Parsons Stock Price, News & Analysis

Parsons Corporation (NYSE: PSN) reported record financial results for Q4 and fiscal year 2022. Q4 revenue reached $1.1 billion, marking a 16% growth, with net income of $28 million. The full year saw revenues of $4.2 billion, up 15%, and net income surged to $97 million. Adjusted EBITDA for the quarter was $98 million, an 8% increase, while full-year adjusted EBITDA was $353 million. The company secured eleven contracts worth over $100 million each in 2022 and anticipates 2023 revenue guidance of $4.375 billion to $4.575 billion. CEO Carey Smith highlighted strong performance driven by organic growth and successful acquisitions.

Parsons Corporation (NYSE: PSN) has launched the Parsons Space Operations Center (PSOC) to enhance spacecraft operations for both government and commercial sectors. This facility unifies operations, optimizing costs and resources while providing command and control, telemetry processing, and mission planning services.

PSOC is adept at supporting classified and unclassified operations via hybrid cloud solutions. It is currently serving DARPA's Blackjack Ground Operations and NOAA's Polar Operational Environmental Satellites, utilizing a Ground Operations Center as a Service (GOCaaS) model, which reduces government expenditure on infrastructure.

Parsons Corporation (NYSE: PSN) has been awarded the Hunts Point Interstate Access Improvement Project by the New York State Department of Transportation. The $446 million design-build project aims to modernize infrastructure, enhance traffic flow, and improve pedestrian safety in the Hunts Point area, a key food distribution hub for New York City. Key improvements include additional lanes on the Bruckner Expressway, new parking facilities with electric vehicle (EV) charging stations, and upgraded pedestrian pathways. The project aligns with Parsons’ commitment to sustainability and community development.

Parsons Corporation (NYSE: PSN) has been awarded a $675 million indefinite-delivery, indefinite-quantity multiple award task order contract (MATOC) by the U.S. Army Corps of Engineers (USACE). This contract aims to support the U.S. Army Engineering and Support Center Huntsville in its Electronic Security Systems (ESS) Program over a base period of three years with options for extensions. Parsons will provide personnel, equipment, and services to meet global security needs. The company has a longstanding partnership with USACE, previously being a top awardee on the prior ESS contract. The PR underscores Parsons' commitment to delivering advanced security solutions.

CENTREVILLE, Va., Feb. 8, 2023 – Parsons Corporation (NYSE: PSN) will participate in Cowen’s 44th Annual Aerospace/Defense & Industrials Conference on February 16, 2023, at 8:30 a.m. Eastern Time. Carey Smith, chair and CEO, along with CFO Matt Ofilos, will engage in a fireside chat session.

The presentation will be available via webcast on Parsons’ investor relations website, with a 30-day replay accessible afterward. Parsons is recognized as a leading provider of disruptive technology in the national security and global infrastructure sectors, focusing on areas such as cyber defense, transportation, and urban development.

Parsons Corporation (NYSE: PSN) has announced an amendment to its contract as the Main Construction Manager for the Giant Mine Remediation Project in Yellowknife, Canada. This contract extension, effective February 2, 2023, involves continued construction management until the project's completion, which is expected to take 15 years and cost approximately $4.38 billion CAD. Since 2013, Parsons has played a crucial role in this significant environmental remediation initiative. The company aims to protect human health and restore the environment while maximizing socio-economic benefits for local Indigenous communities.

Parsons Corporation (NYSE: PSN) has been awarded a multi-million-dollar contract to design fiber optic installations across the U.S., targeting underserved communities. This initiative supports the delivery of broadband access, crucial for the 44 million Americans lacking standard connectivity. The project is part of a broader effort backed by over $70 billion in federal funding from the Infrastructure Investment and Jobs Act (IIJA) and the American Rescue Plan Act (ARPA). The company's extensive experience in smart infrastructure aligns with its goal to improve digital equity and enhance economic opportunities.

On February 2, 2023, Parsons Corporation (NYSE: PSN) announced a $15 million contract with Rua Al-Madinah Holding Company to deliver construction project management consultancy services for the Rua Al-Madinah mega real estate project in Saudi Arabia. This initiative aims to enhance the region's economic and social transformation as part of Saudi Vision 2030. The project spans 1.5 million square meters, with plans for 63% green spaces and 47,000 hotel rooms to accommodate future pilgrims. It is anticipated to contribute $37 million to the GDP and create 93,000 jobs.

Parsons Corporation (NYSE: PSN) has been appointed as a delivery partner for THE LINE, a groundbreaking project within NEOM in Saudi Arabia. Designed to redefine sustainable urban living, THE LINE spans 170 km and aims for zero carbon emissions, with construction starting in Q1 2021. Parsons will provide consultancy services for project management and construction across various domains, ensuring the project's ambitious design aligns with NEOM’s vision. As part of this endeavor, the team is expected to reach 6,000 employees at peak construction. This contract underscores Parsons' commitment to innovative and sustainable infrastructure solutions.