A Record Backlog and Rising Margins Haven't Stopped Parsons' Nearly 40% Slide
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The stock market hates uncertainty, and Parsons Corp. (NYSE: PSN) is serving it up. The engineering and defense company lost a heavily promoted $12.5 billion Federal Aviation Administration (FAA) contract bid in December and faces top-line pressure from the wind-down of a large government contract.The stock has been hammered, trading down nearly 40% over the past six months, including a 21% single-day drop in December. Yet as revenue expectations decline, actual profitability is improving, with margins hitting a record high in the first quarter. In addition, its backlog reached a new high, driven by solid contract wins at the start of the year.Continue readingWeiter zum vollständigen Artikel bei MotleyFool
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