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 appointed Jon Moretta as president of its engineered systems business unit, effective immediately. Moretta joined Parsons in 2016, previously leading the industrial market in critical infrastructure. Under his management, the industrial business has executed major mine closure projects and environmental remediation globally. The company has been recognized in ENR's Top 200 Environmental Firms and is expanding its PFAS life cycle solution for water treatment across over 250 projects. He replaces Chris Alexander, who announced his retirement.
Parsons Corporation's subsidiary, BlackHorse Solutions, was awarded the 2021 Growth Company of the Year by ACG National Capital for companies with revenue between $25 to $75 million. This accolade follows BlackHorse's acquisition by Parsons in July 2021, enhancing its capabilities in military and intelligence operations, particularly in AI, cyber, and information dominance. ACG National Capital's awards recognize growth strategies and successful corporate achievements. Parsons continues to receive accolades for its strong growth and leadership in defense and critical infrastructure.
Parsons Corporation (NYSE: PSN) has secured a significant contract with the U.S. Air Force, winning a position on the Eglin Wide Agile Acquisition Contract (EWAAC). This contract spans 10 years with a ceiling value of $46 billion, focusing on advanced digital systems engineering, weapons integration, and data analytics for Eglin AFB. The contract aims to enhance the rapid development of novel weapons capabilities, ensuring tactical superiority through innovative technologies and agile processes.
Parsons Corporation (NYSE: PSN) will present at the Morgan Stanley Virtual 9th Annual Laguna Conference on September 14, 2021, at 4:30 p.m. ET. President and CEO Carey Smith, along with CFO George Ball, will participate in a fireside chat. Investors can access the live webcast on Parsons' investor relations website, with a replay available for six months. Parsons is recognized as a leading technology provider in defense, intelligence, and critical infrastructure sectors, focusing on areas such as cybersecurity and smart cities.
Parsons Corporation (NYSE: PSN) has been awarded a $39 million, three-year contract by Lusail Real Estate Development Company (LREDC) for project management, construction management, and site supervision consultancy services in Lusail City, Qatar. This contract highlights Parsons’ ongoing involvement in infrastructure projects, as they have provided services in Lusail since 2006. Lusail City is Qatar's largest development, covering over 38 square kilometers, and aims to embody the country’s National Vision 2030.
Parsons Corporation (NYSE: PSN) has announced a stock repurchase program, authorizing the buyback of up to $100 million of its common stock. This initiative allows the company to acquire shares through open market transactions or private negotiations, aimed at enhancing shareholder value. The announcement underscores Parsons' confidence in its financial stability and future growth prospects in the defense and infrastructure sectors, despite the inherent risks associated with its government contracts and competitive environment.
Parsons Corporation (NYSE: PSN) announced its Q2 2021 financial results, reporting revenue of $879 million, a 10% decrease from the previous year. Net income fell to $7 million, with an adjusted EBITDA of $66 million, reflecting a 28% decline. Notably, the company secured three contracts exceeding $100 million and updated its fiscal guidance, projecting revenues between $3.6 billion and $3.7 billion for the year. The cash flow from operations soared to $104 million, a record for Q2. The acquisition of BlackHorse enhances capabilities in cyber and electronic warfare.
Parsons Corporation (NYSE: PSN) has secured a prime position on the GSA's ASTRO ID/IQ contract, valued in the multi-billions with a 10-year ordering period. The scope encompasses innovative technology solutions for the Department of Defense, selected for six pools including ground, space, and training. CEO Carey Smith highlighted the contract's potential to deliver next-generation capabilities that enhance military operations. The project involves systems integration, operations, and R&D for robotics and unmanned systems.
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