Parsons Corporation: Fourth Quarter and Fiscal Year 2024 Financial Highlights
Parsons Corporation, a leading technological innovator in the engineering, construction, and program management industry, recently announced its financial results for the fourth quarter and fiscal year ended December 31, 2024. The company reported impressive growth across key financial metrics.
Fourth Quarter Financial Highlights
Parsons Corporation reported record revenue of $1.7 billion for the fourth quarter, marking a 16% increase year-over-year. Organic revenue growth, which excludes the impact of acquisitions, was 14% and marked the eighth consecutive quarter of double-digit growth. Net income for the quarter increased by 21% to $54 million, while adjusted EBITDA grew by 14% to $147 million. Cash flow from operations was $127 million.
Fiscal Year 2024 Highlights
For the full fiscal year 2024, Parsons reported record revenue of $6.8 billion, representing a total growth of 24% year-over-year and organic growth of 22%. Net income increased by 46% to $235 million, adjusted EBITDA grew by 30% to $605 million, and cash flow from operations increased by 28% to $524 million. Contract awards totaled $7.0 billion, a 17% increase year-over-year.
Record-Breaking Contract Awards
Parsons won 15 contracts each worth $100 million or more during fiscal year 2024, matching the company’s record from 2023. These contracts span various industries, including transportation, infrastructure, and defense.
Fiscal Year 2025 Guidance and Long-Term Growth Targets
Parsons has established fiscal year 2025 guidance and reiterated its long-term growth targets. The company is confident in its ability to deliver sustainable, double-digit revenue growth and expand its profitability.
Impact on Consumers
Parsons’ financial success translates to continued investment in research and development, leading to innovative solutions for infrastructure projects and technological advancements. This could result in more efficient and cost-effective construction methods and improved transportation systems for consumers.
Impact on the World
Parsons’ growth in the engineering, construction, and program management industry contributes to the development of critical infrastructure projects worldwide. These projects include transportation systems, energy infrastructure, and defense installations. Parsons’ financial strength and commitment to innovation will enable the company to take on larger, more complex projects, driving progress and improving the quality of life for people around the world.
Conclusion
Parsons Corporation’s impressive financial results for the fourth quarter and fiscal year 2024 demonstrate the company’s ability to deliver sustainable growth and profitability. With record revenue, increased net income, and significant contract awards, Parsons is poised to continue driving innovation and progress in the engineering, construction, and program management industry. The impact of these achievements on consumers and the world is significant, as Parsons’ advancements in infrastructure development and technological innovation contribute to a better quality of life for people around the globe.
- Parsons Corporation reported record revenue of $1.7 billion for the fourth quarter, marking a 16% increase year-over-year.
- Organic revenue growth was 14% and marked the eighth consecutive quarter of double-digit growth.
- Net income for the quarter increased by 21% to $54 million, while adjusted EBITDA grew by 14% to $147 million.
- For the full fiscal year 2024, Parsons reported record revenue of $6.8 billion, representing a total growth of 24% year-over-year and organic growth of 22%.
- Parsons won 15 contracts each worth $100 million or more during fiscal year 2024.
- Parsons has established fiscal year 2025 guidance and reiterated its long-term growth targets.
- The impact of Parsons’ financial success on consumers includes more efficient and cost-effective construction methods and improved transportation systems.
- Parsons’ growth in the engineering, construction, and program management industry contributes to the development of critical infrastructure projects worldwide.
