Wed, Oct 30, 10:36 AM (64 days ago)
**Parsons Corporation (PSN) 10-Q Summary for Q3 2024** For the quarter ended September 30, 2024, Parsons Corporation reported significant growth in revenue, reaching $1,810,116, a 27.6% increase from $1,418,571 in Q3 2023. This growth was driven by both the Federal Solutions and Critical Infrastructure segments, which saw revenue increases of 41.7% and 10.3%, respectively. Operating income rose to $114,988, reflecting improved profit margins. Net income attributable to Parsons was $71,951, up from $47,447 in the prior year, with diluted earnings per share at $0.65. Cash flow from operations improved substantially, generating $396,840 compared to $217,566 in the previous year. The company completed several acquisitions, including BlackSignal Technologies for $203.8 million, which is expected to enhance its capabilities in cybersecurity. Parsons' total assets increased to $5,443,342, with a notable rise in cash reserves to $558,823. Looking ahead, the company faces uncertainties related to government funding and contract renewals, particularly in its Federal Solutions segment, which constitutes a significant portion of revenue. The effective tax rate for the quarter was 20.8%, reflecting adjustments in tax positions. Overall, Parsons is well-positioned for growth despite potential market risks.