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) 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.
Parsons (NYSE: PSN) has been selected as one of 15 lead consultants by Los Angeles World Airports (LAWA) for a Multiple Award Task Order Contract (MATOC).
This contract, worth nearly $1 billion over five years, encompasses on-call professional services for LAWA's Capital Improvement Program at Los Angeles International Airport (LAX) and Van Nuys Airport (VNY).
The MATOC is the largest award of its kind in Los Angeles’ history and promotes inclusivity among local, diverse, veteran, small, and microbusinesses. Parsons' longstanding relationship with LAWA includes managing major infrastructure projects, such as the Landside Access Modernization Program (LAMP).
Parsons has also been pivotal in LAWA's inclusivity efforts, specifically through the HireLAX Apprenticeship Readiness Program.
Parsons (PSN) celebrates 80 years of infrastructure excellence during Infrastructure Week. The company has secured significant global infrastructure contract awards and major projects, showcasing its leadership in various sectors like rail, transit, aviation, and environmental infrastructure.
Parsons (NYSE: PSN) has been chosen by VIA Metropolitan Transit Authority to finalize the design of the Advanced Rapid Transit (ART) program for the VIA Rapid Green Line in San Antonio, Texas. The $20 million, five-year contract is a significant new project for Parsons. The ART system, with an estimated cost exceeding $400 million, will enhance community connectivity, support economic growth, and improve public transportation in San Antonio. The project is funded by various sources, including the Federal Transportation Administration's New Starts Capital Improvement Grant and local funds. The 12-mile VIA Rapid Green Line will feature 26 stations and connect key employment and residential areas in San Antonio.
Parsons (NYSE:PSN) received the 2024 Innovation Transportation Solutions Award from WTS Colorado for their East Colfax Avenue Bus Rapid Transit (BRT) project. The project was commended for its design excellence and collaboration with various stakeholders, including the City and County of Denver Department of Transportation and Infrastructure (DOTI), City of Aurora (COA), Colorado Department of Transportation (CDOT), Federal Transit Administration (FTA), Denver Regional Council of Governments (DRCOG), and Regional Transportation District (RTD). The project features sustainable and resilient design attributes supporting public health and safety, local structures, and community amenities. Parsons looks forward to advancing similar projects in the area.
Sealing Technologies, a Parsons Company, is ramping up production of its SN 4500 servers, offering a cost-effective, open-architecture mission flexible compact 1U form factor. The SN 4500 allows for easy data transfer between classifications and sensitivity levels, with the ability to adopt future upgrades for GPUs, DPUs, Raid Controllers, and other PCIe devices. It serves multiple roles, from network sensors to gateway firewalls, providing unmatched versatility in a compact design.
Parsons reports strong first quarter 2024 results with record revenue of $1.5 billion, a 31% year-over-year increase. The company experienced organic revenue growth of 29% and adjusted EBITDA increased by 56% to $141 million. Despite a net loss of $107 million due to a charge related to a partial repurchase of convertible notes, Parsons remains optimistic, raising fiscal year 2024 guidance across all financial metrics.
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