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 six-year, $100 million indefinite-delivery, indefinite-quantity (IDIQ) contract from the Naval Information Warfare Center (NIWC) Pacific. This new contract includes a two-year base period with two additional two-year options, providing support in management, engineering, technical assistance, and logistics related to Command, Control, Communications, Computers, & Intelligence (C4I). The company aims to enhance the Navy's operational effectiveness through advanced technology in artificial intelligence and data analytics.
Parsons Corporation (NYSE: PSN) will host a virtual Investor Day on March 11, 2021, focusing on its vision, strategy, and financial targets. The event will feature presentations from key executives, including CEO Chuck Harrington and CFO George Ball. Attendees can expect insights on growth initiatives across various sectors, including cybersecurity and critical infrastructure. The event is set for 9:00 a.m. to 11:30 a.m. ET and will include Q&A sessions with the leadership team. Interested parties can register at investorday.parsons.com.
Parsons Corporation (NYSE: PSN) has secured an indefinite-delivery, indefinite-quantity (IDIQ) contract from the U.S. Air Force Civil Engineer Center, valued at $2 billion over a potential 10-year period. The contract includes design, construction management, and modernization of Air Force Bases globally, with a five-year base contract and an optional five-year extension. This contract marks a continuation of Parsons' 60-year partnership with the U.S. Air Force and follows their previous AE13DCS contract.
Parsons Corporation (NYSE: PSN) reported Q4 and full-year 2020 results, revealing a 7% decline in quarterly revenue to $964 million, affected by COVID-19 impacts. Operating income surged 71% to $42 million, leading to a net income increase to $22 million. Full-year revenue of $3.9 billion saw a 1% decrease, with adjusted EBITDA rising 5% to $343 million. The company maintained a solid cash flow of $176 million for Q4. Notable contract wins included a $1.2 billion rail project in Edmonton. Guidance for 2021 expects revenue between $3.85 billion and $4.05 billion.
Parsons Corporation (NYSE: PSN) has secured a seven-year contract from the U.S. Postal Service (USPS), valued at up to $600 million. This marks the company's third consecutive contract with USPS, supporting ongoing modernization efforts. Parsons aims to enhance mail service reliability through expertise in program management and construction. The contract encompasses various USPS initiatives, including self-service kiosks and facility modernization.
Parsons Corporation (NYSE: PSN) received a task order from the National Geospatial-Intelligence Agency (NGA) under the MOJAVE Functional Area 2 (FA2) contract, marking the seventh task order awarded since 2017, with a cumulative value exceeding $200 million. The six-month base contract with two option years emphasizes strengthening the nation's counter insider threat mission. Since 2012, Parsons has enhanced the NGA's insider threat program through advanced analytics, driving efficiency in data review and contributing to multiple NGA awards.
Parsons Corporation (NYSE: PSN) has secured a five-year contract worth $69 million from the U.S. Army Combat Capabilities Development Command to advance exploratory technologies aimed at enhancing the operational capabilities of American warfighters. The contract will focus on developing computational architectures, scalable technologies, and machine learning applications to improve tactical computing and high-performance computing services. Work will be conducted at various Army facilities in Maryland and New Mexico, reinforcing Parsons' commitment to delivering disruptive technology in defense.
Parsons Corporation (NYSE: PSN) has been awarded a multi-award COVID-19 testing contract by the Department of Homeland Security (DHS), with a shared ceiling value of $2 billion. This contract supports DHS employees through managed testing services and molecular diagnostic testing. The company plans to utilize its innovative DetectWise™ health monitoring solutions, which include touchless kiosks for temperature screening and COVID-19 test history management. The partnership aims to enhance safety and operational efficiency amidst the ongoing pandemic.
Parsons Corporation (NYSE: PSN) will participate in the Cowen 42nd Annual Aerospace/Defense & Industrials Conference on February 9, 2021, at approximately 12:40 p.m. Eastern Time. CEO Chuck Harrington and CFO George Ball will engage in a fireside chat during the session. Investors can access the live presentation via webcast on Parsons' investor relations website, with a replay available for 30 days. Parsons is a leader in disruptive technology for defense, intelligence, and critical infrastructure, emphasizing cybersecurity, missile defense, and smart cities.
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