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) has been awarded a contract by the Defense Threat Reduction Agency (DTRA) worth $850 million. This indefinite delivery/indefinite quantity (IDIQ) contract spans five years with a five-year option. Parsons will provide crucial support in areas like training, threat assessment, and mission planning to enhance national and international security. With over two decades of experience working with DTRA, Parsons aims to deliver innovative solutions to counter emerging vulnerabilities and threats globally.
Parsons Corporation (NYSE: PSN) announced the appointment of Matt Ofilos as its new Chief Financial Officer (CFO) on July 25, 2022, succeeding George Ball, who will remain as an advisor until September. Ofilos, with over 20 years of experience in finance, previously held key financial roles at Amazon Web Services and Raytheon. The board also appointed George Ball and Ellen Lord, former Under Secretary of Defense, as directors. Ofilos aims to continue driving growth and operational excellence within the company.
Parsons Corporation (NYSE: PSN) will announce its Q2 2022 financial results on August 3, 2022, prior to market opening. A conference call is scheduled for 8:00 a.m. ET that day to discuss earnings and corporate strategies. Interested investors can access the live call via the company's Investor Relations page, and a replay will be available shortly after the call for one year. Parsons specializes in disruptive technology within security, intelligence, and critical infrastructure sectors, including cybersecurity and smart cities.
Parsons Corporation (NYSE: PSN) has been selected by the Greater Asheville Regional Airport Authority (GARAA) for a significant $240 million project to modernize and expand the airport terminal. The new facility will replace the existing terminal with a 275,000 square foot building featuring 12 boarding gates, enhancing the travel experience for increasing passenger numbers. This five-year contract will ensure extensive management during construction, minimizing disruptions. Parsons aims to leverage its aviation expertise and digital transformation capabilities to deliver the project on schedule and budget.
Parsons Corporation (NYSE: PSN) announced the promotion of Tim Schmitt to its executive leadership team, effective Aug. 1, 2022. Schmitt has been with Parsons since 2018, originally joining through the acquisition of Polaris Alpha. He will continue as chief development officer while also overseeing the firm’s merger and acquisition program and strategic initiatives. Schmitt has led previous acquisitions and has a robust background in national security sector investment banking. This leadership change aims to bolster Parsons' growth and strategic direction.
Parsons Corporation (NYSE: PSN) has been awarded a significant contract by the U.S. Defense Health Agency (DHA) to support health-related R&D for the Department of Defense, valued at up to $10 billion over five years. This Omnibus IV contract will enable Parsons to enhance military healthcare through innovative technologies, focusing on areas such as infectious disease research and medical simulations. The company aims to optimize DHA's investment in military health services and ensure the readiness and resilience of service members.
Parsons Corporation (NYSE:PSN) has inaugurated the PALADIN Lab, an innovation facility aimed at rapidly developing operational technology for the Department of Defense and other federal markets. Located in Aberdeen, Maryland, the lab features over 9,700 square feet of advanced engineering space designed to enhance research and integration of cutting-edge solutions. The lab promotes collaboration among industry, academia, and government, addressing national security needs while reinforcing Parsons’ commitment to innovation and technology development.
Parsons Corporation (NYSE: PSN) will present at the Stifel 2022 Cross Sector Insight Conference on June 8, 2022, at 9:10 a.m. ET. The presentation will be led by Carey Smith, Chairwoman and CEO, and Matt Ofilos, EVP of Finance. Investors can access the live webcast through the investor relations section of Parsons' website, with a replay available for 30 days afterward.
Parsons specializes in disruptive technologies in national security and critical infrastructure, including cybersecurity and smart cities.
Parsons Corporation (NYSE:PSN) finalized its acquisition of Xator Corporation for $400 million, enhancing its footprint in the U.S. Special Operations Command and critical infrastructure sectors. This acquisition will provide Parsons with access to a growing customer base at the Department of State and expanded capabilities in areas like cybersecurity and threat assessment. The synergies are expected to strengthen Parsons' existing portfolio and accelerate growth, with Xator integrated into Parsons’ engineered systems business unit.
Parsons Corporation (NYSE: PSN) will present at the Jefferies Virtual IT Services Summit on June 1, 2022, at 8:00 a.m. Eastern Time. Chairwoman and CEO Carey Smith, along with Executive VP of Finance Matt Ofilos, will lead the presentation. Investors can access the live webcast on Parsons' investor relations website, with a replay available for 30 days. Parsons is recognized as a leading disruptive technology provider in national security and critical infrastructure markets, focusing on areas such as cybersecurity and smart cities.
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