Welcome to our dedicated page for Parsons news (Ticker: PSN), a resource for investors and traders seeking the latest updates and insights on Parsons stock.
Parsons Corporation (NYSE: PSN) is a technology-driven company active in national security and global infrastructure markets, and its news flow reflects that focus. Public announcements highlight work across cyber and electronic warfare, space and missile defense, transportation, water and environment, urban development, and critical infrastructure protection, giving investors and observers insight into how Parsons executes its strategy.
News about Parsons often centers on federal and defense contracts, including awards and positions on large U.S. Department of War, U.S. Air Force, and Missile Defense Agency programs. Releases describe task orders and multiple award contracts that cover design, engineering, and construction management for facilities and infrastructure that support mission readiness, as well as efforts to expand munitions production capacity and strengthen the Defense Industrial Base.
The company also issues updates on space and intelligence-related activities, such as contracts supporting space demonstration missions, satellite operations, and ground control services. Parsons’ acquisition of Altamira Technologies Corporation, which brings signals intelligence, cyber, missile warning, and space capabilities, is an example of transaction-related news that expands its defense and intelligence portfolio.
On the infrastructure side, Parsons’ news includes awards for urban development and transportation projects, such as design roles on advanced rapid transit lines and large mixed-use developments. These announcements illustrate its involvement in global infrastructure and urban development programs.
Visitors to this PSN news page can review company press releases and other coverage to track material events, contract wins, acquisitions, leadership changes, and guidance-related announcements that Parsons discloses to the market.
Parsons (NYSE: PSN) reported record Q3 2024 results with revenue increasing 28% to $1.8 billion, driven by 26% organic growth. Net income rose 52% to $72 million, while adjusted EBITDA grew 31% to $167 million. The company achieved strong performance in both Federal Solutions and Critical Infrastructure segments, with Federal Solutions revenue up 42% and Critical Infrastructure revenue increasing 10%. Contract awards increased 24% to $1.8 billion. The company completed the BlackSignal Technologies acquisition and announced plans to acquire BCC Engineering. Based on strong performance, Parsons raised its full-year 2024 guidance for all financial metrics.
Parsons (NYSE: PSN) has secured a new $27 million Defense Threat Reduction Agency (DTRA) task order focused on preventing weapons of mass destruction proliferation in Eastern Europe. The contract includes a two-year performance period with three one-year option periods under the DTRA Cooperative Threat Reduction Integrating Contract (CTRIC) III.
Parsons will provide expertise, training, resources, program management, equipment procurement, and construction management capabilities to help partner nations address security risks. This marks the company's seventh task order under CTRIC III since June 2018, furthering DTRA's mission to reduce global WMD threats.
Parsons (NYSE:PSN) has announced its agreement to acquire BCC Engineering, for $230 million in an all-cash transaction. BCC, a leading transportation engineering firm, provides services in Florida, Georgia, Texas, South Carolina, and Puerto Rico. This acquisition aligns with Parsons' strategy to expand its infrastructure capabilities in the Southeast U.S., an area benefiting from significant federal highway funding.
The acquisition is expected to strengthen Parsons' position as an infrastructure leader and enhance its service offerings. BCC will be integrated into Parsons' North America Infrastructure business unit. The net transaction value of $221 million represents approximately 13.0x BCC's estimated 2025 EBITDA. For 2025, Parsons anticipates BCC to generate about $110 million in gross revenue and contribute positively to Parsons' revenue growth and adjusted EBITDA margins.
Parsons (NYSE: PSN) has secured a position on a $225 million multiple award task order contract (MATOC) with the U.S. Army Corps of Engineers (USACE) Kansas City District. This new contract, focused on environmental remediation activities, has a one-year base period with four one-year options. It includes projects funded by the Infrastructure Investment and Jobs Act to support EPA cleanup initiatives.
Under this contract, Parsons will compete for task orders related to hazardous, toxic, and radioactive waste remediation, as well as environmental studies. The work will support USACE Northwestern Division and USEPA Region 2. This award follows Parsons' recent win of a seat on a $464 million MATOC with the U.S. Army Environmental Command for similar remediation services.
