Welcome to our dedicated page for Parsons Corporation news (Ticker: PSN), a resource for investors and traders seeking the latest updates and insights on Parsons Corporation stock.
Parsons Corporation (NYSE: PSN) is a pioneering company in the fields of engineering, construction, technical, and management services. Founded in 1944, Parsons has grown to become a leader in delivering innovative, technology-driven solutions across a variety of markets, including defense, intelligence, and critical infrastructure.
With a strong workforce of over 15,000 employees, Parsons engages in nearly 5,000 projects across 29 countries. These projects span multiple sectors and involve complex logistical challenges. The company's core services include design/build, program and construction management, and professional services tailored to meet the needs of both private industrial clients and government entities at the federal, regional, and local levels.
One of Parsons' significant achievements is obtaining a $28 million contract from the U.S. Air Force Research Laboratory for the development of intelligence, surveillance, and reconnaissance software. This contract extends Parsons' portfolio in supporting the Department of Defense and the Intelligence Community. The company is also renowned for its ZEUS® directed energy system, which has been deployed in Iraq and Afghanistan for neutralizing threats and enhancing operational safety.
Parsons is structured into two primary business segments: Federal Solutions and Critical Infrastructure. The Federal Solutions segment focuses on high-end services and technology for mission-critical projects for the U.S. government. The Critical Infrastructure segment offers integrated design and engineering services for intricate physical and digital infrastructure globally.
Additionally, Parsons has been selected as one of 15 lead consultants for the Los Angeles World Airports' (LAWA) Capital Improvement Program, a contract valued at nearly $1 billion over five years. This initiative is part of LAWA's broader inclusivity and modernization efforts.
Parsons' commitment to innovation and excellence is further exemplified by its collaborative projects like the Peak-Time Payback program for battery storage-based demand response in Texas, in partnership with Enphase Energy and GVEC. This project is aimed at enhancing the resilience and sustainability of the Texas electrical grid.
To stay updated on Parsons' latest developments and projects, visit their official website at parsons.com and follow their updates on LinkedIn and Facebook.
Parsons Corporation (NYSE: PSN) is showcasing its innovative capabilities at the 38th Space Symposium in Colorado Springs from April 17-20, 2023. The company has a long-standing history of providing operationally proven capabilities in the space domain, serving over 200 government and commercial clients. Notably, Parsons supports 50% of Department of Defense satellites and 75% of NASA and NOAA satellites. Key offerings include the Parsons Space Operations Center, which provides Ground Operations Center as a Service (GOCaaS), reducing government investment needs. Parsons also excels in satellite integration and artificial intelligence applications for enhanced decision-making. The company is poised to tackle space access complexities and aims to deliver affordable, customized mission solutions.
On April 14, 2023, Parsons Corporation (NYSE: PSN) announced the completion of its acquisition of IPKeys Power Partners for $43 million. This strategic move enhances Parsons' Federal Solutions and Critical Infrastructure segments by integrating advanced cloud-based cybersecurity and software solutions. IPKeys, based in New Jersey, serves hundreds of utilities across North America, significantly boosting Parsons' footprint in growing markets like grid modernization and cyber resiliency. The acquisition aligns with Parsons' strategy of pursuing accretive acquisitions, targeting companies with revenue growth and adjusted EBITDA margins of over 10 percent. This transaction is expected to strengthen Parsons' existing portfolio and enhance its market position.
Parsons Corporation (NYSE: PSN) announced a significant contract awarded by the U.S. Department of State (DOS) for humanitarian support services, with a contract ceiling of $750 million. This includes a one-year base contract valued at $250 million and two additional one-year options, each also worth $250 million. The contract is aimed at providing global logistics support services, including identity verification, medical aid, and transportation for crisis-affected individuals. Parsons' acquisition of Xator, LLC in June 2022 has enhanced its capabilities in critical infrastructure protection and global threat assessments, expanding its partnership with DOS to cover more than 280 diplomatic missions worldwide.
