Parsons Applauds Bipartisan Infrastructure Deal

Rhea-AI Summary

Parsons Corporation (NYSE: PSN) supports the recently signed Bipartisan Infrastructure Deal, considering it vital for U.S. economic growth and infrastructure improvement. The U.S. infrastructure received a grade of 'C-' from the American Society of Civil Engineers in 2021. The CEO, Carey Smith, emphasized that the bill facilitates investments in transportation, power, and broadband, enabling the nation to 'Build Back Smarter.' Parsons aims to leverage its 77 years of expertise to enhance infrastructure sustainability, including projects in transportation, environment, and water management, ultimately contributing to a cleaner, safer planet.

Positive

• Support for the Bipartisan Infrastructure Deal indicating potential growth opportunities.
• Expertise in key markets such as transportation, broadband, and environmental services aligns with infrastructure investments.
• Long-term project capabilities position Parsons favorably for government contracts.

Negative

• None.

The company is ready to “Build Back Smarter”

CENTREVILLE, Va., Nov. 30, 2021 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) applauds the signing of the Bipartisan Infrastructure Deal (Infrastructure Investment and Jobs Act), citing its importance to the future of infrastructure and economic growth in the United States. In 2021, the American Society of Civil Engineers gave the state of U.S. infrastructure a “C-” grade – a small improvement from its previous “D” score – something the Infrastructure Bill hopes to address.

Infrastructure is essential to the safe and efficient movement of people and goods across the country; the storage, transmission, treatment and distribution of water; the collection, treatment and discharge or reuse of wastewater; the generation, transmission and distribution of electrical power; healthcare; combating future climate change; prioritizing environmental sustainability; and other critical areas that society relies on.

“The passage of the bipartisan Infrastructure Bill represents an important investment in our nation’s future,” said Carey Smith, president and chief executive officer of Parsons. “With investments in transportation, power, broadband, and water infrastructure, along with safety, resiliency and cyber initiatives, the new national infrastructure strategy will not only address immediate emergency needs but help improve our national economy. As an industry, we have advanced in digital technologies and smart infrastructure, so this bill is our chance as a nation to not only Build Back Better but Build Back Smarter.”

“We look forward to unleashing Parsons’ more than 77 years of broad expertise across the full infrastructure domain and our resilient infrastructure capabilities to help rebuild and secure our nation.”

Build Back Smarter means designing roads and bridges with centuries long lifespans. It means designing and building our communities with environmental sustainability top-of-mind and installing smart systems into our traffic lights and intersections that reduce vehicle idle time and improve pedestrian safety. It also means partnering with local communities to promote economic development and increase their standard of living. And leveraging full-spectrum cyber capabilities that advance our nation’s critical infrastructure cyber protection, which represents an incredible threat to our national security and health.

In alignment with the Bill’s sustainability focus, Parsons is focused on delivering a cleaner and safer planet for our customers and for future generations through operational capabilities that remediate communities; clean up contaminated soil, sediment water, and air; and lower carbon emissions with improved transportation and infrastructure – areas that the company has pioneered throughout its history.

Parsons’ experience is well aligned with the Infrastructure Bill’s key markets of:

