Acquisitions and contract wins drive 10% rise in Parsons revenue
Total revenue for the second quarter of 2019 increased by $89m compared to the same period in 2018 for the engineering firm
A series of contract wins and developments has driven “margin expansion” for engineering firm Parsons after a 10% increase in revenues for the second quarter of 2019.
Revealed in its Q2 financial results, Parsons’ revenues amounted to $990 million, a 10% increase compared to the same period in 2018 and a difference of $89m. Adjusted EBITDA for the second quarter of 2019 was $76 million, a 45% increase over the same period in the previous year.
Among the stand-out contract wins for Parsons were $140 million worth of new contracts with the likes of the Air Force Research Laboratory, Army Cyber, National Geospatial-Intelligence Agency, and the Defense Threat Reduction Agency.
Other developments included acquiring QRC, which Parson said expanded its product portfolio and capabilities for special operations and intelligence communities, as well as the opening of the Parsons Space Launch Integration Laboratory in Southern California.
Parsons CEO and chairman Chuck Harrington said: “Our margin expansion continues and our ability to win new business and grow existing contracts is enabling us to build backlog and drive top-line growth in high priority markets.”
He added: “The strategic acquisition of QRC enhances our existing products portfolio, expands our presence in the important US special operations and intelligence communities, and improves our revenue growth and margin profile. Our robust balance sheet ideally positions us for continued investment in our strategic initiatives.”