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.

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CHANTILLY, Va., Dec. 04, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that S&P Dow Jones Indices (a division of S&P Global) and MSCI recently changed the company's Global Industry Classifications Standard (GICS®) Code to Research and Consulting Services acknowledging the company's status as a leading professional services provider.

S&P Dow Jones and MSCI Change Parsons' GICS Code to Research and Consulting Services

CHANTILLY, Va., Nov. 30, 2023 (GLOBE NEWSWIRE) -- The Human Rights Campaign Foundation has recognized Parsons Corporation (NYSE: PSN) with a score of 100 on their 2023 - 2024 Corporate Equality Index (CEI) for active support and inclusion of the lesbian, gay, bisexual, transgender, queer (LGBTQ+) community.

Parsons Earns Top Score in Human Rights Campaign Foundation's Corporate Equality Index

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PSN vs. APP: Which Stock Is the Better Value Option?

CHANTILLY, Va., Nov. 30, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) will present at the Raymond James TMT & Consumer Conference. Carey Smith, chair, president, and chief executive officer, and Matt Ofilos, chief financial officer, will participate in a fireside chat question and answer session on Tuesday, December 5, 2023, at approximately 9:10 a.m. Eastern Time.

Parsons to Present at the Raymond James TMT & Consumer Conference

CHANTILLY, Va., Nov. 27, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) will present at the UBS Industrials Summit investor conference. Carey Smith, chair, president, and chief executive officer, and Matt Ofilos, chief financial officer, will participate in a fireside chat question and answer session on Wednesday, November 29, 2023, at approximately 9:30 a.m. Eastern Time.

Parsons to Present at the UBS Industrials Summit

COLUMBIA, Md. , Nov. 16, 2023 /PRNewswire/ -- InfiniteTactics and Sealing Technologies, a Parsons Company (NYSE: PSN) (SealingTech), both veteran-founded businesses renowned for their innovative cybersecurity approaches to high-performance computing, have partnered together and proudly announce the launch of the Mobile Tactical Edge HPC.

InfiniteTactics, together with Sealing Technologies partner to introduce the Mobile Tactical Edge High-Performance Computing Solution for Defense and Law Enforcement

CHANTILLY, Va., Nov. 13, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company was included on a multiple award indefinite-delivery, indefinite-quantity task order contract for the Puerto Rico Power System Stabilization Project by the United States Army Corps of Engineers (USACE) Savannah District. The $5 billion ceiling value contract includes a base performance period of five years and represents new work for the company.

Parsons Included on $5 Billion Contract to Revitalize Puerto Rico's Power System

Honda to pilot advanced prototype of road condition management system with three tech partners and Ohio Department of Transportation (ODOT) ODOT invests $700,000 for data analysis and evaluation in project led by Honda and partners i-Probe Inc., The University of Cincinnati, and Parsons Corporation Vehicle-generated data could make roadways safer by helping maintenance crews more quickly address roadway damage COLUMBUS, Ohio , Nov. 9, 2023 /PRNewswire/ -- DriveOhio, the smart mobility hub of The Ohio Department of Transportation (ODOT), has awarded over $700,000 for a two-year research project led by Honda and three technology partners – i-Probe Inc., The University of Cincinnati, and Parsons (NYSE: PSN). The partners will develop a road condition management system that will use vehicle-generated data to identify and report hazardous road conditions in Ohio.

Ohio Department of Transportation Taps Honda to Lead Two-year Project to Advance Road Condition Management System

CHANTILLY, Va., Nov. 09, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company has been selected by the United States Cyber Command (CYBERCOM) to provide services for the J9 PEO Cyber and Joint Cyber Warfighting Architecture Integration Office. The $91 million cost plus fixed-fee prime contract includes a 12-month base year and four 12-month option years including the Federal Acquisition Regulation (FAR) 52.217-8, Option to Extend Services, and is new work for the company.

Parsons Awarded $91 Million Cyber Capabilities Contract

Parsons and Miovision delivered the first connected vehicle technology for the city Parsons and Miovision delivered the first connected vehicle technology for the city

Parsons' AI Technology Recognized in City of Chicago's Smart 50 Award

CHANTILLY, Va., Nov. 03, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE:PSN) Chair, President, and Chief Executive Officer, Carey Smith, was recognized as “Executive of the Year” this week at the 21st Annual Greater Washington Government Contractor Awards, where she won the “Executive of the Year, Over $300 Million” category. The annual event, presented by the Northern Virginia Chamber of Commerce and the Professional Services Council, is the premier event honoring the leadership, innovation, and commitment to excellence of the people and businesses of the government contracting community.

