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 (NYSE: PSN) has been selected by the National Guard Bureau to manage the operation and maintenance of a PFAS groundwater treatment system at Burlington Air National Guard Base, Vermont. The two-year task order involves optimizing the existing granular activated carbon treatment system using Parsons' Water Treatability Lab in Syracuse, New York.
Jon Moretta, president of Engineered Systems at Parsons, emphasized the significance of addressing PFAS as a widespread environmental issue. Parsons, a global leader in water and wastewater treatment, has completed nearly 2,000 PFAS investigations for various clients and designed and installed 7,000 PFAS point-of-entry treatment systems. The company's expertise spans hydrogeology, human health, ecological risk assessment, remediation, and modeling.
Parsons (NYSE: PSN) has been awarded a position on a $4 billion Defense Threat Reduction Agency (DTRA) contract to support Countering Weapons Of Mass Destruction (CWMD) objectives. The indefinite-delivery, indefinite-quantity (IDIQ) multiple award task order contract (MATOC) includes a five-year base period and one five-year option period.
Under this contract, Parsons will compete for task orders to perform various services including research, development, testing and evaluation, procurement, maintenance, and systems engineering. The company aims to deliver scientific and technological solutions meeting the Department of Defense's priority CWMD objectives.
This contract continues Parsons' long-standing support of DTRA, which includes global projects addressing chemical weapons destruction, nuclear security, and non-proliferation of weapons of mass destruction. In 2023, Parsons also announced two task order awards under DTRA's Assessment, Exercise, Modeling and Simulation, and Support (AEMSS) IDIQ MATOC.
Parsons (NYSE: PSN) has successfully delivered Phase 1.0 of the National Oceanic and Atmospheric Administration's (NOAA) Office of Space Commerce's (OSC) Traffic Coordination System for Space (TraCSS) program. As the system integration and cloud management services lead, Parsons has developed a cloud-based IT system for space situational awareness (SSA) and space traffic coordination (STC).
The initial capabilities release provides 'beta users' access to conjunction data messages (CDMs) for evaluation, running parallel with Department of Defense (DoD) systems. This milestone supports the transition of safety of flight mission from DoD to the Department of Commerce. The Parsons-developed system establishes a platform for hosting services supporting the civil space SSA mission, designed to improve space traffic coordination for thousands of space vehicles.
Parsons' role includes developing the software platform, integrating third-party components, managing cloud services, cybersecurity protection, and system administration for TraCSS operations. The company has 30 years of experience in enabling SSA missions for the U.S. government and allied partners.
Parsons (NYSE: PSN) has announced that it will release its third quarter 2024 financial results before the markets open on Wednesday, October 30, 2024. The company will host a conference call at 8:00 a.m. Eastern Time on the same day to discuss its earnings results and strategic corporate initiatives.
Investors and interested parties can access a webcast of the live conference call through the Investor Relations section of Parsons' website. Those who wish to participate via telephone can register on the Investor Relations website or through a provided link. A replay of the conference call will be available on the company's website approximately two hours after the call and will remain accessible for one year.
Parsons (NYSE: PSN) has been named to the S&P MidCap 400 Index, effective September 23, 2024. This milestone reflects the company's strong performance and growth in the national security and global infrastructure markets. Parsons, celebrating its 80th anniversary, has demonstrated impressive financial results, including:
- Record organic revenue growth of over 20% in both business segments in 2023
- Record post-IPO results for total revenue, net income, adjusted EBITDA, operating cash flow, and contract awards
- Continued momentum with over 20% organic growth in Q1 and Q2 of 2024
The company has also been recognized as one of the World's Most Ethical Companies for 15 consecutive years, highlighting its commitment to ethics and integrity in driving performance.
Parsons (NYSE: PSN) has secured a $68.5 million contract from the U.S. Army Corps of Engineers Honolulu District to design and build new Army housing units in the Kwajalein Atoll, Republic of the Marshall Islands. This three-year contract represents new business for Parsons. Additionally, the company has been selected for the district's Pre-Qualified Source Listing, making it eligible for future large task orders valued at $50 million or more.
This award expands Parsons' work in the Kwajalein Atoll, known for its logistical challenges and corrosive environment. It follows a $44 million contract awarded in October 2023 for similar housing projects. Since 2019, Parsons has secured over $400 million in INDOPACOM-related contracts, leveraging its expertise in program management, engineering, and complex infrastructure.
Parsons (NYSE: PSN) has announced its participation in the upcoming Jefferies Industrials Conference. The company's leadership, including Carey Smith, chair, president, and CEO, and Matt Ofilos, CFO, will engage in a fireside chat Q&A session on September 4, 2024, at 9:50 a.m. Eastern Time.
Investors and interested parties can access the live presentation via webcast on the investor relations section of Parsons' website. For those unable to attend the live event, a replay will be available on the same platform for 30 days following the conference. This presentation offers an opportunity for stakeholders to gain insights into Parsons' current operations and future strategies directly from its top executives.
Parsons (NYSE: PSN) has been selected as the lead engineer for the State Route 400 (SR 400) Express Lanes Major Mobility Investment Program (MMIP) Project in Georgia. This $4.6 billion project will add new express lanes along a 16-mile section of SR 400 from the North Springs MARTA Station to north of McFarland Parkway. The project, led by SR 400 Peach Partners, includes a 50-year concessions period and will utilize electronic tolled express lanes, advanced traffic management systems, and a digital twin asset management system.
The initiative aims to improve mobility and reduce congestion in northern Atlanta, with projections of 144,000 more residents and 114,000 more jobs by 2050. The project also incorporates a $100 million state bond investment for MARTA's Bus Rapid Transit line, enhancing public transportation connectivity. Parsons brings extensive experience in transportation infrastructure, having worked on over 10,000 miles of roadways and 4,500 bridges globally.
Parsons (NYSE: PSN) has been awarded a $46 million contract to oversee Operations Technology Maintenance Services for an East Coast strategic transportation customer. The project involves preventative and reactive maintenance of roadway technology systems, including traffic signals, ITS devices, and network infrastructure. Parsons will explore the use of digital twins and AI to improve scheduling and service reliability.
Mark Fialkowski, president of Infrastructure North America for Parsons, emphasized the company's commitment to applying cutting-edge technologies to enhance service delivery. Parsons boasts extensive experience in transportation infrastructure, having worked on over 10,000 miles of roadways, 4,500 bridges, and more than 50 advanced traffic management system deployments.
Parsons (NYSE: PSN) has been awarded the lead design contract for the $1.66 billion Honolulu Rail Project. As a subcontractor to Tutor Perini , Parsons will design six rail stations and approximately three miles of elevated rail guideway for the Honolulu Authority for Rapid Transportation's (HART) City Center Guideway and Stations Project.
The project scope includes the construction of rail infrastructure from east of the Middle Street Transit Center Station to the Civic Center Station, located just east of downtown Honolulu. Design work is set to commence in 2024, with construction expected to begin in the second half of 2025. The project is anticipated to reach substantial completion by 2030.
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