Parsons Corporation (PSN) Tops Q1 EPS by 7c, Revenues Beat; Offers FY20 Revenue Guidance Above Consensus

Parsons Corporation (NYSE: PSN) reported Q1 EPS of $0.33, $0.07 better than the analyst estimate of $0.26. Revenue for the quarter came in at $971 million versus the consensus estimate of $916.57 million.

CEO Commentary

"I would like to send our deepest sympathies to all who have been affected by the COVID-19 pandemic. These are challenging times for everyone, and we will continue to put the safety and well-being of our employees, customers and partners first," said Chuck Harrington, Chairman and CEO of Parsons Corporation. "In what was an unprecedented first quarter, we delivered strong organic revenue growth and achieved profitability results that exceeded our internal plan. We continue to win high-end work in our Federal Solutions market and delivered revenue growth in our Critical Infrastructure segment. Our strong balance sheet, low leverage, more than $400 million of undrawn revolver capacity, and our deep backlog positions us well to weather COVID-19 uncertainties."

GUIDANCE:

Parsons Corporation sees FY2020 revenue of $3.95-4.05 billion, versus the consensus of $3.94 billion.

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

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