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 announced the deployment of drone-based visual and thermal sensors for roof inspections at U.S. Department of Labor (DOL) Job Corps facilities. This advanced technology is expected to enhance maintenance efficiency, offering comprehensive assessments at lower costs compared to traditional inspections. The initiative underscores Parsons' commitment to innovative solutions and collaboration across its business segments, facilitating inspections at 25 sites nationwide while prioritizing critical repairs based on data-driven insights.
Parsons Corporation (NYSE: PSN) supports the recently signed Bipartisan Infrastructure Deal, considering it vital for U.S. economic growth and infrastructure improvement. The U.S. infrastructure received a grade of 'C-' from the American Society of Civil Engineers in 2021. The CEO, Carey Smith, emphasized that the bill facilitates investments in transportation, power, and broadband, enabling the nation to 'Build Back Smarter.' Parsons aims to leverage its 77 years of expertise to enhance infrastructure sustainability, including projects in transportation, environment, and water management, ultimately contributing to a cleaner, safer planet.
CENTREVILLE, Va., Nov. 29, 2021 — Parsons Corporation (NYSE: PSN) will participate in the Credit Suisse 9th Annual Global Industrials Conference on December 2, 2021. Carey Smith, President and CEO, will engage in a fireside chat at approximately 2:50 p.m. Eastern Time. The session will be accessible via live webcast on Parsons’ investor relations website, with a replay available for 90 days.
Parsons is a prominent provider of disruptive technology in security, intelligence, and critical infrastructure markets, focusing on areas such as cybersecurity and smart cities.
Parsons Corporation (NYSE: PSN) will present at the Baird 4th Annual Government & Defense Conference on November 17, 2021, at approximately 10:10 a.m. Eastern Time. CEO Carey Smith will participate in a fireside chat Q&A session during this event. Interested parties can access the live webcast via the investor relations section of Parsons’ website, with a replay available for about 90 days post-event.
Parsons is renowned for its disruptive technology solutions in defense, intelligence, and critical infrastructure, focusing on areas such as cybersecurity, missile defense, and smart cities.
Tutor Perini Corporation (NYSE: TPC) has appointed Marcus Leavitt as Senior Vice President to lead strategic project pursuits, focusing on complex projects under alternative delivery models like Public-Private Partnerships. Leavitt will also establish a new Design-Build Engineering Management Group to enhance collaboration with clients and partners. Chairman Ronald Tutor expressed enthusiasm for Leavitt’s contributions, highlighting his previous successful collaborations. Tutor Perini is known for executing large projects on time and within budget since its inception in 1894.
Parsons Corporation (NYSE: PSN) announced a five-year, $49 million indefinite-delivery, indefinite-quantity (IDIQ) contract with the U.S. Army Corps of Engineers (USACE) Sacramento District. This contract aims to leverage Parsons' advanced geophysical classification services to address contamination at military and hazardous waste sites. The services primarily support Formerly Used Defense Sites across California, Nevada, Arizona, New Mexico, and Utah. With nearly 30 years of partnership with USACE, Parsons aims to enhance its capabilities in environmental remediation.
Parsons Corporation (NYSE: PSN) reported Q3 2021 financial results, with revenue of $956 million, reflecting sequential growth of 9% and organic growth of 7%. Net income stood at $19 million with a margin of 2.0%. The company achieved a record backlog of $8.6 billion, up 10% year-over-year, driven by five contracts over $100 million. Despite these gains, total revenue decreased by 5% year-over-year, and adjusted EBITDA fell by 16%. Parsons reiterated its 2021 guidance of <$3.6 - $3.7 billion in revenue.
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