Parsons Reports First Quarter 2021 Results
Q1 2021 Financial Highlights
- Net income of $9 million and margin of 1.0%
- Adjusted EBITDA of $69 million and margin of 7.9%
- Book-to-bill ratio of 1.2x, driven by Critical Infrastructure book-to-bill ratio of 1.4x
- Total backlog increased 4.7% from the first quarter of 2020
Strategic Highlights
- Strong Q1 2021 with six contract wins over $100 million; great start to Q2 2021 with approximately $1 billion in contract wins in the quarter
- Strong Braxton performance and integration
- Recognized as a top employer by leading minority, women, and human rights organizations
- Updated executive compensation policy to tie a portion to core values including diversity, integrity, safety, and sustainability
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CENTREVILLE, Va., Feb. 22, 2021 /PRNewswire/ Parsons Corporation (NYSE: PSN) has won a seven-year contract with the U.S. Postal Service s (USPS) Nationwide Program Management Services (PMS) worth a total potential value of $600 million. The deal is the company s third consecutive with the USPS. The seven-year timeframe assumes all option periods are exercised. We look forward to continuing our 17-year relationship with the USPS and helping them deliver exceptional support to citizens around the country, said Chris Alexander, executive vice president, and general manager of the Parsons engineered systems market. Our experience in program management, architectural and engineering design, and construction management supports the USPS ongoing modernization efforts ensuring uninterrupted delivery of reliable and affordable mail service to our nation.
Parsons Awarded $600M Ceiling U S Postal Service Contract benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.