Parsons Corporation - PSN STOCK NEWS

Tutor Perini (NYSE: TPC) has been awarded a $1.66 billion contract by the Honolulu Authority for Rapid Transportation (HART) for the City Center Guideway and Stations Project in Honolulu, Hawaii. The project involves designing and constructing six rail stations and approximately three miles of elevated rail guideway. Design work will begin immediately after contract execution in mid-September, with construction starting in the second half of 2025 and substantial completion expected in 2030. Parsons (NYSE: PSN) will serve as Tutor Perini's design subcontractor. The contract value will be added to the Company's backlog in the third quarter of 2024.

Parsons (NYSE: PSN) has launched an updated version of iNET®, its intelligent transportation software. Built on Microsoft Azure, the enhanced iNET® integrates AI and machine learning to offer advanced monitoring, improved user experience, and optimized transportation system performance. Key features include:

1. iNET® Sidekick: An AI-based virtual traffic operator using Azure OpenAI Service technology.
2. Enhanced cybersecurity measures.
3. Configurable SaaS or enterprise platform.
4. Reduced operational costs and greenhouse gas emissions.
5. Scalable solution for various users, including cities, airports, and sporting venues.

The update is particularly relevant for upcoming major events like the World Cup and Olympics in North America.

Sealing Technologies (SealingTech), a Parsons company (NYSE: PSN), has been awarded a $9,588,231 fixed-price contract for the U.S. Army's Deployable Defensive Cyber Operations System – Modular version 2 (DDS-Mv2). The DDS-Mv2 is a customized deployable compute-and-data-storage system supporting Cyber Protection Teams' suite of Defensive Cyber Operations (DCO) platforms and tools.

The contract spans 1 base year with 2 one-year option periods. SealingTech's solution provides a highly modular and scalable system allowing warfighters to conduct DCO missions globally, offering robust performance, high scalability, and maximum portability. This award reinforces SealingTech's position as a leader in deploying advanced threat hunting and incident response systems for the Department of Defense.

Parsons (NYSE: PSN) reported record Q2 2024 results, with revenue increasing 23% to $1.7 billion and net income rising 60% to $69 million. The company achieved 22% organic growth, marking its fifth consecutive quarter of over 20% organic growth. Adjusted EBITDA increased 27% to $150 million, with margin expanding to 9.0%. Cash flow from operations surged to $161 million, a $138 million increase year-over-year. Both Federal Solutions and Critical Infrastructure segments showed strong performance. Parsons also announced plans to acquire BlackSignal Technologies for approximately $200 million, expanding its capabilities in cyber operations and electronic warfare. The company has increased its fiscal year 2024 guidance for all financial metrics, reflecting strong performance and positive outlook.

Parsons (NYSE:PSN) has announced its plan to acquire BlackSignal Technologies for $200 million in an accretive deal. The acquisition, expected to close in August 2024, will enhance Parsons' cybersecurity, electronic warfare, and artificial intelligence capabilities. BlackSignal, a next-generation digital signal processing provider, uses AI and machine learning to create innovative signal processing techniques for detecting and disrupting command and control systems.

This strategic move will expand Parsons' customer base across the Department of Defense and Intelligence Community, strengthening its position in full-spectrum cyber and electronic warfare. The acquisition aligns with Parsons' strategy of acquiring high-growth companies with >10% revenue growth and strong EBITDA margins. BlackSignal is projected to generate approximately $95 million in revenue in 2025, with the deal expected to be accretive to Parsons' revenue growth, adjusted EBITDA margins, and adjusted EPS.

Parsons (NYSE: PSN) has been selected as the lead designer and subconsultant for the Inglewood Transit Connector (ITC) Project. The company is part of the Elevate Inglewood Partners consortium, chosen as the Best Value Proposer by the City of Inglewood. The project involves designing, constructing, financing, operating, and maintaining a 1.6-mile automated people mover connecting the Metro K Line to major Inglewood destinations.

The ITC aims to improve transit reliability, reduce carbon emissions, and alleviate traffic congestion. It will serve residents, employees, and visitors, linking venues like the Kia Forum, Sofi Stadium, and the Intuit Dome. The City of Inglewood has partnered with LA Metro and Los Angeles County to form the ITC Joint Powers Authority, which will oversee the project following contract award. Discussions regarding pricing and contractual terms are ongoing between Elevate Inglewood Partners and the City.

Parsons (NYSE: PSN) has announced a significant $30 million, five-year contract as part of a joint venture with Vanir. The Parsons/Vanir Joint Venture (PVJV) has been selected by the Sacramento County Department of Airports to provide construction management and inspection (CMI) services for the Sacramento International Airport (SMF) SMForward Program.

This contract is part of SMF's larger $1.3 billion airport improvement program, which aims to expand terminal gates and improve landside projects to support the airport's growth and modernization. The PVJV's scope includes managing the construction of a new parking structure, a Consolidated Rental Car Facility, additional gates at Terminals A and B, roadway improvements, and a passenger skywalk to Concourse B.

Parsons (NYSE: PSN) has secured a five-year, $26 million contract from the Indiana Department of Transportation (INDOT) to continue supporting the I-69 Ohio River Crossing (ORX) project. The expanded scope includes design oversight and construction inspection services for I-69 ORX Section 3, which extends from Veterans Memorial Parkway to the Indiana state line near the Ohio River.

Parsons has been involved in the I-69 ORX project since 2017, providing initial design and environmental studies. The company, a global leader in critical infrastructure, boasts a portfolio of over 10,000 miles of road and highway projects worldwide. This contract reinforces Parsons' commitment to delivering improved transportation experiences for residents and visitors in Indiana and Kentucky.

Parsons (NYSE: PSN) has announced its readiness to meet the growing demand for infrastructure deployment for global events. With decades of experience in delivering complex solutions for critical events, Parsons is well-positioned to provide expertise, innovative solutions, and integrated security for large-scale events like the 2026 FIFA World Cup and 2028 Olympics.

The company offers a comprehensive suite of services including traffic management, project controls, cybersecurity, biometrics, signage, critical infrastructure protection, physical security, and counter-unmanned aircraft systems. Parsons' involvement in the 2022 FIFA World Cup in Qatar and Expo 2020 in Dubai demonstrates its capability in handling multifaceted demands of event infrastructure.

With its 80-year history in infrastructure design and 40 years of cybersecurity expertise, Parsons aims to safeguard national assets, protect communities, and enhance global security for a safer, more connected world.