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 $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.
Parsons Corporation (NYSE: PSN) has announced a significant new contract to lead a team in developing Air Base Air Defense (ABAD) systems for U.S. Air Forces in Europe and Africa. Valued at $953 million, this 10-year indefinite delivery/indefinite quantity (IDIQ) effort will take place at Ramstein Air Base, Germany. The project aims to enhance air base defense capabilities against evolving threats, integrating commercial and governmental technologies. Parsons will collaborate with an industry team, including Leidos and SAIC, to ensure comprehensive protection for military personnel.
Parsons Corporation (NYSE: PSN) has secured a significant $567 million contract from the Missile Defense Agency (MDA) under the Technical, Engineering, Advisory, and Management Support (TEAMS)–Next Systems Test Support program. This contract, which features a three-year base with options for extensions, strengthens Parsons' long-standing collaboration with MDA. The company will provide essential testing services, including planning and execution, to enhance missile defense capabilities amidst evolving global threats.
Parsons Corporation (NYSE: PSN) has secured a $26 million task order under the Global Application Research, Development, Engineering, and Maintenance (GARDEM) contract from the Air Force Research Laboratory (AFRL). This contract, featuring a one-year base and three optional years, supports military software requirements for the U.S. Air Force and others. Parsons has now won five competitive bids on GARDEM since 2019, totaling $144 million. The total contract ceiling for GARDEM is $427 million, focused on enhancing warfighting data access across various military domains.
Parsons Corporation (NYSE: PSN) has appointed Susan Balaguer as its new chief human resources officer (CHRO), effective immediately. Balaguer will oversee various human resources functions and is a member of the Executive Leadership Team, reporting to CEO Carey Smith. With over three decades of HR experience, she aims to enhance employee engagement and solidify Parsons’ diversity initiatives. Previously, she held HR leadership roles at SERCO and other firms. This strategic move is expected to bolster Parsons’ position as an employer of choice in the industry.
Parsons Corporation (NYSE: PSN) has secured a seven-year contract from the Missile Defense Agency (MDA) worth up to $2.24 billion for Technical, Engineering, Advisory, and Management Support. This contract includes a three-year base period with two optional two-year extensions. With over 38 years of collaboration with the MDA, Parsons aims to enhance missile defense systems to protect U.S. and allied forces against various missile threats.
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