Parsons out with Q1 Figures

Parsons Corporation (NYSE:PSN) vaulted Tuesday on the release of first-fiscal-quarter financial numbers.

The Centreville, Va.-headquartered Parsons, a leading provider of technology-driven solutions focused on the defense, intelligence and critical infrastructure markets, said total revenue for the first quarter of 2019 increased 20% from the prior year period, to $904 million, primarily due to the Polaris Alpha and OGSystems acquisitions, which added $122 million, and organic growth in both our Federal Solutions and Critical Infrastructure market segments.

Operating income decreased 41% from the first quarter of 2018 primarily due to an increase in acquisition-related intangible amortization expenses and IPO costs. Diluted earnings per share (EPS) attributable to Parsons decreased 60% due in part to higher interest expense.

Net income registered at $10 million.

The company also won three Federal Solutions single-award contracts worth $100 million or more, and was recognized as one of the World's Most Ethical Companies for the 10th consecutive year

CEO Chuck Harrington said, "We reported strong first quarter revenue, profitability and bookings". What’s more, "our results reflect continued execution and implementation of our strategy to expand our technology base in our core defense, intelligence and critical infrastructure markets.

"We've had a great start to the year, and we are excited about our future with our robust balance sheet and differentiated solutions aligned with large and growing customer markets."

"Celebrating 75 years of operation" declared Tuesday’s news release, "Parsons provides technical design and engineering services and software products to address our customers' challenges."

Shares leaped $1.53, or 4.9%, to $32.85