Parsons Stock Price, News & Analysis

Parsons Corporation (NYSE: PSN) has been awarded a $39 million, three-year contract by Lusail Real Estate Development Company (LREDC) for project management, construction management, and site supervision consultancy services in Lusail City, Qatar. This contract highlights Parsons’ ongoing involvement in infrastructure projects, as they have provided services in Lusail since 2006. Lusail City is Qatar's largest development, covering over 38 square kilometers, and aims to embody the country’s National Vision 2030.

Parsons Corporation (NYSE: PSN) has announced a stock repurchase program, authorizing the buyback of up to $100 million of its common stock. This initiative allows the company to acquire shares through open market transactions or private negotiations, aimed at enhancing shareholder value. The announcement underscores Parsons' confidence in its financial stability and future growth prospects in the defense and infrastructure sectors, despite the inherent risks associated with its government contracts and competitive environment.

Parsons Corporation (NYSE: PSN) announced its Q2 2021 financial results, reporting revenue of $879 million, a 10% decrease from the previous year. Net income fell to $7 million, with an adjusted EBITDA of $66 million, reflecting a 28% decline. Notably, the company secured three contracts exceeding $100 million and updated its fiscal guidance, projecting revenues between $3.6 billion and $3.7 billion for the year. The cash flow from operations soared to $104 million, a record for Q2. The acquisition of BlackHorse enhances capabilities in cyber and electronic warfare.

Parsons Corporation (NYSE: PSN) has secured a prime position on the GSA's ASTRO ID/IQ contract, valued in the multi-billions with a 10-year ordering period. The scope encompasses innovative technology solutions for the Department of Defense, selected for six pools including ground, space, and training. CEO Carey Smith highlighted the contract's potential to deliver next-generation capabilities that enhance military operations. The project involves systems integration, operations, and R&D for robotics and unmanned systems.

Parsons Corporation (NYSE: PSN) has announced a significant new contract to lead a team in developing Air Base Air Defense (ABAD) systems for U.S. Air Forces in Europe and Africa. Valued at $953 million, this 10-year indefinite delivery/indefinite quantity (IDIQ) effort will take place at Ramstein Air Base, Germany. The project aims to enhance air base defense capabilities against evolving threats, integrating commercial and governmental technologies. Parsons will collaborate with an industry team, including Leidos and SAIC, to ensure comprehensive protection for military personnel.

Parsons Corporation (NYSE: PSN) has secured a significant $567 million contract from the Missile Defense Agency (MDA) under the Technical, Engineering, Advisory, and Management Support (TEAMS)–Next Systems Test Support program. This contract, which features a three-year base with options for extensions, strengthens Parsons' long-standing collaboration with MDA. The company will provide essential testing services, including planning and execution, to enhance missile defense capabilities amidst evolving global threats.

Parsons Corporation (NYSE: PSN) has secured a $26 million task order under the Global Application Research, Development, Engineering, and Maintenance (GARDEM) contract from the Air Force Research Laboratory (AFRL). This contract, featuring a one-year base and three optional years, supports military software requirements for the U.S. Air Force and others. Parsons has now won five competitive bids on GARDEM since 2019, totaling $144 million. The total contract ceiling for GARDEM is $427 million, focused on enhancing warfighting data access across various military domains.

Parsons Corporation (NYSE: PSN) has appointed Susan Balaguer as its new chief human resources officer (CHRO), effective immediately. Balaguer will oversee various human resources functions and is a member of the Executive Leadership Team, reporting to CEO Carey Smith. With over three decades of HR experience, she aims to enhance employee engagement and solidify Parsons’ diversity initiatives. Previously, she held HR leadership roles at SERCO and other firms. This strategic move is expected to bolster Parsons’ position as an employer of choice in the industry.