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Parsons (NYSE: PSN) has been chosen by VIA Metropolitan Transit Authority to finalize the design of the Advanced Rapid Transit (ART) program for the VIA Rapid Green Line in San Antonio, Texas. The $20 million, five-year contract is a significant new project for Parsons. The ART system, with an estimated cost exceeding $400 million, will enhance community connectivity, support economic growth, and improve public transportation in San Antonio. The project is funded by various sources, including the Federal Transportation Administration's New Starts Capital Improvement Grant and local funds. The 12-mile VIA Rapid Green Line will feature 26 stations and connect key employment and residential areas in San Antonio.
Parsons (NYSE:PSN) received the 2024 Innovation Transportation Solutions Award from WTS Colorado for their East Colfax Avenue Bus Rapid Transit (BRT) project. The project was commended for its design excellence and collaboration with various stakeholders, including the City and County of Denver Department of Transportation and Infrastructure (DOTI), City of Aurora (COA), Colorado Department of Transportation (CDOT), Federal Transit Administration (FTA), Denver Regional Council of Governments (DRCOG), and Regional Transportation District (RTD). The project features sustainable and resilient design attributes supporting public health and safety, local structures, and community amenities. Parsons looks forward to advancing similar projects in the area.
Sealing Technologies, a Parsons Company, is ramping up production of its SN 4500 servers, offering a cost-effective, open-architecture mission flexible compact 1U form factor. The SN 4500 allows for easy data transfer between classifications and sensitivity levels, with the ability to adopt future upgrades for GPUs, DPUs, Raid Controllers, and other PCIe devices. It serves multiple roles, from network sensors to gateway firewalls, providing unmatched versatility in a compact design.
Parsons reports strong first quarter 2024 results with record revenue of $1.5 billion, a 31% year-over-year increase. The company experienced organic revenue growth of 29% and adjusted EBITDA increased by 56% to $141 million. Despite a net loss of $107 million due to a charge related to a partial repurchase of convertible notes, Parsons remains optimistic, raising fiscal year 2024 guidance across all financial metrics.
Parsons (PSN) has been awarded a position on a $464 million contract to provide remediation services for hazardous toxic waste for the United States Army Environmental Command. The five-year contract includes PFAS treatment, munitions response, and operational range assessments at various U.S. Army installations, expanding Parsons' environmental remediation project portfolio. The company's recent contract wins and comprehensive experience in environmental solutions position it well for growth and success in the sector.
