Parsons Stock Price, News & Analysis

Parsons Corporation (NYSE: PSN) has appointed John Felker to its federal strategic advisory board. Felker, who previously led the Cybersecurity and Infrastructure Security Agency's (CISA) Integrated Operations Division, brings extensive experience from his tenure at the Department of Homeland Security and 30 years in the U.S. Coast Guard. This addition aims to enhance Parsons' strategic direction in core markets, including cyber and intelligence, as noted by President Carey Smith. The advisory board includes other notable figures from national security and defense.

Parsons Corporation (NYSE:PSN) has completed its acquisition of Braxton Science & Technology Group, valued at $300 million. This strategic move aligns with Parsons' focus on enhancing its capabilities in the defense and intelligence sectors. Braxton, with over 370 employees, will bolster Parsons' offerings in space, cyber, and intelligence markets, particularly benefiting U.S. Department of Defense initiatives. The acquisition marks Parsons' fourth since 2018, emphasizing its growth strategy in a rapidly evolving market.

Parsons Corporation (NYSE: PSN) has been awarded a contract for program management on Denver's Advanced Transportation and Congestion Management Technologies Deployment (ATCMTD) Connected Vehicle project. This initiative aims to enhance traffic management by integrating IoT devices in city vehicles and intersections, improving situational awareness for city operations. The contract encompasses various smart city solutions, focusing on mobility, safety, and climate change mitigation. With over 30 years of experience in intelligent transportation, Parsons is poised to contribute significantly to Denver's smart infrastructure.

Parsons Corporation (NYSE: PSN) has secured a $50 million contract from Houston Airports to enhance infrastructure projects over a five-year term with a potential three-year extension. This contract supports operations at George Bush Intercontinental Airport, William P. Hobby Airport, and Ellington Airport, expanding Parsons' ongoing collaboration on the IAH Terminal Redevelopment Program. The project includes comprehensive phases from initiation to contract closeout, aimed at improving the travel experience and operational efficiency at these airports.

Parsons Corporation (NYSE: PSN) announced it achieved over $200 million in other transaction awards (OTAs) from the U.S. Department of Defense in 2020, surpassing $450 million since 2018. This growth is in line with Parsons' strategy of rapid development, innovative technology investments, and an agile research approach. The awards focus on advanced technologies such as hypersonic weapons, artificial intelligence, and cybersecurity, reflecting the company's commitment to enhancing the operational capabilities for U.S. warfighters.

Parsons Corporation (NYSE: PSN) reported a 2% decrease in total revenue for Q3 2020, totaling $1 billion, with net income falling to $41 million. Operating income rose by 24% to $66 million, driven by lower IG&A expenses. Adjusted EBITDA increased by 13% to $101 million, marking a 10% margin. The company announced a significant impending acquisition to enhance its space portfolio. Key performance indicators show a book-to-bill ratio of 1.2x and a total backlog of $7.8 billion. The fiscal year 2020 guidance for revenue remains at $3.95 - $4.05 billion.

The O'Neil Group Company has announced a definitive agreement to sell Braxton Science & Technology Group to Parsons Corporation for approximately $300 million in cash. This sale represents the transfer of 5 of the 7 defense entities under OGC's management, highlighting its portfolio success. Since being acquired, Braxton has increased its employee count by over 300 and expanded its revenue by 25 times. The acquisition positions Parsons to enhance its capabilities in satellite operations and ground system automation for national security clients, particularly in low earth orbit missions.