Revenue and earnings rose in the second quarter at Parsons Corp. [PSN], Centreville, Va., buoyed year-over-year by the start of some federal contract work and the 2022 acquisition of cyber firm Xator.
Net earnings for the second quarter ended were roughly $43 million, or $0.38 a share, up from about $18 million or $0.17 a share in the year-ago quarter, according to the company’s earnings press release
last week.
Quarterly revenue was roughly $1.4 billion, up year-over-year from about $1.0 million.
At the Federal Solutions segment, where Parsons keeps its business with the U.S. government, quarterly revenue rose to $763 million from $538 million while quarterly earnings before interest taxes, depreciation and amortization rose to $86 million from $48 million. The non-standard earnings metric attempts to show the health of a business’ core operations by stripping away taxes and the natural decline in the value of physical assets over time.
Parsons is a junior member of the Leidos-led Hanford Mission Integration Solutions joint venture that provides landlord services under a $4.1-billion contract at the Department of Energy’s Hanford Site in Washington state.
Parsons also has a $160-million contract to provide construction management services for DoE and its semi-autonomous National Nuclear Security Administration, which designs, modernizes and maintains all U.S. nuclear weapons. The company built and commissioned the Salt Waste Processing Facility at the Savannah River Site near Aiken, S.C.
A version of this story first appeared in Defense Daily affiliate publication Weapons Complex Morning Briefing.