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 secured a significant $618 million task order from the U.S. General Services Administration (GSA). This contract is aimed at enhancing the Intelligence Community's global cyber and intelligence capabilities. The work will involve open-source intelligence, system engineering, and rapid prototyping to address emerging threats. Parsons’ executive Paul Decker emphasized the importance of their acquisitions in providing mission-critical solutions. This development underlines Parsons' position as a key player in defense and intelligence sectors.
Parsons Corporation (NYSE: PSN) reported Q1 2021 financial results, with total revenue decreasing by 10% to $875 million, primarily due to COVID-19 impacts. Operating income rose by 8% to $26 million, despite net income dropping to $9 million. The company achieved a book-to-bill ratio of 1.2x, winning approximately $1 billion in new contracts. Adjusted EBITDA increased by 14% to $69 million, with a margin rise of 170 basis points to 7.9%. Parsons reiterated its fiscal guidance for 2021, forecasting revenues between $3.85 billion and $4.05 billion.
Parsons Corporation (NYSE: PSN) has secured a $114 million contract with the Qatar Public Works Authority for site supervision services in the western area of Qatar and Doha City. This four-year agreement encompasses contract management and supervision of significant infrastructure projects, including roads in Duhail South, Umm Lekhba, and surrounding districts. Parsons has been a trusted consultant to the PWA for over 20 years, and the contract may extend for an additional two years. These projects will be executed over the next five to seven years.
Parsons Corporation (NYSE: PSN) has been awarded the 2021 CSO50 Award by IDG's Chief Security Officer for its outstanding security projects and initiatives. This recognition highlights Parsons' commitment to cybersecurity and information risk management, addressing the increasing digital threats in today's connected world. Tim Potier, the chief information security officer, emphasized the importance of a robust cybersecurity program to safeguard organizational assets. The CSO50 Awards honor organizations that demonstrate innovation and leadership in security management.
Parsons Corporation (NYSE: PSN) announced its collaboration with the Connecticut Department of Transportation (CTDOT) to implement digital twin and enhanced 3D modeling technology for the I-91/I-691/Route 15 interchange project. This technology will allow detailed design reviews and improve asset management. Parsons will utilize Bentley's iTwin Services for optimized collaboration and safety in the project's design phase. The initiative underscores Parsons' commitment to innovative infrastructure solutions that address the backlog of infrastructure needs across the U.S.
Parsons Corporation (NYSE: PSN) has partnered with the Selma Center for Nonviolence, Truth, and Reconciliation to design and install architectural lighting for the Edmund Pettus Bridge in Selma, Alabama. This pro-bono project aims to enhance the bridge's cultural significance as a National Historic Landmark, commemorating the historic events of Bloody Sunday in 1965. The project involves collaboration with multiple historical preservation entities and is expected to support community economic development while promoting values of diversity, equity, and inclusion.
Parsons Corporation (NYSE: PSN) released its 2021 corporate social responsibility (CSR) report, detailing its commitment to environmental, social, and governance (ESG) initiatives. The report introduces the new strategy, Cultivating a Responsible Enterprise (CARE), targeting a 20% reduction in greenhouse gas emissions by 2025, alongside efforts to enhance gender and ethnic diversity. CEO Chuck Harrington emphasized the company's resilience despite 2020 challenges and its dedication to customer service. The CSR report aims to improve accountability and transparency in ESG reporting.
Parsons Corporation (NYSE: PSN) has appointed Carey Smith as the new CEO, effective July 1, 2021, succeeding Chuck Harrington, who retires after nearly 40 years with the company. Harrington will remain on the board as executive chairman. Smith, who joined Parsons in 2016, has held various leadership roles, enhancing organic growth and overseeing successful acquisitions. The board unanimously supports Smith's leadership as the company aims for future profitable growth and continued innovation in technology solutions.
Parsons Corporation (NYSE: PSN) has been awarded a contract by the City of Toronto for the F.G. Gardiner Expressway Rehabilitation project, valued at over $10 million. This role includes engineering advisory services and project management for vital upgrades along the highway. Additionally, Parsons was selected for a roster of potential vendors for engineering consulting services, potentially worth $7 million. This strengthens Parsons' position as a key mobility solutions provider in Toronto, where it has a longstanding presence since the 1940s.
Parsons Corporation (NYSE: PSN) announced a contract amendment worth 94 million CAD ($75 million USD) for Giant Mine projects in Northwest Territories, Canada. This amendment extends Parsons' role as the Main Construction Manager for the mine's remediation efforts. The contract focuses on a thermosyphon-based process to freeze arsenic trioxide waste, along with constructing a landfill and deconstructing the townsite. Parsons has been involved in managing 237 thousand tonnes of arsenic waste since 2017.
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