Parsons Records 25 Percent Revenue Growth in Q3

Parsons reported strong financial results for the third quarter of 2023 ended Sept. 30, with major achievements in revenue and growth. 

The company saw a record-breaking revenue of $1.4 billion, a 25 percent increase compared to the previous year. Notably, the surge was driven by a substantial organic revenue growth of 23 percent, which marked the second consecutive quarter with over 20 percent organic growth in both of their business segments, Parsons said.

Net income also experienced substantial growth, surging by 60 percent to reach $47 million. Adjusted earnings before interest, taxes, depreciation and amortization increased by 24 percent year-over-year to $128 million.

The company reported a 14 percent increase in contract awards due to several recent contract wins and growth on existing contracts. Inorganic revenue rose with the approximately $200 million acquisition of SealingTech and the $43 million purchase of IPKeys Power Partners.

Carey Smith, the CEO of Parsons and a 4×24 member, expressed her satisfaction with the company’s performance, citing the record results in revenue, organic growth and cash flow. She also highlighted the strategic acquisitions made to bolster Parsons’ capabilities in dealing with evolving cyberthreats.