Parsons has reported that its fourth-quarter revenue in fiscal year 2023 increased 35 percent year-over-year to $1.5 billion and full-year revenue jumped 30 percent to $5.4 billion.
The company attributed the Q4 revenue growth to organic growth of 34 percent and $20 million from acquisitions during the period, according to an earnings statement published Tuesday.
“We are operating in six growing and well-funded markets with a team that is executing at a high level, and I believe we are making the right organic and inorganic investments to continue to drive growth and margin expansion into our business,” said Carey Smith, chair, president and CEO of Parsons and a 2024 Wash100 awardee.
Net income in Q4 2023 rose to $45 million, a 60 percent increase over the same period the previous year, while net income for the full year reached $161 million, representing a 67 percent jump from a year ago.
Parsons logged $6 billion in contract awards and $408 million in cash flow from operations in 2023, a 40 percent and 72 percent year-over-year increase, respectively.
During the earnings call, Matt Ofilos, chief financial officer at Parsons, said the company expects its revenue in 2024 to reach between $5.8 billion and $6 billion.
“This represents 8 percent growth at the midpoint of the range and 7 percent growth on an organic basis,” he said.
