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 announced its plan to acquire BlackSignal Technologies for $200 million in an accretive deal. The acquisition, expected to close in August 2024, will enhance Parsons' cybersecurity, electronic warfare, and artificial intelligence capabilities. BlackSignal, a next-generation digital signal processing provider, uses AI and machine learning to create innovative signal processing techniques for detecting and disrupting command and control systems.
This strategic move will expand Parsons' customer base across the Department of Defense and Intelligence Community, strengthening its position in full-spectrum cyber and electronic warfare. The acquisition aligns with Parsons' strategy of acquiring high-growth companies with >10% revenue growth and strong EBITDA margins. BlackSignal is projected to generate approximately $95 million in revenue in 2025, with the deal expected to be accretive to Parsons' revenue growth, adjusted EBITDA margins, and adjusted EPS.
Parsons (NYSE: PSN) has been selected as the lead designer and subconsultant for the Inglewood Transit Connector (ITC) Project. The company is part of the Elevate Inglewood Partners consortium, chosen as the Best Value Proposer by the City of Inglewood. The project involves designing, constructing, financing, operating, and maintaining a 1.6-mile automated people mover connecting the Metro K Line to major Inglewood destinations.
The ITC aims to improve transit reliability, reduce carbon emissions, and alleviate traffic congestion. It will serve residents, employees, and visitors, linking venues like the Kia Forum, Sofi Stadium, and the Intuit Dome. The City of Inglewood has partnered with LA Metro and Los Angeles County to form the ITC Joint Powers Authority, which will oversee the project following contract award. Discussions regarding pricing and contractual terms are ongoing between Elevate Inglewood Partners and the City.
Parsons (NYSE: PSN) has announced a significant $30 million, five-year contract as part of a joint venture with Vanir. The Parsons/Vanir Joint Venture (PVJV) has been selected by the Sacramento County Department of Airports to provide construction management and inspection (CMI) services for the Sacramento International Airport (SMF) SMForward Program.
This contract is part of SMF's larger $1.3 billion airport improvement program, which aims to expand terminal gates and improve landside projects to support the airport's growth and modernization. The PVJV's scope includes managing the construction of a new parking structure, a Consolidated Rental Car Facility, additional gates at Terminals A and B, roadway improvements, and a passenger skywalk to Concourse B.
Parsons (NYSE: PSN) has secured a five-year, $26 million contract from the Indiana Department of Transportation (INDOT) to continue supporting the I-69 Ohio River Crossing (ORX) project. The expanded scope includes design oversight and construction inspection services for I-69 ORX Section 3, which extends from Veterans Memorial Parkway to the Indiana state line near the Ohio River.
Parsons has been involved in the I-69 ORX project since 2017, providing initial design and environmental studies. The company, a global leader in critical infrastructure, boasts a portfolio of over 10,000 miles of road and highway projects worldwide. This contract reinforces Parsons' commitment to delivering improved transportation experiences for residents and visitors in Indiana and Kentucky.
Parsons (NYSE: PSN) has announced its readiness to meet the growing demand for infrastructure deployment for global events. With decades of experience in delivering complex solutions for critical events, Parsons is well-positioned to provide expertise, innovative solutions, and integrated security for large-scale events like the 2026 FIFA World Cup and 2028 Olympics.
The company offers a comprehensive suite of services including traffic management, project controls, cybersecurity, biometrics, signage, critical infrastructure protection, physical security, and counter-unmanned aircraft systems. Parsons' involvement in the 2022 FIFA World Cup in Qatar and Expo 2020 in Dubai demonstrates its capability in handling multifaceted demands of event infrastructure.
With its 80-year history in infrastructure design and 40 years of cybersecurity expertise, Parsons aims to safeguard national assets, protect communities, and enhance global security for a safer, more connected world.
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.