Parsons Q1 revenue up 9% to $949M; net income +129%; reiterates FY22 guidance

PARSONS CORP

2022-Q1 EPS reported $0.19 revenue$949,069,000

Revenue $949M (+9% YoY), organic growth 6%; net income $21M vs $9M prior year.
Adjusted EBITDA $74M (+8% YoY); adjusted EPS $0.40 vs $0.34.
Federal Solutions revenue $492M (+9%), adjusted EBITDA margin 8.7% up 160 bps.
Critical Infrastructure revenue $457M (+8% organic), but adj EBITDA margin down to 6.9% on change order.
Book-to-bill 1.0x; total backlog $8.2B; FY22 guidance reaffirmed: rev $3.7–3.9B, adj EBITDA $315–345M.

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