Parsons Corp. Slips 14% On Earnings Miss; Lower Guidance

(RTTNews) - 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.