secwatch.observer — SEC 8-K summary
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Issuer:     PARSONS CORP (PSN)
CIK:        0000275880
Form:       8-K
Filed at:   2021-08-04T23:59:59+00:00
Accession:  0001564590-21-040485
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/275880/000156459021040485/0001564590-21-040485-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/275880/000156459021040485/psn-8k_20210804.htm
  HTML page:      https://secwatch.observer/filing/0001564590-21-040485

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer