 10.4%.

In the Critical Infrastructure segment, revenue grew by 12% in Q4 2024, hitting $731 million. Adjusted EBITDA for the segment was $47 million with a margin of 6.4%. For the full year, revenue reached $2.7 billion, a 13% increase, with adjusted EBITDA of $189 million and a margin of 6.9%.

Parsons Corporation achieved a book-to-bill ratio of 1.0x in both Q4 2024 and the full fiscal year 2024. Total backlog increased by 4% year-over-year to $8.9 billion. Cash flow from operating activities in Q4 2024 was $127 million, up 28% from the prior year, and for the full year, it reached $524 million, a 28% increase.

The company also announced significant contract wins, including two contracts in Saudi Arabia totaling over $275 million, a lead design contract in Newark worth $1.2 billion, and an option year contract with the Department of State totaling $122 million. Parsons continues to expand its portfolio and drive growth through strategic acquisitions and strong performance in key markets.



Read more at GlobeNewswire:: Parsons Reports Record Results Since IPO for the Fourth