Parsons Corp is a technology-driven engineering and construction firm that specializes in providing services to the defense, security, and infrastructure sectors
The company focuses on delivering innovative solutions to complex challenges, leveraging advanced technologies and data analytics to enhance project outcomes. Parsons’ expertise spans a wide range of capabilities, including cybersecurity, intelligence analysis, and systems engineering, thereby playing a pivotal role in modernizing critical infrastructure and safeguarding national interests. With a commitment to sustainability and community engagement, Parsons aims to create lasting impacts through its projects and solutions, contributing to the safety and resilience of communities worldwide.
Shares of infrastructure and defense services provider Parsons (NYSEPSN) fell 9.1% in the afternoon session after peer, CACI, reported fourth-quarter earnings results, with markets increasingly worried that new cost-cutting initiatives by the US government would affect Defense contracts.
The end of an earnings season can be a great time to discover new stocks and assess how companies are handling the current business environment. Let’s take a look at how Parsons (NYSEPSN) and the rest of the defense contractors stocks fared in Q3.
Over the past six months, Parsons has been a great trade, beating the S&P 500 by 9.7%. Its stock price has climbed to $92.08, representing a healthy 17% increase. This was partly due to its solid quarterly results, and the run-up might have investors contemplating their next move.
Quarterly earnings results are a good time to check in on a company’s progress, especially compared to its peers in the same sector. Today we are looking at ICF (NASDAQICFI) and the best and worst performers in the defense contractors industry.
Globalstar Inc (AMEX:GSAT) shares are trading higher Wednesday. The company announced a partnership with Parsons Corp (NYSEPSN) to support the public, government and defense sectors.
Infrastructure and defense services provider Parsons (NYSEPSN) announced better-than-expected revenue in Q3 CY2024, with sales up 27.6% year on year to $1.81 billion. The company’s full-year revenue guidance of $6.7 billion at the midpoint also came in 2.6% above analysts’ estimates. Its non-GAAP profit of $0.95 per share was also 20.8% above analysts’ consensus estimates.
