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 three task orders totaling $69 million under its GARDEM contract with the Air Force Research Laboratory (AFRL). These contracts, expected to be executed in 2020, focus on providing on-site mission support and software application enhancements. Parsons, which has supported AFRL for over 20 years, aims to enhance operational capabilities across various military domains. The company continues to leverage its expertise in data mining, visualization, and cloud computing to deliver tailored solutions.
Parsons Corporation (NYSE: PSN) will participate in the Morgan Stanley Virtual 8th Annual Laguna Conference on September 16, 2020, at 3:45 p.m. Eastern Time. Chuck Harrington, CEO, and George Ball, CFO, will engage in a fireside chat. The session will be available live via webcast on Parsons' investor relations website, with a replay accessible for six months. Parsons specializes in disruptive technology across defense, intelligence, and critical infrastructure sectors, emphasizing cybersecurity and connected infrastructure. For more information, visit www.parsons.com.
Parsons Corporation (NYSE: PSN) has achieved a significant milestone by completing the necessary steps to initiate radioactive waste treatment at the Department of Energy's Salt Waste Processing Facility (SWPF) in Aiken, SC. This state-of-the-art facility will enhance processing rates by seven to eight times, significantly reducing operational costs and expediting the emptying of high-level waste tanks. Parsons has been involved with the Savannah River Site for over 30 years and completed the SWPF construction ahead of schedule and under budget, aiming to process 31 million gallons of salt waste.
Parsons Corporation (NYSE: PSN) has priced its private offering of $350.0 million aggregate principal amount of 0.25% convertible senior notes due 2025, up from a previously announced $300.0 million. The offering will generate approximately $341.0 million in net proceeds after expenses. The notes, maturing on August 15, 2025, will have a conversion rate of 22.2913 shares per $1,000 note. Funds will be used for general corporate purposes, including potential acquisitions. Additionally, the company has entered into hedges to mitigate dilution risks.
Parsons Corporation (NYSE: PSN) announced a private placement of $300.0 million in convertible senior notes due 2025. An additional $45.0 million may be purchased by initial buyers. The notes are senior, unsecured, and will have a semi-annual interest payment starting February 15, 2021, maturing on August 15, 2025. Proceeds will fund convertible note hedge transactions and general corporate purposes, including acquisitions. The offering is for qualified institutional buyers under Rule 144A of the Securities Act.
Parsons Corporation (NYSE: PSN) has promoted Hector Cuevas to executive vice president, overseeing missile defense and C5ISR markets. Cuevas, who joined in 2019 through the OGSystems acquisition, previously served as senior vice president of product sales operations. His leadership is expected to enhance innovation and responsiveness for global security clients. Cuevas is a decorated combat veteran with 20 years of service, bringing substantial military experience that includes support for special operations. This strategic move aims to broaden Parsons’ technology capabilities and further its growth in defense sectors.
Parsons Corporation (NYSE: PSN) reported its Q2 2020 financial results, achieving record profitability despite COVID-19 impacts. Revenue declined by 1% to $979 million due to delayed contracts, with a reported net income of $23 million and a diluted EPS of $0.23. Adjusted EBITDA increased by 20% to $91 million, with a margin of 9.3%. The Federal Solutions segment grew by 1% while Critical Infrastructure revenue fell by 3%. The company’s total backlog is $7.7 billion. Parsons reiterated its 2020 guidance, targeting revenue between $3.95-$4.05 billion.
Parsons Corporation (NYSE: PSN) has been awarded the prestigious James S. Cogswell Industrial Security Achievement Award by the U.S. Department of Defense (DoD). This recognition highlights Parsons’ commitment to safeguarding classified information, emphasizing the role of its subsidiary, Polaris Alpha Advanced Systems, which specializes in sensor and imagery analysis. Out of 12,500 cleared facilities, only 61 were selected for this honor, showcasing the company's compliance and excellence in security practices. This is Parsons' first Cogswell award recognition.
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