Parsons Corp

Parsons Corp. provides engineering, design, planning, and construction management services. It offers solutions for commercial, federal, transportation, and water resources. It delivers engineering, construction, systems and resource integration, project and program management, and environmental services to customers. It operates through Federal Solutions and Critical Infrastructure segments. The Federal Solutions segment is involved in advanced technologies, including cybersecurity, missile defense systems, C5ISR, space launch and situational awareness, geospatial intelligence, RF signals intelligence, nuclear and chemical waste remediation, and engineering services. The Critical Infrastructure segment offers integrated design and engineering services for complex physical and digital infrastructure around the globe. The company was founded by Ralph Monroe Parsons on June 12, 1944 and is headquartered in Centreville, VA.

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Parsons Corp achieves record revenue in Q4 2022 earnings call

Parsons Corp reported strong financial performance in Q4 2022, with record revenue, adjusted EBITDA, and solid cash flow. The company's 2023 priorities include winning new projects, expanding margins, and acquiring accretive assets.
Despite challenges such as unfavorable rate impacts and revenue recognition complexities, Parsons remains optimistic about growth opportunities in various segments. The company's focus on federal solutions and critical infrastructure aligns with market demands and growth expectations.
With a positive outlook for continued growth and opportunities, Parsons Corp is well-positioned to capitalize on infrastructure programs in North America and drive organic revenue growth. Strategic planning and execution will be crucial in navigating challenges and maximizing opportunities.

Parsons Corp reports record Q1 revenue and strong contract wins

Parsons Corp had a strong start to the year, setting records in revenue and financial metrics, while also expanding capabilities through acquisitions. The company faces challenges in legacy contract phase-outs but sees opportunities in geopolitical demand and future bookings potential.

Parsons Corp achieves record Q2 results, eyes strategic expansion

Parsons Corp's Q2 2023 performance reflects exceptional growth in revenue, EBITDA, and contract wins, positioning the company for continued success.
Despite facing challenges such as uncertain budget environments and M&A constraints, Parsons remains confident in its operational capabilities and growth strategies.
With a strong backlog, robust pipeline, and strategic acquisitions, Parsons is well-positioned to capitalize on opportunities for expansion and market growth.

Parsons Corp reports record Q3 results and strengthens cyber capabilities

Parsons Corp delivered exceptional financial performance, raised guidance, and secured significant contract wins across key sectors.
The company's strategic acquisitions in cyber operations and transportation engineering position it well for future growth.
Despite potential challenges like margin pressures and hiring difficulties, Parsons is optimistic about its growth prospects and market positioning.

Parsons Corp achieves record 2023 results, eyes strategic acquisitions

Parsons Corp delivered exceptional financial performance in 2023, driven by strong revenue growth and strategic acquisitions. The company's focus on M&A for capital deployment and technology enhancement presents opportunities for further growth. Challenges include maintaining margin accretion post-acquisition and ensuring all segments meet organic growth targets.

Parsons Corp achieves record Q1 results, eyes global expansion

Parsons Corp's Q1 2024 earnings call showcased exceptional performance, strong financials, and a strategic focus on growth. Despite challenges in hiring for Federal projects, the company is well-positioned for expansion with a robust pipeline and acquisition plans.

Parsons Corp achieves record Q2 results, eyes growth in critical sectors

Parsons Corp's Q2 2024 earnings call highlighted exceptional financial performance, strategic acquisitions, and recognition for innovative solutions. The company's focus on high-value solutions, strong market presence in critical sectors, and robust growth strategies position it well for continued success and expansion.

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Parsons Corp. is a disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. It operates through the Federal Solutions and Critical Infrastructure segments. The Federal Solutions segment is involved in advanced technologies, including cybersecurity, missile defense systems, C5ISR, space launch and situational awareness, geospatial intelligence, RF signals intelligence, nuclear and chemical waste remediation, and engineering services. The Critical Infrastructure segment offers integrated design and engineering services for complex physical and digital infrastructure around the globe. The company was founded by Ralph Monroe Parsons on June 12, 1944 and is headquartered in Chantilly, VA.

CENTREVILLE, Va., Oct. 12, 2021 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN), together with the Indiana Department of Transportation (INDOT) and Kentucky Transportation Cabinet (KYTC), today announced the completion of the environmental study for the I-69 Ohio River Crossing (I-69 ORX). Parsons has supported the study since the project's inception in 2017, and this milestone will allow construction to begin in the spring of 2022.

