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 launched a new website, Life at Parsons, highlighting its commitment to inclusivity, diversity, and an innovative culture. The site showcases employee experiences and emphasizes flexible work arrangements, Diversity, Equity, and Inclusion (DEI), Environmental, Social, and Governance (ESG) initiatives, and support for early career talent and military veterans. The new platform also reflects Parsons' goal of reducing greenhouse gas emissions by 20% by 2025. The company has received various accolades, including being ranked as a top employer for LGBTQ+ professionals and veterans.
Parsons Corporation (NYSE: PSN) will showcase its capabilities at the Air Force Association Air Warfare Symposium from March 2-4, 2022, in Orlando, Florida. The company will emphasize its all-domain command and control solutions, electronic warfare, and laser neutralization systems to enhance the U.S. Air Force’s operational readiness. Key offerings include C2Core®, ZEUS® Recovery of Airbase Denied by Ordnance, and OrbitXchange™. With decades of support to the Department of Defense, Parsons aims to deliver innovative technology solutions that ensure mission success.
Parsons Corporation (NYSE: PSN) has secured a $104 million contract with the Intelligence Community (IC) for a duration of five years. The contract will focus on delivering cybersecurity and intelligence solutions, including vulnerability research and software development, to enhance national security. Michael McKloskey, senior VP, emphasized Parsons' long-standing commitment to supporting the IC's mission. This contract highlights Parsons’ capability to address complex security challenges and provides strategic resources for evolving threats.
Parsons Corporation (NYSE: PSN) reported Q4 2021 revenue of $951 million, down 1% year-over-year, but achieved a 9% organic growth for the second half of the year. It secured major contracts, including a $2 billion award for the Faro Mine. The company's total backlog rose to $8.3 billion, marking a 3% year-over-year increase. Adjusted EBITDA was $91 million, with a margin of 9.6%. Fiscal year 2022 guidance is set between $3.7 billion and $3.9 billion in revenue. CEO Carey Smith highlighted ongoing strength in critical infrastructure and federal solutions.
Parsons Corporation (NYSE: PSN) announced a collaboration with Battelle Memorial Institute to enhance their PFAS investigation capabilities. This partnership aims to utilize Parsons’ innovative PFAS investigation methods alongside Battelle’s advanced analytical tools to offer cost-effective and efficient solutions for clients facing PFAS issues. The urgency is underscored by a $10 billion funding allocation from the Infrastructure Investment and Jobs Act to investigate PFAS contamination, highlighting the growing significance of this environmental challenge.
Parsons Corporation (NYSE: PSN) has secured a contract exceeding $2 billion for main construction management and care & maintenance services at the Faro Mine in Yukon, Canada, a significant abandoned mine remediation project. This contract spans over 20 years and builds on Parsons' ongoing efforts in the area since 2016. The project aims to enhance environmental sustainability and support local First Nations communities through a socio-economic strategy focusing on direct employment and training.
Parsons Corporation (NYSE: PSN) will present at the Cowen 43rd Annual Aerospace/Defense & Industrials Conference on February 9, 2022, at 1:30 p.m. ET. The session, featuring Carey Smith, President and CEO, and George Ball, CFO, will include a fireside chat and Q&A. Investors can access the live webcast on Parsons' investor relations website, with a replay available for 90 days. Parsons is known for its disruptive technology in defense, intelligence, and infrastructure sectors, focusing on cybersecurity, missile defense, and smart cities.
Parsons Corporation (NYSE: PSN) has been selected by NEOM Company to provide project management support for OXAGON, an innovative industrial city in Saudi Arabia. As part of Saudi Arabia's Vision 2030 initiative, NEOM aims to redefine urban living. Parsons will deliver management and construction services for OXAGON, expected to be completed by 2030, with logistics facilities by 2025. The project emphasizes advanced manufacturing and infrastructure, positioning Parsons as a key partner in this transformative endeavor.
The board of directors of Parsons Corporation (NYSE: PSN) has elected Carey A. Smith as chairwoman, effective April 14, 2022. Smith also serves as president and CEO, succeeding Charles Harrington, who will retire after 40 years with the company. Steven F. Leer has been appointed as lead independent director. Smith expressed gratitude for the trust placed in her and highlighted the company’s commitment to delivering integrated solutions in security and infrastructure. Smith joined Parsons in 2016 and has held several leadership roles, solidifying her position within the organization.
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