Parsons Stock Price, News & Analysis

Parsons Corporation (NYSE: PSN) reported Q3 2021 financial results, with revenue of $956 million, reflecting sequential growth of 9% and organic growth of 7%. Net income stood at $19 million with a margin of 2.0%. The company achieved a record backlog of $8.6 billion, up 10% year-over-year, driven by five contracts over $100 million. Despite these gains, total revenue decreased by 5% year-over-year, and adjusted EBITDA fell by 16%. Parsons reiterated its 2021 guidance of <$3.6 - $3.7 billion in revenue.

Parsons Corporation (NYSE: PSN) announced a significant contract award from the U.S. Army Corps of Engineers valued at up to $1.1 billion over ten years. This multiple award task order contract aims to assist the USACE Huntsville in addressing environmental and munitions response challenges. The contract supports military munitions response programs and environmental compliance services. Parsons will utilize advanced technologies, including digital mapping and drone applications, to efficiently tackle these challenges.

Parsons Corporation (NYSE: PSN) announced its leadership in an industry team to collaborate with the U.S. Air Force on a five-year project to sustain and transform the Air Operations Center – Weapons System. The company's experience in prior contracts positions it well for this partnership. Recent wins include significant contracts totaling over $3.7 billion from various Department of Defense agencies. If selected, Parsons aims to deliver mission success and operational continuity for the Air Force.

Parsons Corporation (NYSE: PSN) and local transportation agencies announced the completion of the environmental study for the I-69 Ohio River Crossing project, allowing construction to commence in spring 2022. This four-lane, all-electronic tolled bridge will enhance transport connectivity between Indiana and Kentucky, completing a critical link in the National I-69 corridor. The project includes 11.2 miles of new interstate and improvements to existing roads, with a commitment to environmentally friendly practices. The two-section project is expected to run into 2025.

Parsons Corporation (NYSE: PSN) will unveil its third-quarter 2021 financial results on November 3, 2021, before market opening. A conference call to discuss these results will occur at 8:00 a.m. ET on the same day. Interested participants can access the live event via the company's Investor Relations webpage or dial in using specific phone numbers provided. A replay will be available following the call for one year on the website and for a limited time via phone.

Parsons Corporation (NYSE: PSN) has secured a five-year contract worth $249 million from the Naval Facilities Engineering Systems Command (NAVFAC) Far East. The project aims to enhance infrastructure resilience at the U.S. Navy Support Facility Diego Garcia in the British Indian Ocean Territory. This contract supports both renovation and modernization efforts to improve the mission readiness of the facility. Parsons is committed to leveraging over 75 years of experience to deliver innovative solutions for federal infrastructure.

Parsons Corporation (NYSE: PSN) recently participated in the 48in48 Global Virtual event from October 1-3, 2021, where employees designed websites for 48 nonprofits in 48 hours. This initiative highlights Parsons' commitment to social responsibility and community engagement, reflecting its core values of safety, integrity, and diversity. Teams from various regions, including the first all-Middle East team, contributed to enhancing brand awareness for organizations focused on social justice and youth empowerment. CEO Carey Smith praised employees for their dedication to creating a sustainable future.

Parsons Corporation (NYSE: PSN) has secured a contract to vie for a potential $68 million award supporting the Naval Information Warfare Center Pacific over a three-year period, with four possible one-year extensions. The contract focuses on enhancing command, control, communications, computer, and intelligence (C4I) systems. The company will utilize its technological expertise in areas like artificial intelligence and cyber operations to bolster military communications. CEO Christopher Bush emphasizes the importance of adapting to escalating threats for national security.