Parsons reports Q1 adjusted EPS 70c, consensus 62c

Reports Q1 revenue $1.5B, consensus $1.38B. “Our momentum continues with a strong start to 2024 after reporting record financial results in FY22 and FY23. For Q1 2024, we had record results for revenue, adjusted EBITDA, adjusted EBITDA margin, contract awards, and total backlog,” said CEO Carey Smith. “We also achieved record Q1 organic revenue growth of 29%, making this the fourth consecutive quarter where organic growth exceeded 20%. Our record total revenue was driven by double-digit growth across all four business units and major geographies. Looking forward, I am excited about our business given the ample tailwinds we have in both segments, our strong backlog and pipeline, low recompete levels, and robust balance sheet that will enable us to continue to make accretive acquisitions to drive future revenue growth and margin expansion.”