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 promoted Hector Cuevas to executive vice president, overseeing missile defense and C5ISR markets. Cuevas, who joined in 2019 through the OGSystems acquisition, previously served as senior vice president of product sales operations. His leadership is expected to enhance innovation and responsiveness for global security clients. Cuevas is a decorated combat veteran with 20 years of service, bringing substantial military experience that includes support for special operations. This strategic move aims to broaden Parsons’ technology capabilities and further its growth in defense sectors.
Parsons Corporation (NYSE: PSN) reported its Q2 2020 financial results, achieving record profitability despite COVID-19 impacts. Revenue declined by 1% to $979 million due to delayed contracts, with a reported net income of $23 million and a diluted EPS of $0.23. Adjusted EBITDA increased by 20% to $91 million, with a margin of 9.3%. The Federal Solutions segment grew by 1% while Critical Infrastructure revenue fell by 3%. The company’s total backlog is $7.7 billion. Parsons reiterated its 2020 guidance, targeting revenue between $3.95-$4.05 billion.
Parsons Corporation (NYSE: PSN) has been awarded the prestigious James S. Cogswell Industrial Security Achievement Award by the U.S. Department of Defense (DoD). This recognition highlights Parsons’ commitment to safeguarding classified information, emphasizing the role of its subsidiary, Polaris Alpha Advanced Systems, which specializes in sensor and imagery analysis. Out of 12,500 cleared facilities, only 61 were selected for this honor, showcasing the company's compliance and excellence in security practices. This is Parsons' first Cogswell award recognition.
Parsons Corporation (NYSE: PSN) will present at the Jefferies Virtual Industrials Conference on August 6, 2020, at approximately 2:25 p.m. Eastern Time. The event will feature a fireside chat with CEO Chuck Harrington and CFO George Ball.
The presentation will be available live via webcast on the company's investor relations website, with a replay accessible for 90 days. Parsons is a leader in disruptive technology for defense, intelligence, and critical infrastructure sectors.
Parsons Corporation (NYSE: PSN) collaborates with Knollwood, a life plan community for veterans, to enhance safety during the COVID-19 pandemic. The partnership includes the installation of Parsons' DetectWise™ health monitoring solution at Knollwood's Washington D.C. campus. This system uses touchless technology to screen temperatures and assess health risks among residents, staff, and visitors. The initiative aims to create a safer environment for elderly veterans and their families while showcasing Parsons' commitment to innovative health solutions.
Parsons Corporation (NYSE: PSN) announced that CEO Chuck Harrington has joined the Quality of Life Plus (QL+) Board of Directors. This appointment highlights his extensive experience since joining Parsons in 1982, where he has led significant growth and strategic initiatives. Harrington emphasized QL+'s mission to enhance the lives of veterans and first responders. His leadership is expected to bring valuable insights to the organization, with endorsements from QL+ leaders praising his expertise and commitment to excellence.
Parsons Corporation (NYSE: PSN) and Neology, Inc. have formed a strategic partnership to enhance opportunities in critical infrastructure, mobility, and transportation markets. This collaboration allows both companies to utilize their strengths, combining Parsons' technological capabilities with Neology's innovative solutions. The partnership aims to provide state and local agencies with advanced options for tolling and enhancing public safety. With over 110 years of combined experience, they seek to address the growing demand for smart mobility solutions and improve the efficiency of critical infrastructure systems.
Parsons Corporation (NYSE: PSN) has secured a $178 million indefinite delivery/indefinite quantity contract from the Intelligence Community (IC) for a duration of five years. The company aims to enhance the security of classified information, facilities, and personnel globally through comprehensive risk analysis and countermeasures. Parsons aims to continue supporting the nation's intelligence community, focusing on critical infrastructure, cyber capabilities, and multi-domain operations.
Parsons Corporation (NYSE: PSN) has appointed Gen. Darren W. McDew and David C. Wajsgras to its board of directors, effective immediately. This decision follows Letitia Long's board addition in April, reinforcing Parsons' commitment to a robust and diverse board structure. Gen. McDew brings 36 years of military experience, including leadership roles in global transportation operations. Wajsgras has 20 years of senior management experience in defense and commercial sectors, most recently at Raytheon Technologies, where he oversaw digital transformation initiatives.
Parsons Corporation (NYSE: PSN) will announce its second quarter 2020 financial results on August 5, 2020, before market opening. A conference call will follow at 8:00 a.m. ET to discuss earnings and corporate strategies. Interested parties can access the call via the investor relations section of the company's website or by phone. A replay will be available on the website after the call and for one year. As a key player in defense, intelligence, and critical infrastructure, Parsons focuses on disruptive technologies like cybersecurity and smart cities.