Shares of disruptive technology provider in the defense, intelligence, and critical infrastructure markets, Parsons Corporation (PSN) are down more than 14% Wednesday morning after the company’s second-quarter results missed estimates.
Parsons also lowered its full-year revenue outlook to the range of $3.6 billion – $3.7 billion from the range of $3.85 billion – $4.05 billion provided earlier. On average, 7 analysts polled by Thomson Reuters expect the company to report revenue of $3.94 billion.
Net income in the second quarter decreased to $6.7 million or $0.06 per share from $23.3 million or $0.23 per share in the same quarter a year ago, on lower revenue.
Revenue for the quarter decreased 10% year-over-year to $879.36 million, impacted by decline in revenue in both Critical Infrastructure and Federal Solutions segments.
Analysts expected the company to report earnings of $0.51 per share on revenue of $984.97 million in the quarter.
PSN touched a new low of $30.86 this morning, before edging up to trade at $32.08 currently.
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