Core Viewpoint - Parsons (PSN) reported quarterly earnings of $0.95 per share, exceeding the Zacks Consensus Estimate of $0.79 per share, and showing an increase from $0.69 per share a year ago, indicating a strong performance in the software and infrastructure services sector [1][2] Financial Performance - The company achieved revenues of $1.81 billion for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 11.35%, compared to $1.42 billion in the same quarter last year [2] - Over the last four quarters, Parsons has consistently exceeded consensus EPS estimates and revenue expectations [2] Stock Performance - Parsons shares have increased approximately 67.5% since the beginning of the year, significantly outperforming the S&P 500's gain of 22.3% [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating expectations for continued outperformance in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.85 on revenues of $1.68 billion, and for the current fiscal year, it is $3.20 on revenues of $6.52 billion [7] - The trend of estimate revisions for Parsons has been favorable leading up to the earnings release, which may influence future stock movements [6][5] Industry Context - The Technology Services industry, to which Parsons belongs, is currently ranked in the top 22% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8]

Financial Performance Highlights - Record revenue of $1.8 billion, a 28% increase year-over-year[3, 5, 6] - Record organic revenue growth of 26%[3, 5, 6] - Record net income increased 52% to $72 million[3, 5] - Record adjusted EBITDA increased 31% to $167 million[3, 5, 6] - Record cash flow from operations increased by $95 million to $299 million[3, 5, 6] - Record trailing twelve-month operating cash flow of $587 million, a 91% increase over the prior twelve-month period[3, 6] - Adjusted EBITDA margin expands 20 basis points to 9.2%[5, 6] Contract Awards and Acquisitions - Contract awards increased 24% to $1.8 billion, a third quarter record[3, 5, 6] - Announced and closed BlackSignal Technologies acquisition for approximately $204 million[3, 11] - After Q3 2024 ended, Parsons entered into a definitive agreement to acquire BCC Engineering, LLC for approximately $230 million[3, 11] Fiscal Year 2024 Guidance - Raised FY24 guidance ranges for revenue to $6.6 - $6.8 billion, adjusted EBITDA to $590 - $620 million, and cash flow from operations to $425 - $465 million[3, 12]

Exhibit 99.1 PARSONS® t THIRD QUARTER 2024 Earnings Press Release . Parsons* third quarter 2022 earnings press release Parsons Reports Record Results Since IPO for the Third Quarter of 2024 Q3 2024 Financial Highlights ▪ Record revenue of $1.8 billion increases 28% year-over-year ▪ Record organic revenue growth of 26%, including six consecutive quarters with year-over-year organic growth above 20% ▪ Record net income increases 52% to $72 million ▪ Record adjusted EBITDA increases 31% to $167 million ▪ Recor ...

CHANTILLY, Va., Oct. 24, 2024 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company was awarded a Defense Threat Reduction Agency (DTRA) Proliferation Prevention Program task order to reduce the threat of weapons of mass destruction (WMD) proliferation in Eastern Europe. The $27 million ceiling-value task order under the DTRA Cooperative Threat Reduction Integrating Contract (CTRIC) III is new work for the company and consists of a two-year period of performance and three one- ...

CHANTILLY, Va., Oct. 17, 2024 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company was awarded a seat on a $225 million multiple award task order contract (MATOC) by the United States Army Corps of Engineers (USACE) Kansas City District. The contract for environmental remediation activities has a one-year base period and four one-year option periods and represents new work for the company. The contract includes projects funded by the Infrastructure Investment and Jobs Act in ...

CHANTILLY, Va., Oct. 16, 2024 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE:PSN) announced today that the company has been awarded two contracts worth $25 million to perform design engineering for a Middle East transportation customer. With the same customer, Parsons has won more than $90 million in contract awards over the last 9 months. Under these contracts, Parsons will lead the design engineering and construction supervision of transportation infrastructure enhancements. The scope includes the developm ...

Investors seek growth stocks to capitalize on above-average growth in financials that help these securities grab the market's attention and produce exceptional returns. But finding a great growth stock is not easy at all. That's because, these stocks usually carry above-average risk and volatility. In fact, betting on a stock for which the growth story is actually over or nearing its end could lead to significant loss. However, it's pretty easy to find cutting-edge growth stocks with the help of the Zacks G ...

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1][2]. Company Overview: Parsons (PSN) - Parsons currently holds a Momentum Style Score of B and a Zacks Rank of 2 (Buy), indicating a favorable outlook for the stock [3][4]. - The stock has shown significant price performance, with a 3.74% increase over the past week, compared to a 0.45% increase in the Zacks Technology Services industry [6]. - Over the last month, PSN's shares have increased by 12.98%, while the industry has only seen a 0.1% increase [6]. - In the longer term, PSN shares have increased by 32.86% over the past quarter and 93.63% over the past year, significantly outperforming the S&P 500's gains of 3.97% and 34.89%, respectively [7]. Trading Volume - PSN's average 20-day trading volume is 1,255,436 shares, which serves as a bullish indicator when combined with rising stock prices [8]. Earnings Outlook - Recent earnings estimate revisions for PSN have been positive, with two estimates moving higher for the full year, raising the consensus estimate from $3.13 to $3.20 over the past 60 days [10]. - For the next fiscal year, two estimates have also moved upwards, with no downward revisions during the same period [10].

CHANTILLY, Va., Sept. 30, 2024 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN), a leading national security solutions company in the space domain, is proud to announce the successful delivery of Phase 1.0, the initial capabilities release for the National Oceanic and Atmospheric Administration's (NOAA) Office of Space Commerce's (OSC) Traffic Coordination System for Space (TraCSS) program. Parsons is the system integration and cloud management services lead for TraCSS, a modern, cloud-based IT system th ...

Core Viewpoint - Parsons Corporation is set to release its third quarter 2024 financial results on October 30, 2024, before market opening, followed by a conference call to discuss earnings and strategic initiatives [1]. Group 1: Financial Results Announcement - The third quarter 2024 financial results will be released before the markets open on October 30, 2024 [1]. - A conference call is scheduled for 8:00 a.m. Eastern Time on the same day to discuss the earnings results [1]. Group 2: Investor Relations - Access to the live conference call can be obtained through the Investor Relations section of the company's website [3]. - A replay of the conference call will be available on the company's website approximately two hours after the call and will continue for one year [3]. Group 3: Company Overview - Parsons Corporation is a leading provider of disruptive technology in national security and global infrastructure markets, with capabilities in various sectors including cyber and intelligence, space and missile defense, and critical infrastructure protection [4].