Parsons (NYSE: PSN) posted $1.2 billion in fiscal year 2023 first quarter revenue, 24 percent higher than sales reported during the same period last year.

Contract award activity and the 2022 acquisition of Xator drove the growth in quarterly sales, according to the company’s financial report published Wednesday.

Xator contributed $112 million in sales to the parent organization’s federal services segment, which totaled $634.5 million for Q1 2023.

Last month, Parsons closed the purchase of IPKeys Power Partners in an approximately $43 million deal.

“When you look at a company that is servicing utility companies, water companies, and providing cyber monitoring capabilities, it really is at the right intersection for both federal and critical infrastructure,” Carey Smith, CEO of Parsons and a 2023 Wash100 awardee, said of the IPKeys transaction in a conference call with analysts.

The company’s federal services unit earned $143 million more year-on-year, while its critical infrastructure business posted a revenue increase of $81 million.

Both segments scored large contracts for the period ending March 31, notably a $75 billion ceiling project to build and operate influx care facilities for the Department of Health and Human Services.

Other significant awards include a potential five-year, $1.2 billion contract to support the Department of Defense, as well as the Federal Aviation Administration’s fifth contract recompete for the Aviation System Capital Investment Plan, a deal worth up to $1.8 billion.

Parsons now expects full-year revenue in the range of $4.5 billion to $4.7 billion over the prior $4.375 billion to $4.575 billion forecast.

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