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 completed its acquisition of Braxton Science & Technology Group, valued at $300 million. This strategic move aligns with Parsons' focus on enhancing its capabilities in the defense and intelligence sectors. Braxton, with over 370 employees, will bolster Parsons' offerings in space, cyber, and intelligence markets, particularly benefiting U.S. Department of Defense initiatives. The acquisition marks Parsons' fourth since 2018, emphasizing its growth strategy in a rapidly evolving market.
Parsons Corporation (NYSE: PSN) has been awarded a contract for program management on Denver's Advanced Transportation and Congestion Management Technologies Deployment (ATCMTD) Connected Vehicle project. This initiative aims to enhance traffic management by integrating IoT devices in city vehicles and intersections, improving situational awareness for city operations. The contract encompasses various smart city solutions, focusing on mobility, safety, and climate change mitigation. With over 30 years of experience in intelligent transportation, Parsons is poised to contribute significantly to Denver's smart infrastructure.
Parsons Corporation (NYSE: PSN) has secured a $50 million contract from Houston Airports to enhance infrastructure projects over a five-year term with a potential three-year extension. This contract supports operations at George Bush Intercontinental Airport, William P. Hobby Airport, and Ellington Airport, expanding Parsons' ongoing collaboration on the IAH Terminal Redevelopment Program. The project includes comprehensive phases from initiation to contract closeout, aimed at improving the travel experience and operational efficiency at these airports.
Parsons Corporation (NYSE: PSN) announced it achieved over $200 million in other transaction awards (OTAs) from the U.S. Department of Defense in 2020, surpassing $450 million since 2018. This growth is in line with Parsons' strategy of rapid development, innovative technology investments, and an agile research approach. The awards focus on advanced technologies such as hypersonic weapons, artificial intelligence, and cybersecurity, reflecting the company's commitment to enhancing the operational capabilities for U.S. warfighters.
Parsons Corporation (NYSE: PSN) reported a 2% decrease in total revenue for Q3 2020, totaling $1 billion, with net income falling to $41 million. Operating income rose by 24% to $66 million, driven by lower IG&A expenses. Adjusted EBITDA increased by 13% to $101 million, marking a 10% margin. The company announced a significant impending acquisition to enhance its space portfolio. Key performance indicators show a book-to-bill ratio of 1.2x and a total backlog of $7.8 billion. The fiscal year 2020 guidance for revenue remains at $3.95 - $4.05 billion.
The O'Neil Group Company has announced a definitive agreement to sell Braxton Science & Technology Group to Parsons Corporation for approximately $300 million in cash. This sale represents the transfer of 5 of the 7 defense entities under OGC's management, highlighting its portfolio success. Since being acquired, Braxton has increased its employee count by over 300 and expanded its revenue by 25 times. The acquisition positions Parsons to enhance its capabilities in satellite operations and ground system automation for national security clients, particularly in low earth orbit missions.
Parsons Corporation (NYSE:PSN) announced a definitive agreement to acquire Braxton Science & Technology Group, LLC for approximately $300 million. This acquisition enhances Parsons' capabilities in the space, cyber, and intelligence markets, adding 370 employees, 80% with security clearances. Braxton is expected to generate $133 million in revenue for 2021. The deal is projected to be accretive to Parsons' earnings per share and is expected to close in Q4 2020, pending customary conditions.
Parsons Corporation (NYSE: PSN) has been awarded a $50 million contract by the Southern California Regional Rail Authority (SCRRA) for a three-year engineering project. This contract will focus on expanding, rehabilitating, and ensuring the safety of the Metrolink System. Parsons was chosen for its expertise in railroad project management and successful implementation of the first positive train control system for a U.S. commuter rail agency. This collaboration aims to enhance transportation connectivity across six Southern California counties.
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