Parsons (NYSE:PSN) has been awarded two contracts worth $25 million for design engineering projects in the Middle East transportation sector. These contracts are part of over $90 million in awards from the same customer in the past 9 months. The scope includes:
- Design engineering and construction supervision for transportation infrastructure enhancements
- Development of mobility solutions and dedicated corridors
- Roadway capacity upgrades and public transit initiatives
- Strategic study for a new corridor to alleviate traffic
- Planning and design to minimize disruption to existing traffic
Parsons aims to create sustainable, eco-friendly mobility solutions that align with the region's vision for a greener future. These projects are part of broader strategic initiatives in Gulf member states, including Saudi Vision 2030 and Dubai 2040 Urban Master Plan.
Tutor Perini (NYSE: TPC) has announced the execution of a contract and receipt of Notice to Proceed for the $1.66 billion City Center Guideway and Stations Project in Honolulu, Hawaii. The project, awarded by the Honolulu Authority for Rapid Transportation, involves:
- Design and construction of six rail stations
- Approximately three miles of elevated rail guideway
- Scope extends from east of Middle Street Transit Center Station to Civic Center Station
Project timeline:
- Design to begin immediately
- Construction expected to start in second half of 2025
- Substantial completion anticipated by 2030
Parsons (NYSE: PSN) will serve as Tutor Perini's design subcontractor. The contract value has been added to the Company's backlog in the third quarter of 2024.
Parsons (NYSE: PSN) has been selected by the National Guard Bureau to manage the operation and maintenance of a PFAS groundwater treatment system at Burlington Air National Guard Base, Vermont. The two-year task order involves optimizing the existing granular activated carbon treatment system using Parsons' Water Treatability Lab in Syracuse, New York.
Jon Moretta, president of Engineered Systems at Parsons, emphasized the significance of addressing PFAS as a widespread environmental issue. Parsons, a global leader in water and wastewater treatment, has completed nearly 2,000 PFAS investigations for various clients and designed and installed 7,000 PFAS point-of-entry treatment systems. The company's expertise spans hydrogeology, human health, ecological risk assessment, remediation, and modeling.
Parsons (NYSE: PSN) has been awarded a position on a $4 billion Defense Threat Reduction Agency (DTRA) contract to support Countering Weapons Of Mass Destruction (CWMD) objectives. The indefinite-delivery, indefinite-quantity (IDIQ) multiple award task order contract (MATOC) includes a five-year base period and one five-year option period.
Under this contract, Parsons will compete for task orders to perform various services including research, development, testing and evaluation, procurement, maintenance, and systems engineering. The company aims to deliver scientific and technological solutions meeting the Department of Defense's priority CWMD objectives.
This contract continues Parsons' long-standing support of DTRA, which includes global projects addressing chemical weapons destruction, nuclear security, and non-proliferation of weapons of mass destruction. In 2023, Parsons also announced two task order awards under DTRA's Assessment, Exercise, Modeling and Simulation, and Support (AEMSS) IDIQ MATOC.
Parsons (NYSE: PSN) has successfully delivered Phase 1.0 of the National Oceanic and Atmospheric Administration's (NOAA) Office of Space Commerce's (OSC) Traffic Coordination System for Space (TraCSS) program. As the system integration and cloud management services lead, Parsons has developed a cloud-based IT system for space situational awareness (SSA) and space traffic coordination (STC).
The initial capabilities release provides 'beta users' access to conjunction data messages (CDMs) for evaluation, running parallel with Department of Defense (DoD) systems. This milestone supports the transition of safety of flight mission from DoD to the Department of Commerce. The Parsons-developed system establishes a platform for hosting services supporting the civil space SSA mission, designed to improve space traffic coordination for thousands of space vehicles.
Parsons' role includes developing the software platform, integrating third-party components, managing cloud services, cybersecurity protection, and system administration for TraCSS operations. The company has 30 years of experience in enabling SSA missions for the U.S. government and allied partners.
Parsons (NYSE: PSN) has announced that it will release its third quarter 2024 financial results before the markets open on Wednesday, October 30, 2024. The company will host a conference call at 8:00 a.m. Eastern Time on the same day to discuss its earnings results and strategic corporate initiatives.
Investors and interested parties can access a webcast of the live conference call through the Investor Relations section of Parsons' website. Those who wish to participate via telephone can register on the Investor Relations website or through a provided link. A replay of the conference call will be available on the company's website approximately two hours after the call and will remain accessible for one year.