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.
Tutor Perini (NYSE: TPC) announced that Elevate Inglewood Partners (EIP), a consortium including Tutor Perini as lead contractor, has been selected as the Best Value Proposer for the Inglewood Transit Connector (ITC) Project. The project involves designing, constructing, financing, operating, and maintaining a 1.6-mile automated people mover in Inglewood, California.
The ITC will connect the Metro K Line with major destinations like the Kia Forum, Sofi Stadium, YouTube Theater, and the Intuit Dome. The City of Inglewood has partnered with LA Metro and Los Angeles County to form the ITC Joint Powers Authority to oversee the project. EIP and the City are currently negotiating pricing and contractual terms.
BAE Systems (LON: BA) has selected Parsons (NYSE: PSN) for a $15.4 million, two-year contract to begin initial designs for modernizing the Alternate Nitrate Ester Manufacturing Facility at the Radford Army Ammunition Plant (RFAAP). This project aims to improve safety, increase operational efficiencies, and prioritize environmental improvements at the World War II-era facilities. BAE Systems Ordnance Systems Inc (OSI) has been operating RFAAP since 2012 and recently secured a contract to operate the Holston Army Ammunition Plant through 2035. The collaboration with Parsons , which is also working on other projects at RFAAP, reinforces BAE Systems' commitment to supporting the U.S. Army's modernization efforts and delivering mission-critical capabilities to warfighters.
Parsons (NYSE: PSN) is set to announce its second quarter 2024 financial results on July 31, 2024, before market opening. The company will also host a conference call at 8:00 a.m. ET to discuss the earnings report and strategic initiatives. Investors can access the live webcast and register for the telephone participation through the Investor Relations section on the Parsons website. A replay of the conference call will be available online approximately two hours post-event and will remain accessible for one year.
Parsons (NYSE: PSN) has been selected by the City of Manchester, NH, to manage the Cemetery Brook Drain Tunnel Project, the city's largest public works project to date. The three-year, $16 million contract involves program and construction management services aimed at reducing flood risks, eliminating combined sewer overflow (CSO) discharges into the Merrimack River, and ensuring clean drinking water from the river.
The new tunnel, part of Manchester's $338 million Phase II investment to improve water quality, will be two miles long with a 12-foot diameter and constructed 30 to 80 feet underground. It will feature seven drop shafts and include utility upgrades, road rebuilds, and added community amenities.
Parsons, with 80 years of experience and over 250 tunnel projects worldwide, brings extensive expertise in managing complex geologic environments.
Parsons (NYSE: PSN) has announced the expansion of its partnership with Technovation, a global nonprofit focused on STEM education for girls. This collaboration aims to nurture the next generation of female tech leaders by offering mentorship and support from Parsons' employees. Initially started in 2023, the partnership saw over 100 Parsons employees volunteering in Technovation Girls, a global competition for girls aged 8-18 to present tech solutions and business plans. The initiative aligns with Parsons' commitment to innovation and community engagement, underscored by their ongoing support for STEM-related nonprofits and military/veteran causes. The company, known for its diverse and inclusive culture, prioritizes the wellbeing of its 18,000 global employees and has been recognized for its ethical practices and strong corporate culture by several organizations.
Parsons and the Niagara International Transportation Technology Coalition (NITTEC) have launched AllRoads, a bi-national, technology-enabled, integrated regional mobility management system servicing the Buffalo-Niagara region. Developed since 2022, AllRoads is built on Parsons' AI-based Smart Mobility Solution, iNET®, integrating traffic management, transit operations, and traffic signals. The system enhances data transparency and interagency collaboration, aiming to improve regional mobility and streamline coordinated responses. Key figures from Parsons and NITTEC emphasize the system's role in boosting economic trade and regional transportation efficiency. The project sets a precedent for future implementations across different regions.
Plus3 IT Systems has announced its role as a subcontractor to Parsons on the NOAA's TraCSS contract. This project focuses on cloud and system integration services to support Space Situational Awareness (SSA) data management. TraCSS will transition civil space traffic coordination services from the DoD to NOAA, following Space Policy Directive 3. Plus3 IT will provide secure, scalable cloud architecture for data collection and analysis. This contract marks Plus3 IT's second recent venture in space-based missions involving critical sensor data. The company boasts a robust portfolio in cloud services for DoD, IC, and other federal customers.
Parsons has received the Yukon Regional Business Sustainability Award for its Faro Mine Remediation project in Yukon, Canada. The award, presented by the Environmental Careers Organization of Canada in collaboration with the Yukon Government, acknowledges the company's integration of sustainable practices and its socio-economic strategy benefiting the local First Nations communities. Since 2016, Parsons has provided site management, environmental, and construction services to remediate the Faro Mine site, prioritizing economic reconciliation and environmental sustainability. This recognition underscores Parsons' commitment to generating long-term value while addressing environmental and social issues.
Parsons (NYSE: PSN) announced that the Federal Way Link Extension (FWLE) project has earned the Envision Platinum Award from the Institute for Sustainable Infrastructure (ISI). This project is only the seventh transit project in the U.S. to receive this honor. The 7.8-mile extension expands light rail access in the Seattle area, extending south from Angle Lake Station to Federal Way Downtown Station. Parsons served as the lead designer and also provided sustainability management services.
The project includes three stations across Seattle/Tacoma, Des Moines, Kent, and Federal Way in King County. The sustainability management plan developed by Parsons included LEED and Envision certifications. LEED certifications for Federal Way Transit Center and End-of-Line Facility are on track to achieve Silver status. The award signifies Parsons’ commitment to sustainable engineering practices and community connectivity.
Parsons (NYSE: PSN) has been recognized by Forbes and Statista as one of the Best Employers for New Grads in 2024. Announced on May 21, 2024, this accolade reaffirms Parsons' commitment to young professionals and top talent. The company recently launched its seventh employee business resource group, FORCE, aimed at early career employees, promoting mentorship, connection, and development. Parsons' North American internship program will host over 250 interns in 2024, offering comprehensive personal and professional growth opportunities. This recognition is based on an independent survey of over 100,000 U.S. young professionals and additional company data.
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