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) 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.
Parsons Corporation (NYSE: PSN) will present at the Jefferies Virtual Industrials Conference on August 6, 2020, at approximately 2:25 p.m. Eastern Time. The event will feature a fireside chat with CEO Chuck Harrington and CFO George Ball.
The presentation will be available live via webcast on the company's investor relations website, with a replay accessible for 90 days. Parsons is a leader in disruptive technology for defense, intelligence, and critical infrastructure sectors.
Parsons Corporation (NYSE: PSN) collaborates with Knollwood, a life plan community for veterans, to enhance safety during the COVID-19 pandemic. The partnership includes the installation of Parsons' DetectWise™ health monitoring solution at Knollwood's Washington D.C. campus. This system uses touchless technology to screen temperatures and assess health risks among residents, staff, and visitors. The initiative aims to create a safer environment for elderly veterans and their families while showcasing Parsons' commitment to innovative health solutions.
Parsons Corporation (NYSE: PSN) announced that CEO Chuck Harrington has joined the Quality of Life Plus (QL+) Board of Directors. This appointment highlights his extensive experience since joining Parsons in 1982, where he has led significant growth and strategic initiatives. Harrington emphasized QL+'s mission to enhance the lives of veterans and first responders. His leadership is expected to bring valuable insights to the organization, with endorsements from QL+ leaders praising his expertise and commitment to excellence.
Parsons Corporation (NYSE: PSN) and Neology, Inc. have formed a strategic partnership to enhance opportunities in critical infrastructure, mobility, and transportation markets. This collaboration allows both companies to utilize their strengths, combining Parsons' technological capabilities with Neology's innovative solutions. The partnership aims to provide state and local agencies with advanced options for tolling and enhancing public safety. With over 110 years of combined experience, they seek to address the growing demand for smart mobility solutions and improve the efficiency of critical infrastructure systems.
Parsons Corporation (NYSE: PSN) has secured a $178 million indefinite delivery/indefinite quantity contract from the Intelligence Community (IC) for a duration of five years. The company aims to enhance the security of classified information, facilities, and personnel globally through comprehensive risk analysis and countermeasures. Parsons aims to continue supporting the nation's intelligence community, focusing on critical infrastructure, cyber capabilities, and multi-domain operations.
Parsons Corporation (NYSE: PSN) has appointed Gen. Darren W. McDew and David C. Wajsgras to its board of directors, effective immediately. This decision follows Letitia Long's board addition in April, reinforcing Parsons' commitment to a robust and diverse board structure. Gen. McDew brings 36 years of military experience, including leadership roles in global transportation operations. Wajsgras has 20 years of senior management experience in defense and commercial sectors, most recently at Raytheon Technologies, where he oversaw digital transformation initiatives.
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