Earnings fell at Parsons, Centreville, Va., in the 2nd quarter, which the defense and infrastructure company attributed in part to its acquisition announced in June of BlackHorse Solutions, a company involved in cyber and artificial intelligence, for $203 million.
Net income for the second quarter ended June 30 was $6.7 million or $0.7 per share down from $23.3 million or $0.23 per share during the year-ago quarter, according to a Wednesday earnings press release.
Quarterly revenue was $879 million, down $100 million from $979 million in the year-ago quarter.
“In the second quarter, we delivered record awards, generated strong free cash flow, and announced a significant acquisition that added attractive capabilities and met our strict M&A criteria, which demonstrates our ability to continue to deploy capital to generate long term shareholder value,” said Parsons CEO Carey Smith in the press release.
“Although we continue to expect our second half results to exceed our first half performance, we are reducing our outlook for the full year,” Smith said. Previously the company expected to take in between $3.85 billion and $4.05 billion during 2021, but the revised projection is from $3.6 billion-to – $3.7 billion.
Parsons is winding down its $2.3-billion contract to design, build and commission the Salt Waste Processing Facility at the Department of Energy’s Savannah River Site in South Carolina. It is also a member of the Leidos-led $4-billion services contract at the Hanford Site in Washington state. Centerra is the third member of that joint venture, Hanford Mission Essential Services.
