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 Corporation (NYSE: PSN) has been awarded the HIRE Vets Medallion Award by the U.S. Department of Labor, recognizing its commitment to veterans' employment and support.
Nearly 25% of Parsons' U.S. workforce comprises veterans, reflecting its dedication to transitioning servicemembers. The award highlights Parsons as a top employer for veterans.
Ranked #3 on the GI Jobs Military Friendly Employer list, Parsons also engages in initiatives like the SkillBridge program and partnerships with organizations supporting military families.
Parsons Corporation (NYSE: PSN) has secured a $28 million contract from the U.S. Army Corps of Engineers to conduct comprehensive investigations and feasibility studies related to PFAS contamination at 16 Army National Guard sites across 12 states. This firm-fixed price contract spans eight-and-a-half years and entails evaluating PFAS impacts on soil, water, and potential health risks. Parsons leverages over 50 years of experience in environmental engineering to support the Department of Defense in addressing this critical environmental challenge.
Parsons Corporation (NYSE: PSN) reported impressive Q3 2022 financial results, with revenue reaching $1,134 million, a 19% year-over-year increase. This growth includes 11% organic growth and a contribution of $71 million from the Xator acquisition. Net income rose 53% to $30 million, while adjusted EBITDA increased 22% to $103 million. The company also improved its cash flow from operations by 59%, totaling $123 million. Parsons announced an increase in fiscal year guidance for revenue and adjusted EBITDA, reflecting strong operational performance.
Parsons Corporation (NYSE: PSN) has secured multiple multi-million-dollar contracts to assist transit agencies in fleet electrification and zero emission vehicle (ZEV) initiatives. This comes as part of a broader $7.5 billion funding initiative from the Infrastructure Investment and Jobs Act, aimed at transforming public transit fleets by 2040. The company's projects include studies on truck electrification barriers and planning for zero emission bus transitions, demonstrating Parsons' commitment to sustainable transit solutions.
Parsons Corporation (NYSE: PSN) has been awarded a $16 million contract by the National Oceanic and Atmospheric Administration (NOAA) for engineering services, IT functionality, and flight operations support for the Polar Operational Environmental Satellites (POES) NOAA-15, NOAA-18, and NOAA-19. This one-year contract includes two additional option years and marks a significant shift as it transitions satellite control from a government-operated system to a hybrid cloud-based commercial operation. The collaboration aims to enhance environmental monitoring capabilities.
Parsons Corporation (NYSE: PSN) has been appointed as lead designer for the New American Legion Bridge I-270 Traffic Relief Plan, under a joint venture with Tutor Perini Corporation. This Maryland Department of Transportation project, valued in the billions, entails replacing and expanding the American Legion Bridge, adding two High Occupancy Toll (HOT) lanes, and enhancing 14 miles of highway. With decades of infrastructure experience, Parsons aims to improve regional mobility and safety. This collaboration symbolizes a significant step in transportation development in the National Capital Region.
Parsons Corporation (NYSE:PSN) plans to release its third quarter 2022 financial results on November 2, 2022, before the market opens. The company will host a conference call at 8:00 a.m. ET to discuss its earnings and corporate strategies. Interested participants can access the live conference through Parsons' Investor Relations webpage or by dialing the provided numbers for domestic and international callers. A replay of the call will be available on the company’s website shortly after the event and will last one year.
Parsons Corporation (NYSE: PSN) has been awarded a $104 million contract by the Missile Defense Agency (MDA) to support engineering, management, and lifecycle services over a three-year period, with two optional extensions. This contract emphasizes Parsons' long-standing expertise in modernizing military infrastructure since 1975. The company will assist MDA in maintaining sustainable systems across multiple U.S. military sites, enhancing facility conditions and property management.
Tutor Perini Corporation (NYSE: TPC) has been awarded the design and construction contract for Phase 1 South of the New American Legion Bridge I-270 Traffic Relief Plan, a significant civil works project in the U.S. The company will collaborate with AM Partners, including its subsidiary Lunda Construction and Parsons Corporation, to deliver the project. The initiative is expected to generate $12.6 billion in economic activity and create 43,400 job-years. This multi-billion dollar construction project aims to optimize travel and enhance long-term economic value while minimizing community impact.
On September 20, 2022, Parsons Corporation (NYSE: PSN) was awarded a 10-year IDIQ contract by the U.S. Army Combat Capabilities Development Command for chemical and biological defense support, valued at $869 million. This contract will enhance the Army's capabilities in research, development, test, and evaluation related to chemical and biological defense. Parsons aims to leverage its expertise in biosurveillance and environmental safety to contribute to national security and combat readiness.