Parsons Corporation (NYSE: PSN) is set to release its first quarter 2023 financial results on May 3, 2023, before market opening. A conference call will follow at 8:00 a.m. Eastern Time to discuss the earnings and corporate initiatives. Interested participants can access the live call via the company's Investor Relations webpage, with a replay available shortly after the call and lasting up to one year. Parsons is recognized as a leader in disruptive technologies within national security and global infrastructure, covering sectors such as cyber and intelligence, environmental remediation, and critical infrastructure protection.
Parsons Corporation (NYSE: PSN) announced the award of the Technical Support Services Contract 5 by the Federal Aviation Administration (FAA), valued at $1.8 billion. This contract will span a base period of four years with two optional three-year extensions, supporting the FAA’s Aviation System Capital Investment Plan (CIP). Parsons has a longstanding partnership with the FAA, having provided services since 2001 under previous contracts. The contract includes responsibilities for project management, infrastructure modernization, and systems installation at over 600 locations. This ongoing partnership underscores Parsons' commitment to enhancing aviation safety and efficiency.
Parsons Corporation (NYSE: PSN) has received its fourth Nunn-Perry Award from the Department of Defense (DOD) for its collaboration with KODA Technologies, enhancing defense capabilities through major programs. The recognition was given at the DOD Mentor Protégé Summit on March 30, 2023. The mentor-protégé agreement focused on project management, business strategy, and technology transfer, leading to KODA's first prime contract from the Missile Defense Agency (MDA). Key achievements include a new Defense Contract Accounting Agency system and technical labs supporting various military projects. KODA's enhanced capabilities are expected to contribute significantly to national technology initiatives.
Parsons Corporation (NYSE: PSN) announced the delivery of 13 Recovery of Airbase Denied by Ordnance (RADBO) systems and three ZEUS® laser neutralization systems to the U.S. Air Force, marking the first rollout from a $51 million contract awarded in 2020. This directed energy weapon system has undergone successful testing and deployment in Iraq and Afghanistan. Designed to enhance safety and efficiency, RADBO allows explosive ordnance personnel to neutralize threats from a safe distance of over 300 meters. The system's scalability and advanced capabilities are set to transform military operations in explosive ordnance disposal.
Parsons Corporation (NYSE: PSN) has been awarded a $164 million contract by the US Army Corps of Engineers to construct an Explosive Decomposition Chamber at the Holston Army Ammunition Plant in Kingsport, Tennessee. This four-year project aims to replace traditional open burning of explosive waste with a closed destruction solution, enhancing environmental protection. Parsons will provide technical design, engineering, and permitting services for the facility, which is expected to significantly reduce hazardous waste emissions. This contract builds on Parsons' previous work at Radford Army Ammunition Plant, furthering its commitment to sustainable military solutions.
On March 30, 2023, Parsons Corporation (NYSE: PSN) was awarded a $160 million indefinite-delivery, indefinite quantity (IDIQ) contract by the U.S. Army Corps of Engineers (USACE) to modernize Department of Defense facilities. This contract spans a base period of two years with an option for 36 months. Parsons aims to deliver architectural-engineering services for military construction projects. This marks the third consecutive five-year IDIQ contract awarded to Parsons by the Huntsville Center, highlighting its expertise in supporting federal infrastructure needs. The company is recognized for its comprehensive project lifecycle support.
Parsons Corporation (NYSE: PSN) has been awarded a $94 million contract to provide command, control, communications, computers, and capabilities development support services to the United States Cyber Command (USCYBERCOM). This cost-plus-fixed-fee contract features a 12-month base period plus four optional periods. The work supports CYBERCOM's J6 Command and CIO Directorate, enhancing the agency's mission through integrated IT services, cybersecurity, and project management. This award aligns with the National Defense Science and Technology Strategy, positioning Parsons as a key player in advancing U.S. military and intelligence operations in the cyber domain.
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