Parsons Plays Key Role in Advancing Environmental Study for New Ohio River Crossing

Parsons Corp (NYSE: PSN) and Colas UK Projects, operating as Parsons-Colas UKP JV, have secured a five-year, $249 million multiple-award IDIQ contract from the Naval Facilities Engineering Systems Command (NAVFAC) Far East.  The new award will support projects to improve resilience at various locations on the U.S. Navy Support Facility Diego Garcia (NSFDG), British Indian Ocean Territory (B.I.O.T.

Parsons Secures Position On $249M Ceiling Naval Facilities Modernization Contract

CENTREVILLE, Va., Oct. 12, 2021 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) will release third-quarter 2021 financial results before the markets open on Wednesday, November 3, 2021. The company will host a conference call at 8:00 a.m. Eastern Time that day to discuss its earnings results and strategic corporate initiatives.

Parsons to Announce Third Quarter 2021 Financial Results on November 3, 2021

CENTREVILLE, Va., Oct. 12, 2021 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) and Colas UK Projects, operating as Parsons-Colas UKP JV, was awarded a five-year, $249 million multiple-award indefinite-delivery, indefinite-quantity (IDIQ) contract by the Naval Facilities Engineering Systems Command (NAVFAC) Far East. The new award will support projects to improve resilience at various locations on the U.S. Navy Support Facility Diego Garcia (NSFDG), British Indian Ocean Territory (B.I.O.T.).

Parsons Wins Seat on $249 Million Ceiling Naval Facilities Modernization Contract

CENTREVILLE, Va., Oct. 08, 2021 (GLOBE NEWSWIRE) -- From October 1-3, 2021, the tech-savvy, socially conscious employees of Parsons Corporation (NYSE: PSN) fired up their computers and spent 48 hours designing websites for 48 global nonprofits as part of 48in48™'s Global Virtual consortium.

Parsons Employees Delivering a Better Digital World

CENTREVILLE, Va., Oct. 04, 2021 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) has won a contract to compete for a potential $68 million multiple-award contract to support the enterprise communications and networks division at the Naval Information Warfare Center Pacific (NIWC Pacific) for technical development, engineering, and strategic communications in joint and coalition environments. The contract has a three-year base period with four one-year options and will provide continuing command, control, communications, computer and intelligence (C4I) systems engineering support.

Parsons Awarded Contract to Compete for Potential $68 Million U.S. Navy Contract

CENTREVILLE, Va., Oct. 04, 2021 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) has named Peter Torrellas president of the connected communities business unit, effective immediately. He will be based in Centreville, Va., serve as a member of the company's Executive Leadership Team, and report to Carey Smith, president and chief executive officer of Parsons.

Parsons Names Peter Torrellas President of Connected Communities Business Unit

CENTREVILLE, Va., Sept. 30, 2021 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) has been awarded a new four-year, $145 million contract by Department of the Army, US Army Corps of Engineers (USACE) Norfolk District. This is a design-build delivery project for a new Energetic Waste Incinerator/Contaminated Waste Processor located at the government-owned, contractor-operated Radford Army Ammunition Plant (RFAAP) in Radford, Virginia.

Parsons Wins $145 Million Environmental Contract for Army Ammunition Plant

CENTREVILLE, Va., Sept. 27, 2021 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) has announced the promotion of Jon Moretta to president of the engineered systems business unit, effective immediately. Moretta joined Parsons in 2016 and most recently served as the industrial market leader in the company's critical infrastructure business segment.

Parsons Names Jon Moretta President of Engineered Systems Business

CENTREVILLE, Va., Sept. 22, 2021 (GLOBE NEWSWIRE) -- BlackHorse Solutions, Inc., a Parsons Corporation (NYSE: PSN) company, was named the 2021 growth company of the year ($25 to $75 million) by ACG National Capital, the region's premier association for corporate professionals with a focus on mergers and acquisition (M&A).

BlackHorse Solutions Named Growth Company of the Year by ACG National Capital

Parsons Corp (NYSE: PSN) has won a prime position on the U.S. Air Force's multiple-award IDIQ Eglin Wide Agile Acquisition Contract (EWAAC). The new contract has a 10-year ordering period with a ceiling value of $46 billion and will provide digital and model-based systems engineering, agile processes, open systems architectures, weapons integration, and data analytics for Eglin AFB, Florida and its mission partners.

