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 (NYSE:PSN) has announced its agreement to acquire BCC Engineering, for $230 million in an all-cash transaction. BCC, a leading transportation engineering firm, provides services in Florida, Georgia, Texas, South Carolina, and Puerto Rico. This acquisition aligns with Parsons' strategy to expand its infrastructure capabilities in the Southeast U.S., an area benefiting from significant federal highway funding.
The acquisition is expected to strengthen Parsons' position as an infrastructure leader and enhance its service offerings. BCC will be integrated into Parsons' North America Infrastructure business unit. The net transaction value of $221 million represents approximately 13.0x BCC's estimated 2025 EBITDA. For 2025, Parsons anticipates BCC to generate about $110 million in gross revenue and contribute positively to Parsons' revenue growth and adjusted EBITDA margins.
Parsons (NYSE: PSN) has secured a position on a $225 million multiple award task order contract (MATOC) with the U.S. Army Corps of Engineers (USACE) Kansas City District. This new contract, focused on environmental remediation activities, has a one-year base period with four one-year options. It includes projects funded by the Infrastructure Investment and Jobs Act to support EPA cleanup initiatives.
Under this contract, Parsons will compete for task orders related to hazardous, toxic, and radioactive waste remediation, as well as environmental studies. The work will support USACE Northwestern Division and USEPA Region 2. This award follows Parsons' recent win of a seat on a $464 million MATOC with the U.S. Army Environmental Command for similar remediation services.
Parsons (NYSE:PSN) has been awarded two contracts worth $25 million for design engineering projects in the Middle East transportation sector. These contracts are part of over $90 million in awards from the same customer in the past 9 months. The scope includes:
- Design engineering and construction supervision for transportation infrastructure enhancements
- Development of mobility solutions and dedicated corridors
- Roadway capacity upgrades and public transit initiatives
- Strategic study for a new corridor to alleviate traffic
- Planning and design to minimize disruption to existing traffic
Parsons aims to create sustainable, eco-friendly mobility solutions that align with the region's vision for a greener future. These projects are part of broader strategic initiatives in Gulf member states, including Saudi Vision 2030 and Dubai 2040 Urban Master Plan.
Tutor Perini (NYSE: TPC) has announced the execution of a contract and receipt of Notice to Proceed for the $1.66 billion City Center Guideway and Stations Project in Honolulu, Hawaii. The project, awarded by the Honolulu Authority for Rapid Transportation, involves:
- Design and construction of six rail stations
- Approximately three miles of elevated rail guideway
- Scope extends from east of Middle Street Transit Center Station to Civic Center Station
Project timeline:
- Design to begin immediately
- Construction expected to start in second half of 2025
- Substantial completion anticipated by 2030
Parsons (NYSE: PSN) will serve as Tutor Perini's design subcontractor. The contract value has been added to the Company's backlog in the third quarter of 2024.
Parsons (NYSE: PSN) has been selected by the National Guard Bureau to manage the operation and maintenance of a PFAS groundwater treatment system at Burlington Air National Guard Base, Vermont. The two-year task order involves optimizing the existing granular activated carbon treatment system using Parsons' Water Treatability Lab in Syracuse, New York.
Jon Moretta, president of Engineered Systems at Parsons, emphasized the significance of addressing PFAS as a widespread environmental issue. Parsons, a global leader in water and wastewater treatment, has completed nearly 2,000 PFAS investigations for various clients and designed and installed 7,000 PFAS point-of-entry treatment systems. The company's expertise spans hydrogeology, human health, ecological risk assessment, remediation, and modeling.
Parsons (NYSE: PSN) has been awarded a position on a $4 billion Defense Threat Reduction Agency (DTRA) contract to support Countering Weapons Of Mass Destruction (CWMD) objectives. The indefinite-delivery, indefinite-quantity (IDIQ) multiple award task order contract (MATOC) includes a five-year base period and one five-year option period.
