Parsons Corp. Leverages AI Across Diverse Sectors for Record Growth

Parsons Corp., under the leadership of CEO Carey Smith, continues to expand its portfolio through strategic acquisitions and innovative research and development initiatives. During the first quarter earnings call, Smith highlighted the company's commitment to integrating artificial intelligence (AI) across its federal technology and critical infrastructure segments. The application of AI extends to diverse areas such as countering unmanned aircraft, cybersecurity, and supply chain verification, demonstrating Parsons' multifaceted approach to addressing evolving technological challenges.

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The company's first-quarter results underscore its success, with revenue reaching $1.5 billion, marking a 31% increase from the previous year, and a record-breaking organic growth rate of 29%. This remarkable performance is attributed to the ramp-up of significant wins from 2023, including contracts with ceiling values exceeding $100 million. Parsons has revised its full-year financial outlook, anticipating revenue between $6.1 billion and $6.4 billion, with adjusted EBITDA expectations ranging from $535 million to $575 million. This optimistic outlook reflects Parsons' continued momentum and its ability to capitalize on emerging opportunities in the federal technology and critical infrastructure sectors.

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