Parsons Q2 revenue falls 10% to $879M; net income $7M; FY guidance reduced

PARSONS CORP

2021-Q2 EPS reported $0.15 revenue$1,754,053,000

Q2 revenue $879M (-10% YoY); net income $7M ($0.06 EPS); adjusted EPS $0.32 vs $0.49 prior year.
Two program reserves ($15.4M legacy CI, $6.9M Federal Solutions) hurt margins; adjusted EBITDA margin 7.5%.
Record Q2 operating cash flow $104M; record book-to-bill 1.9x (Federal Solutions 2.8x).
Carey Smith named CEO effective July 1, 2021; Chuck Harrington becomes exec chairman.
FY2021 guidance cut: revenue $3.6-3.7B (prior $3.85-4.05B), adj. EBITDA $295-315M (prior $350-375M).

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