• Transportation – We design, deliver, and protect the infrastructure that connects our communities around the world, including roads and highways; bridges; passenger and freight rail; public transit; airports; ports and waterways, and the electric infrastructure that helps make Electronic Vehicles possible. Our experts have delivered transportation projects around the world, including more than 10,000 miles of road, 4,500 crossings, and more than 50 advanced traffic management systems that help cities and states reduce emissions and energy costs, while improving the management, efficiency, safety and the quality of life in the communities we serve.
  • Rail – With more than 60 years of experience working in the passenger rail and freight industries, our team understands the challenges and needs of railroads and operators who are transforming into modern transportation systems. Partnering with more than 400 transit clients, we have worked on large, complex brownfield expansion and greenfield projects in North America, as well as many renowned international systems to offer sustainable solutions that reduce emissions, create greater mobility with increased energy efficiency, and provide long-term economic and social benefits.
  • Aviation – Parsons provides comprehensive solutions that enhance the air travel experience, from home to the destination. More than 450 airports in 40 countries have relied on Parsons to plan, design, construct, manage, enhance, and sustain terminal, landside, and airside infrastructure. We specialize in a variety of life-cycle capital project delivery services, including supporting the FAA in more than $2 billion of modernization projects over the past two decades, helping fulfill the agency’s mission of providing the safest, most efficient aerospace system in the world; program/construction management; capital planning; project management information systems; site selection, planning, and engineering; and more.
• Environment, Health, and Safety – Our experts use the latest technologies to deliver a cleaner, safer planet for our customers and future generations. As a one-stop-shop environmental services provider, we perform remediation programs from initial assessment and design through closure and long-term operations and maintenance, helping our customers comply with regulations and manage risks throughout. With projects ranging from water and PFAS mitigation to mine remediation, we bring customized approaches to the most challenging environmental concerns. Our full-service, state-of-the-art water treatability lab can perform bench- and pilot-scale evaluations of numerous treatment methods to proactively protect citizens.
• Water & Wastewater – Water is the life source of every community, and our mission is to help preserve it by creating and maintaining safe, efficient, and sustainable water facilities and processes. Our expertise in program and construction management and engineering have transformed the industry through the most complex water and wastewater projects in the world. Parsons’ experts have built recycled wastewater treatment plants with membrane bioreactor technology, constructed advanced ultraviolet disinfection facilities, and used reverse osmosis processes to transform saline water into millions of gallons of clean, drinkable water.
• Broadband – We understand how infrastructure is crucial to livability and use our experience to bring communities together. Reliable, resilient power; fast and dependable broadband internet; and safe, equitable transportation options are critical to improving neighborhoods across the U.S.

To learn more about Parsons’ capabilities to Build Back Smarter, please visit: www.Parsons.com/Build-Back-Smarter

About Parsons

Parsons (NYSE: PSN) is a leading disruptive technology provider in the global security, intelligence, and critical infrastructure markets, with capabilities across cybersecurity, missile defense, space, connected infrastructure, and smart cities. Please visit parsons.com, and follow us on LinkedIn and Facebook to learn how we're making an impact.

Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; our dependence on long-term government contracts, which are subject to the government’s budgetary approval process; the size of our addressable markets and the amount of government spending on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors’ protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train or retain employees with the requisite skills, experience and security clearances; the loss of members of senior management or failure to develop new leaders; misconduct or other improper activities from our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and security breaches; and inherent uncertainties and potential adverse developments in legal proceedings, including litigation, audits, reviews and investigations, which may result in materially adverse judgments, settlements or other unfavorable outcomes. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our Registration Statement on Form S-1 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statement made in this presentation that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.

Media Contact:
Bryce McDevitt
+ 1 703.851.4425
bryce.mcdevitt@parsons.com

Investor Relations Contact:
Dave Spille
+ 1 571.655.8264
dave.spille@parsons.com

FAQ

What does Parsons Corporation (PSN) think about the Bipartisan Infrastructure Deal?

Parsons Corporation believes the Bipartisan Infrastructure Deal is vital for U.S. economic growth and infrastructure improvement.

How does Parsons plan to utilize its expertise under the Bipartisan Infrastructure Deal?

Parsons plans to leverage over 77 years of expertise to enhance infrastructure sustainability and contribute to projects in transportation, environment, and water management.

What grade did the American Society of Civil Engineers give U.S. infrastructure in 2021?

In 2021, the American Society of Civil Engineers gave U.S. infrastructure a grade of 'C-', a slight improvement from the previous 'D' grade.

What is the focus of the infrastructure investments as per Parsons Corporation?

Parsons Corporation's focus includes investments in transportation, power, broadband, and environmental sustainability.