Parsons Corporation - PSN STOCK NEWS

Parsons (NYSE: PSN) has announced its participation in two upcoming investor conferences. Carey Smith, chair, president, and CEO, and Matt Ofilos, CFO, will engage in fireside chat Q&A sessions at the Goldman Sachs Industrials and Materials Conference on December 4, 2024, at 1:20 p.m. ET, and the UBS Global Industrials and Transportation Conference on December 5, 2024, at 9:40 a.m. ET.

Both presentations will be accessible via webcast on Parsons' investor relations website, with replays available for 30 days.

Parsons (NYSE: PSN) announced that the Kicking Horse Canyon Phase 4 (KHCP4) project in British Columbia has won the 2024 Global Best Project Award in the Road/Highway category from Engineering News-Record. The $600M project, delivered by a joint venture between Aecon Constructors, Parsons, and Emil Anderson Construction, transformed 4.8 km of the Trans-Canada Highway 1 into a four-lane divided highway.

The project features innovative design elements including accelerated bridge construction and viaducts, addressing challenges in steep terrain prone to rockfall, avalanches, and debris flows. Opening in November 2023, KHCP4 improved safety, stability, and operational efficiency with a 100 km/h design speed and enhanced geohazard mitigation.

Tutor Perini (NYSE: TPC) and O&G Industries have been awarded a $1.18 billion contract by the Port Authority of New York and New Jersey for the AirTrain Newark Replacement Program. The project involves designing and constructing a 2.5-mile elevated, automated people mover train system with three stations at Newark Liberty International Airport, replacing the existing AirTrain that has operated since 1996. Tutor Perini is the managing partner with O&G holding a 25% stake, while Parsons will serve as the lead design subcontractor.

Parsons (NYSE: PSN) has been selected by the Tennessee Department of Transportation as lead designer for the America's River Crossing project in Memphis. The project will replace the existing 75-year-old I-55 bridge, which is expected to support approximately 64,000 vehicles daily by 2050, connecting Tennessee, Arkansas, and Mississippi. The project aims to enhance route resiliency, safety, and maintain good repair standards.

This award strengthens Parsons' bridge design portfolio, which now includes 24 Mississippi River crossings, with five currently in progress. The company brings extensive experience, having designed over 4,500 bridges, 10,000 miles of roadways, and implemented more than 50 advanced traffic management systems globally.

Parsons (NYSE: PSN) has launched an enhanced version of its DERMS solutions platform, a distributed energy resource management system designed to optimize renewable energy integration. The platform, available as SaaS or enterprise landed, helps utilities and grid operators manage various energy resources including solar panels, wind turbines, and battery storage.

The system integrates with Advanced Metering Infrastructure (AMI) to improve efficiency, flexibility, and cost savings while supporting new business models like virtual power plants. Key features include data-driven analytics, enhanced customer engagement, and improved grid reliability through real-time monitoring and control capabilities.

Parsons (NYSE:PSN) has been named 'Contractor of the Year' in the greater than $300 million category at the 22nd Annual Greater Washington Government Contractor Awards. The company reported record Q3 results, including total revenue, organic revenue growth, net income, adjusted EBITDA, operating cash flow, and contract awards, maintaining over 20% organic growth for six consecutive quarters. The recognition highlights Parsons' leadership in government contracting, delivering critical missions globally, and its strong corporate culture. The company has also been recognized as a Best Employer for New Grads by Forbes and one of the World's Most Ethical Companies for 15 consecutive years.

Parsons (NYSE:PSN) has completed the acquisition of BCC Engineering, for $230 million in an all-cash transaction. BCC, previously owned by Trivest Partners, is a leading transportation engineering firm providing planning, design, and management services across Florida, Georgia, Texas, South Carolina, and Puerto Rico. The acquisition enhances Parsons' infrastructure capabilities in the Southeast U.S., where the Infrastructure Investment and Jobs Act allocated approximately $100 billion in Federal Highway Administration formula dollars for 2022-2026. BCC will be integrated into Parsons' North America Infrastructure business unit.

Parsons (NYSE: PSN) reported record Q3 2024 results with revenue increasing 28% to $1.8 billion, driven by 26% organic growth. Net income rose 52% to $72 million, while adjusted EBITDA grew 31% to $167 million. The company achieved strong performance in both Federal Solutions and Critical Infrastructure segments, with Federal Solutions revenue up 42% and Critical Infrastructure revenue increasing 10%. Contract awards increased 24% to $1.8 billion. The company completed the BlackSignal Technologies acquisition and announced plans to acquire BCC Engineering. Based on strong performance, Parsons raised its full-year 2024 guidance for all financial metrics.

Parsons (NYSE: PSN) has secured a new $27 million Defense Threat Reduction Agency (DTRA) task order focused on preventing weapons of mass destruction proliferation in Eastern Europe. The contract includes a two-year performance period with three one-year option periods under the DTRA Cooperative Threat Reduction Integrating Contract (CTRIC) III.

Parsons will provide expertise, training, resources, program management, equipment procurement, and construction management capabilities to help partner nations address security risks. This marks the company's seventh task order under CTRIC III since June 2018, furthering DTRA's mission to reduce global WMD threats.