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 Niagara International Transportation Technology Coalition (NITTEC) to develop an AI-based regional border transportation management system. This project aims to enhance the movement of goods and people in the Buffalo-Niagara region, focusing on safety, efficiency, and environmental sustainability. Parsons will employ its Intelligent NETworks® Smart Mobility platform to facilitate real-time data sharing among agencies, ultimately improving traffic performance and freight operations.
On May 23, 2022, Parsons Corporation (NYSE: PSN) announced its acquisition of Xator Corporation for $400 million. This strategic move aims to enhance Parsons’ capabilities in critical infrastructure protection, cyber solutions, and counter-unmanned aircraft systems. Xator will expand the company’s market presence, particularly in federal solutions and with U.S. Special Operations Command. Expected to generate $300 million in revenue for 2023, this acquisition aligns with Parsons’ growth strategy of purchasing mission-focused companies with strong EBITDA margins.
Parsons Corporation (NYSE: PSN) has announced a transformative initiative called Parsons X, aimed at unifying its digital organization and enhancing its AI-driven solutions in national security and infrastructure sectors. This strategic move leverages advanced technologies like digital twins and cybersecurity to improve efficiency and sustainability. The inaugural center will be at the PALADIN Lab in Maryland, focusing on innovative projects such as 183N Mobility and OrbitXchange. Parsons X positions the company as a leader in addressing critical infrastructure challenges.
Parsons Corporation (NYSE: PSN) will present at the Goldman Sachs Industrials and Materials Conference in New York City on May 10, 2022, at 8:00 a.m. Eastern Time. Chairwoman and CEO Carey Smith, along with CFO George Ball, will lead the presentation. Investors can access the live webcast through Parsons' investor relations webpage, where a replay will be available for 30 days. Parsons is recognized for its leading technology solutions in national security and critical infrastructure sectors, focusing on areas like cybersecurity, missile defense, and smart cities.
Parsons Corporation (PSN) reported a 9% revenue increase year-over-year in Q1 2022, reaching $949 million, with organic growth of 6%. Net income surged 129% to $21 million, while adjusted EBITDA rose 8% to $74 million. The Federal Solutions segment saw a 9% revenue boost, and adjusted EBITDA increased by 33%. However, the Critical Infrastructure segment experienced a 14% decline in adjusted EBITDA. Parsons secured three major contracts valued over $100 million and reiterated its fiscal year guidance of $3.7 billion to $3.9 billion in revenue. The company maintains a strong backlog of $8.2 billion.
Polaris Alpha, a Parsons Corporation company (NYSE: PSN), has completed a critical design review for a high-power microwave directed energy system aimed at maritime interdiction. This system will enable the acquisition, tracking, and disabling of adversary systems. The project is backed by an $11.6 million contract from the Naval Surface Technology & Innovation Consortium (NSTIC), focusing on safely disabling small boats during maritime missions. The system is designed for robust performance in challenging environments.
Parsons Corporation (NYSE:PSN) is set to release its first quarter 2022 financial results before markets open on May 4, 2022. A conference call is scheduled for 8:00 a.m. Eastern Time on the same day to discuss the earnings results and strategic initiatives. Interested parties can access the live webcast through Parsons' Investor Relations webpage or participate via phone. A replay will be available post-call for one year on the company’s website and by phone through May 11, 2022.
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