12:47 PM EDT, 07/31/2024 (MT Newswires) -- (Updates with share price movement in the headline and first paragraph.)

Parsons' (PSN) shares rose by more than 16% in recent trading on Wednesday after the company posted an increase in adjusted earnings and revenue for Q2 and raised its fiscal 2024 outlook.

The company reported Q2 adjusted earnings of $0.84 per diluted share, up from $0.63 a year earlier.

Analysts surveyed by Capital IQ expected $0.69.

Revenue for the quarter ended June 30 was $1.67 billion, up from $1.36 billion a year earlier.

Analysts surveyed by Capital IQ expected $1.54 billion.

Parsons said it now expects fiscal 2024 revenue of $6.35 billion to $6.55 billion, up from its prior guidance of $6.1 billion to $6.4 billion. Analysts surveyed by Capital IQ expect $6.34 billion.

Price: 89.33, Change: +12.15, Percent Change: +15.74