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.
On February 2, 2023, Parsons Corporation (NYSE: PSN) announced a $15 million contract with Rua Al-Madinah Holding Company to deliver construction project management consultancy services for the Rua Al-Madinah mega real estate project in Saudi Arabia. This initiative aims to enhance the region's economic and social transformation as part of Saudi Vision 2030. The project spans 1.5 million square meters, with plans for 63% green spaces and 47,000 hotel rooms to accommodate future pilgrims. It is anticipated to contribute $37 million to the GDP and create 93,000 jobs.
Parsons Corporation (NYSE: PSN) has been appointed as a delivery partner for THE LINE, a groundbreaking project within NEOM in Saudi Arabia. Designed to redefine sustainable urban living, THE LINE spans 170 km and aims for zero carbon emissions, with construction starting in Q1 2021. Parsons will provide consultancy services for project management and construction across various domains, ensuring the project's ambitious design aligns with NEOM’s vision. As part of this endeavor, the team is expected to reach 6,000 employees at peak construction. This contract underscores Parsons' commitment to innovative and sustainable infrastructure solutions.
Parsons Corporation (NYSE: PSN) will release its fourth quarter and fiscal year 2022 financial results on February 15, 2023, before the market opens. A conference call is scheduled for 8:00 a.m. ET to discuss the earnings results and strategic initiatives. Interested parties can access the live call via the Investor Relations section of Parsons' website. A replay will be available shortly after the event and will remain accessible for one year. Parsons is a key player in national security and global infrastructure, focusing on various high-tech domains.
Parsons Corporation (NYSE: PSN) announced that its subsidiary Xator, LLC, secured key roles on the USAF Integrated Base Defense Security System (IBDSS) contract. This task order could yield up to $79.5 million through 2027, enhancing security solutions for the Air Force. The project aims to modernize base security, integrating computers, communications, and situational awareness tools. This follows Parsons' acquisition of Xator in June 2022, expanding its market presence and capabilities in critical infrastructure protection.
Parsons Corporation (NYSE: PSN) announced that its BlackHorse Solutions subsidiary secured a $12 million contract from DARPA for the Signature Management using Operational Knowledge and Environments (SMOKE) program. This competitive, cost-plus-fixed-fee contract involves developing automated tools for cyber network security assessments. The SMOKE program aims to create data-driven infrastructures for identifying cyber threats, enhancing network defenses. Parsons continues to deliver innovative solutions to military and intelligence sectors, addressing next-generation challenges in multi-domain operations.
Parsons Corporation (NYSE: PSN) has secured a $95 million indefinite-delivery, indefinite-quantity contract from NAVFAC Atlantic. This contract includes a base year followed by four optional years and focuses on multi-discipline architect-engineer services for Navy and Marine Corps projects. Key tasks include master planning, military construction documentation, and sustainability studies. Jon Moretta, president of Engineered Systems, emphasized the company's commitment to providing innovative solutions for federal projects, aiding in improving resilience and efficiency.
Parsons Corporation (NYSE: PSN) has been awarded a $49 million task order by the US Army's C5ISR Center for the Intelligence Development Enabled Awareness (IDEA) initiative, which focuses on modernizing intelligence software systems. This contract is part of the larger $37 billion RS3 program and spans three years. The work will leverage Parsons’ PALADIN Lab in Maryland for rapid prototyping to enhance joint operations. This partnership reinforces Parsons’ commitment to delivering cutting-edge defense solutions.
Parsons Corporation (NYSE: PSN) has been awarded the HIRE Vets Medallion Award by the U.S. Department of Labor, recognizing its commitment to veterans' employment and support.
Nearly 25% of Parsons' U.S. workforce comprises veterans, reflecting its dedication to transitioning servicemembers. The award highlights Parsons as a top employer for veterans.
Ranked #3 on the GI Jobs Military Friendly Employer list, Parsons also engages in initiatives like the SkillBridge program and partnerships with organizations supporting military families.
Parsons Corporation (NYSE: PSN) has secured a $28 million contract from the U.S. Army Corps of Engineers to conduct comprehensive investigations and feasibility studies related to PFAS contamination at 16 Army National Guard sites across 12 states. This firm-fixed price contract spans eight-and-a-half years and entails evaluating PFAS impacts on soil, water, and potential health risks. Parsons leverages over 50 years of experience in environmental engineering to support the Department of Defense in addressing this critical environmental challenge.
Parsons Corporation (NYSE: PSN) reported impressive Q3 2022 financial results, with revenue reaching $1,134 million, a 19% year-over-year increase. This growth includes 11% organic growth and a contribution of $71 million from the Xator acquisition. Net income rose 53% to $30 million, while adjusted EBITDA increased 22% to $103 million. The company also improved its cash flow from operations by 59%, totaling $123 million. Parsons announced an increase in fiscal year guidance for revenue and adjusted EBITDA, reflecting strong operational performance.
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