Under this contract, Parsons will compete for task orders to perform various services including research, development, testing and evaluation, procurement, maintenance, and systems engineering. The company aims to deliver scientific and technological solutions meeting the Department of Defense's priority CWMD objectives.
This contract continues Parsons' long-standing support of DTRA, which includes global projects addressing chemical weapons destruction, nuclear security, and non-proliferation of weapons of mass destruction. In 2023, Parsons also announced two task order awards under DTRA's Assessment, Exercise, Modeling and Simulation, and Support (AEMSS) IDIQ MATOC.
Parsons (NYSE: PSN) has successfully delivered Phase 1.0 of the National Oceanic and Atmospheric Administration's (NOAA) Office of Space Commerce's (OSC) Traffic Coordination System for Space (TraCSS) program. As the system integration and cloud management services lead, Parsons has developed a cloud-based IT system for space situational awareness (SSA) and space traffic coordination (STC).
The initial capabilities release provides 'beta users' access to conjunction data messages (CDMs) for evaluation, running parallel with Department of Defense (DoD) systems. This milestone supports the transition of safety of flight mission from DoD to the Department of Commerce. The Parsons-developed system establishes a platform for hosting services supporting the civil space SSA mission, designed to improve space traffic coordination for thousands of space vehicles.
Parsons' role includes developing the software platform, integrating third-party components, managing cloud services, cybersecurity protection, and system administration for TraCSS operations. The company has 30 years of experience in enabling SSA missions for the U.S. government and allied partners.
Parsons (NYSE: PSN) has announced that it will release its third quarter 2024 financial results before the markets open on Wednesday, October 30, 2024. The company will host a conference call at 8:00 a.m. Eastern Time on the same day to discuss its earnings results and strategic corporate initiatives.
Investors and interested parties can access a webcast of the live conference call through the Investor Relations section of Parsons' website. Those who wish to participate via telephone can register on the Investor Relations website or through a provided link. A replay of the conference call will be available on the company's website approximately two hours after the call and will remain accessible for one year.
Parsons (NYSE: PSN) has been named to the S&P MidCap 400 Index, effective September 23, 2024. This milestone reflects the company's strong performance and growth in the national security and global infrastructure markets. Parsons, celebrating its 80th anniversary, has demonstrated impressive financial results, including:
- Record organic revenue growth of over 20% in both business segments in 2023
- Record post-IPO results for total revenue, net income, adjusted EBITDA, operating cash flow, and contract awards
- Continued momentum with over 20% organic growth in Q1 and Q2 of 2024
The company has also been recognized as one of the World's Most Ethical Companies for 15 consecutive years, highlighting its commitment to ethics and integrity in driving performance.
Parsons (NYSE: PSN) has secured a $68.5 million contract from the U.S. Army Corps of Engineers Honolulu District to design and build new Army housing units in the Kwajalein Atoll, Republic of the Marshall Islands. This three-year contract represents new business for Parsons. Additionally, the company has been selected for the district's Pre-Qualified Source Listing, making it eligible for future large task orders valued at $50 million or more.
This award expands Parsons' work in the Kwajalein Atoll, known for its logistical challenges and corrosive environment. It follows a $44 million contract awarded in October 2023 for similar housing projects. Since 2019, Parsons has secured over $400 million in INDOPACOM-related contracts, leveraging its expertise in program management, engineering, and complex infrastructure.
FAQ
What is the current stock price of Parsons Corporation (PSN)?
What is the market cap of Parsons Corporation (PSN)?
What is Parsons Corporation known for?
How many employees does Parsons have?
What are the main business segments of Parsons?
Can you name a recent significant project by Parsons?
What is the ZEUS® directed energy system?
What is Parsons' role in the Los Angeles World Airports' Capital Improvement Program?
How does Parsons contribute to the sustainability of the Texas electrical grid?
What sectors does Parsons provide services for?
Where can I find more information about Parsons' services and projects?
Is Parsons a publicly traded company?
