Parsons Corporation (PSN) Tops Q1 EPS by 19c, Revenues Miss; Offers FY21 EPS Outlook

Parsons Corporation (NYSE: PSN) reported Q1 EPS of $0.34, $0.19 better than the analyst estimate of $0.15. Revenue for the quarter came in at $874.7 million versus the consensus estimate of $902.68 million.

"We delivered strong bookings and significant margin expansion with results in line with our internal expectations and historical seasonal patterns. We continue to win large new contracts and I credit that to our focus on technology solutions and our exceptional team," said Chuck Harrington, chairman and chief executive officer of Parsons Corporation.

"We are off to a strong start to the second quarter with approximately $1 billion of awards, and we are excited about our positions in growing and enduring markets in both segments. Revenue growth will accelerate while margins will continue to expand and free cash flow conversion will remain strong as we benefit from our technology solutions aligned with the Biden Administration's infrastructure and defense priorities and as we move beyond COVID and pass-through revenue headwinds. We will also continue to leverage our robust balance sheet for accretive acquisitions in line with our targeted M&A strategy."

GUIDANCE:

Parsons Corporation sees FY2021 revenue of $3.85-4.05 billion, versus the consensus of $3.95 billion.

For earnings history and earnings-related data on Parsons Corporation (PSN) click here.

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