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 provides technology-driven solutions for national security and global infrastructure markets through Federal Solutions and Critical Infrastructure activities. Company news commonly covers U.S. government and defense contract awards, nuclear enterprise mission assurance support, energy resilience and microgrid work, program management, transportation design, and digital infrastructure technologies such as demand response systems and TAK-as-a-Service.
Updates also report quarterly results, backlog, book-to-bill trends, guidance, acquisitions, and project milestones across cyber and electronic warfare, space and missile defense, transportation, water, environment, urban development, and critical infrastructure protection.
Parsons (NYSE: PSN) has secured a $68.5 million contract from the U.S. Army Corps of Engineers Honolulu District to design and build new Army housing units in the Kwajalein Atoll, Republic of the Marshall Islands. This three-year contract represents new business for Parsons. Additionally, the company has been selected for the district's Pre-Qualified Source Listing, making it eligible for future large task orders valued at $50 million or more.
This award expands Parsons' work in the Kwajalein Atoll, known for its logistical challenges and corrosive environment. It follows a $44 million contract awarded in October 2023 for similar housing projects. Since 2019, Parsons has secured over $400 million in INDOPACOM-related contracts, leveraging its expertise in program management, engineering, and complex infrastructure.
Parsons (NYSE: PSN) has announced its participation in the upcoming Jefferies Industrials Conference. The company's leadership, including Carey Smith, chair, president, and CEO, and Matt Ofilos, CFO, will engage in a fireside chat Q&A session on September 4, 2024, at 9:50 a.m. Eastern Time.
Investors and interested parties can access the live presentation via webcast on the investor relations section of Parsons' website. For those unable to attend the live event, a replay will be available on the same platform for 30 days following the conference. This presentation offers an opportunity for stakeholders to gain insights into Parsons' current operations and future strategies directly from its top executives.
Parsons (NYSE: PSN) has been selected as the lead engineer for the State Route 400 (SR 400) Express Lanes Major Mobility Investment Program (MMIP) Project in Georgia. This $4.6 billion project will add new express lanes along a 16-mile section of SR 400 from the North Springs MARTA Station to north of McFarland Parkway. The project, led by SR 400 Peach Partners, includes a 50-year concessions period and will utilize electronic tolled express lanes, advanced traffic management systems, and a digital twin asset management system.
The initiative aims to improve mobility and reduce congestion in northern Atlanta, with projections of 144,000 more residents and 114,000 more jobs by 2050. The project also incorporates a $100 million state bond investment for MARTA's Bus Rapid Transit line, enhancing public transportation connectivity. Parsons brings extensive experience in transportation infrastructure, having worked on over 10,000 miles of roadways and 4,500 bridges globally.
Parsons (NYSE: PSN) has been awarded a $46 million contract to oversee Operations Technology Maintenance Services for an East Coast strategic transportation customer. The project involves preventative and reactive maintenance of roadway technology systems, including traffic signals, ITS devices, and network infrastructure. Parsons will explore the use of digital twins and AI to improve scheduling and service reliability.
Mark Fialkowski, president of Infrastructure North America for Parsons, emphasized the company's commitment to applying cutting-edge technologies to enhance service delivery. Parsons boasts extensive experience in transportation infrastructure, having worked on over 10,000 miles of roadways, 4,500 bridges, and more than 50 advanced traffic management system deployments.
Parsons (NYSE: PSN) has been awarded the lead design contract for the $1.66 billion Honolulu Rail Project. As a subcontractor to Tutor Perini , Parsons will design six rail stations and approximately three miles of elevated rail guideway for the Honolulu Authority for Rapid Transportation's (HART) City Center Guideway and Stations Project.
The project scope includes the construction of rail infrastructure from east of the Middle Street Transit Center Station to the Civic Center Station, located just east of downtown Honolulu. Design work is set to commence in 2024, with construction expected to begin in the second half of 2025. The project is anticipated to reach substantial completion by 2030.
Parsons (NYSE:PSN) has completed the acquisition of BlackSignal Technologies, for $200 million. This strategic move enhances Parsons' capabilities in cybersecurity, electronic warfare, and artificial intelligence. BlackSignal specializes in using AI and machine learning for innovative signal processing techniques to detect and disrupt command and control systems.
The acquisition expands Parsons' customer base in the Department of Defense and Intelligence Community, strengthening its position in full-spectrum cyber and electronic warfare. It also adds new capabilities in the counterspace radio frequency domain, markets expected to grow over 10% annually with double-digit margin expectations. BlackSignal will be integrated into Parsons' Defense & Intelligence business unit.
Tutor Perini (NYSE: TPC) has been awarded a $1.66 billion contract by the Honolulu Authority for Rapid Transportation (HART) for the City Center Guideway and Stations Project in Honolulu, Hawaii. The project involves designing and constructing six rail stations and approximately three miles of elevated rail guideway. Design work will begin immediately after contract execution in mid-September, with construction starting in the second half of 2025 and substantial completion expected in 2030. Parsons (NYSE: PSN) will serve as Tutor Perini's design subcontractor. The contract value will be added to the Company's backlog in the third quarter of 2024.
Parsons (NYSE: PSN) has launched an updated version of iNET®, its intelligent transportation software. Built on Microsoft Azure, the enhanced iNET® integrates AI and machine learning to offer advanced monitoring, improved user experience, and optimized transportation system performance. Key features include:
1. iNET® Sidekick: An AI-based virtual traffic operator using Azure OpenAI Service technology.
2. Enhanced cybersecurity measures.
3. Configurable SaaS or enterprise platform.
4. Reduced operational costs and greenhouse gas emissions.
5. Scalable solution for various users, including cities, airports, and sporting venues.
The update is particularly relevant for upcoming major events like the World Cup and Olympics in North America.
Sealing Technologies (SealingTech), a Parsons company (NYSE: PSN), has been awarded a $9,588,231 fixed-price contract for the U.S. Army's Deployable Defensive Cyber Operations System – Modular version 2 (DDS-Mv2). The DDS-Mv2 is a customized deployable compute-and-data-storage system supporting Cyber Protection Teams' suite of Defensive Cyber Operations (DCO) platforms and tools.
The contract spans 1 base year with 2 one-year option periods. SealingTech's solution provides a highly modular and scalable system allowing warfighters to conduct DCO missions globally, offering robust performance, high scalability, and maximum portability. This award reinforces SealingTech's position as a leader in deploying advanced threat hunting and incident response systems for the Department of Defense.
Parsons (NYSE: PSN) reported record Q2 2024 results, with revenue increasing 23% to $1.7 billion and net income rising 60% to $69 million. The company achieved 22% organic growth, marking its fifth consecutive quarter of over 20% organic growth. Adjusted EBITDA increased 27% to $150 million, with margin expanding to 9.0%. Cash flow from operations surged to $161 million, a $138 million increase year-over-year. Both Federal Solutions and Critical Infrastructure segments showed strong performance. Parsons also announced plans to acquire BlackSignal Technologies for approximately $200 million, expanding its capabilities in cyber operations and electronic warfare. The company has increased its fiscal year 2024 guidance for all financial metrics, reflecting strong performance and positive outlook.