Revenue and earnings rose in the second quarter at Parsons Corp., Centreville, Va., buoyed year-over-year by the start of some federal contract work and the 2022 acquisition of cyber firm Xator.
Net earnings for the second quarter ended were roughly $43 million, or $0.38 a share, up from about $18 million or $0.17 a share in the year-ago quarter, according to the company’s earnings press release last week.
Quarterly revenue was roughly $1.4 billion, up year-over-year from about $1.0 million.
At the Federal Solutions segment, where Parsons book keeps its business with the U.S. government, quarterly revenue rose to $763 million from $538 million while quarterly earnings before interest taxes, depreciation and amortization rose to $86 million from $48 million. The non-standard earnings metric attempts to show the health of a business’ core operations by stripping away taxes and the natural decline in the value of physical assets over time.
Parsons is a junior member of the Leidos-led Hanford Mission Integration Solutions joint venture that provides landlord services under a $4.1-billion contract at the Department of Energy’s Hanford Site in Washington state.
Parsons also has a $160-million contract to provide construction management services for DOE and its semi-autonomous National Nuclear Security Administration. The company built and commissioned the Salt Waste Processing Facility at the Savannah River Site near Aiken, S.C.
