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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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.