Parsons Secures Prime Position On EWAAC Contract

CENTREVILLE, Va., Sept. 14, 2021 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) has won a prime position on the United States Air Force's multiple-award indefinite-delivery/indefinite-quantity (IDIQ) Eglin Wide Agile Acquisition Contract (EWAAC). The new contract has a 10-year ordering period with a ceiling value of $46 billion and will provide digital and model-based systems engineering, agile processes, open systems architectures, weapons integration and data analytics for Eglin AFB, Florida, and its mission partners.

Parsons Awarded Prime Position on Potential Multi-Billion Dollar EWAAC Contract

CENTREVILLE, Va., Sept. 13, 2021 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that a new International Standards Organization (ISO) Standard and Guidance Document for Mine Closure and Reclamation Management has been internationally approved. Parsons is a leader in the development of these first-of-their kind standards, which will be published in October.

Parsons Leads Mining Industry, Driving the New ISO Mine Closure and Reclamation Standard

CENTREVILLE, Va., Sept. 09, 2021 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) will present at the Morgan Stanley Virtual 9th Annual Laguna Conference. Carey Smith, President and CEO, and George Ball, CFO, will participate in a fireside chat question and answer session on Tuesday, September 14, 2021, at approximately 4:30 p.m. Eastern Time.

Parsons to Present at the Morgan Stanley Virtual 9th Annual Laguna Conference

CENTREVILLE, Va., Aug. 19, 2021 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company was selected by Lusail Real Estate Development Company (LREDC) to provide project management, construction management and site supervision consultancy services for infrastructure, utilities, and landscape projects in Lusail City through a $39 million, three-year contract.

Parsons Awarded Three-Year, $39 Million Contract by Lusail Real Estate Development Company

Parsons Corp's (NYSE:PSN) disappointing second-quarter results and unexpected guidance reduction raise concerns around the execution of the company's margin and M&A integration strategies, according to BofA Securities. The Parsons Analyst: Ronald Epstein downgraded the rating for Parsons from Neutral to Underperform, while reducing the price target from $45 to $35.

BofA Downgrades Parsons On Execution Uncertainties

CENTREVILLE, Va., Aug. 11, 2021 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that its Board of Directors has authorized the repurchase of up to $100 million of the company's common stock. The repurchase program permits the company to acquire shares, in the open market, in privately negotiated transactions or otherwise.

Parsons' Board of Directors Authorizes Stock Repurchase Program

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Parsons Corporation (PSN) CEO Carey Smith on Q2 2021 Results - Earnings Call Transcript

Parsons Corp (NYSE: PSN) has won a $28 million multiple-award contract to support the networks division (Code 55100) at the Naval Warfare Center, Pacific (NIWC Pacific) in engineering and technical services spanning naval, joint, allied, and coalition operations. The contract has a three-year base period with four one-year options for an overall potential value of $68 million.

Parsons Bags Potential $68M Multiple-Award Contract for C4ISR Architectures

CENTREVILLE, Va., Aug. 06, 2021 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) has won a $28 million multiple-award contract to support the networks division (Code 55100) at the Naval Warfare Center, Pacific (NIWC Pacific) in engineering and technical services spanning naval, joint, allied and coalition operations. The new contract has a three-year base period with four one-year options for an overall potential value of $68 million and will provide continuing command, control, communications, computer and intelligence surveillance reconnaissance (C4ISR) systems engineering support.

Parsons Wins Potential $68 Million Multiple-Award Contract for C4ISR Architectures

Parsons (PSN) delivered earnings and revenue surprises of -37.25% and -10.37%, respectively, for the quarter ended June 2021. Do the numbers hold clues to what lies ahead for the stock?

Parsons (PSN) Q2 Earnings and Revenues Lag Estimates

Parsons Corp (NYSE: PSN) reported a second-quarter revenue decline of 10.2% year-over-year to $879.36 million, missing the consensus of $984.97 million. Sales by segments: Federal Solutions $442.67 million (-8% Y/Y) and, Critical Infrastructure $436.68 million (-12% Y/Y).

Parsons Stock Plunges On Missing Q2 Earnings Estimates, Lowered FY21 Outlook

Shares of Parsons Corp (NYSE:PSN) decreased 1.6% in pre-market trading after the company reported Q2 results. Quarterly Results Earnings per share decreased 34.69% year over year to $0.32, which missed the estimate of $0.51.

News for Parsons Corp Stock (PSN)