Parsons' Carey Smith Named Government Contracting Executive of the Year

Parsons Corporation (NYSE:PSN ) Q3 2023 Earnings Conference Call November 1, 2023 8:00 AM ET Company Participants Dave Spille - Senior Vice President of Investor Relations Carey Smith - Chair, President and Chief Executive Officer Matt Ofilos - Chief Financial Officer Conference Call Participants Bert Subin - Stifel Tobey Sommer - Truist Cai von Rumohr - TD Cowen Louie DiPalma - William Blair Josh Sullivan - The Benchmark Company Noah Poponak - Goldman Sachs Sheila Kahyaoglu - Jefferies Mariana Perez Mora - Bank of America Operator Good morning, and thank you for standing by. Welcome to the Third Quarter 2023 Parsons Corporation Earnings Conference Call.

Parsons Corporation (PSN) Q3 2023 Earnings Call Transcript

The headline numbers for Parsons (PSN) give insight into how the company performed in the quarter ended September 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

Here's What Key Metrics Tell Us About Parsons (PSN) Q3 Earnings

Q3 2023 Financial Highlights Record revenue of $1.4 billion increases 25% year-over-year Record organic revenue growth of 23% including over 20% organic growth in both segments for the second consecutive quarter Net income of $47 million increases 60% Adjusted EBITDA of $128 million increases 24% year-over-year Record cash flow from operations of $204 million; year-to-date cash flow increases 47% over prior year period Book-to-bill ratio of 1.0x on contract awards growth of 14%; trailing 12-month book-to-bill ratio of 1.2x Increasing 2023 guidance ranges for revenue, adjusted EBITDA, and cash flow from operations CHANTILLY, Va., Nov. 01, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) today announced financial results for the third quarter ended September 30, 2023.

Parsons Reports Strong Third Quarter 2023 Results

CHANTILLY, Va., Oct. 26, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE:PSN) announced today that it has successfully integrated, streamlined, and scaled artificial intelligence (AI) and 360-degree imagery on multiple mega- and giga-projects across the Middle East.

Parsons Leverages Technical Expertise to Transform Construction Supervision with AI and 360-degree Imagery

CHANTILLY, Va., Oct. 23, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company was awarded a position on a $200 million indefinite-delivery, indefinite-quantity multiple award task order contract by the United States Army Corps of Engineers (USACE) Baltimore District. The five-year contract is for studies, investigations, and design work in support of the USACE environmental mission, including Per- and Polyfluoroalkyl Substances (PFAS) investigations at Department of Defense (DOD) sites, and represents new work for the company.

Parsons Wins Position On $200M U.S. Army Corps of Engineers Environmental Contract

CHANTILLY, Va., Oct. 19, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) today announced a previously awarded $19M, two-year extension to a current contract with the Washington Metropolitan Area Transit Authority (Metro). The task order extension was awarded on July 28, 2023, and expires on May 23, 2025.

Parsons Continues Supporting WMATA with $19 Million Task Order Extension

CHANTILLY, Va., Oct. 17, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company was awarded a contract by the United States Army Corps of Engineers (USACE) Honolulu District to provide the design-build delivery of new U.S. Army housing units in the Kwajalein Atoll in the Republic of the Marshall Islands. The three-year, $44 million single-award ceiling value contract is new work for the company.

Parsons Strengthens Portfolio In Vital Indo-Pacific Region With Two Milestone Awards From U.S. Army

Parsons is a technology-driven defense company that has seen an increase in sales and earnings growth. Acquisitions, such as of Xator and IPKeys Power Partners, have contributed to the company's growth and increased its backlog. The company's strong performance and contract wins have led to a rise in its stock price, but caution is advised due to potential limitations in M&A opportunities.

Parsons: 2023 Is Working Out So Far

CHANTILLY, Va., Oct. 13, 2023 (GLOBE NEWSWIRE) -- A team led by K2 Construction Consultants and including Parsons Corporation (NYSE: PSN) and Culmen International was awarded a five-year indefinite-delivery, indefinite-quantity contract with a total potential value of approximately $253 million by the Department of Homeland Security (DHS) Countering Weapons of Mass Destruction Office (CWMD) for deployment of technology to detect nuclear and radiological devices entering the United States. The contract is a new, competitively won award by the team.

K2-Parsons Team Wins $253 Million DHS Radiation Portal Monitor Deployment Contract

CHANTILLY, Va., Oct. 09, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company was awarded a task order by the Defense Threat Reduction Agency (DTRA) under the Assessment, Exercise, Modeling and Simulation, and Support (AEMSS) indefinite-delivery, indefinite-quantity (IDIQ) multiple award task order contract (MATOC). The $53 million ceiling value task order for the International Counterproliferation Program (ICP) and Proliferation Security Initiative (PSI) is new work for the company and consists of a one-year base period and four one-year option periods.

Parsons Awarded $53M Defense Threat Reduction Agency Task Order For International Security Solutions

CHANTILLY, Va., Oct. 04, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE:PSN) will release third quarter 2023 financial results before the markets open on Wednesday, November 1, 2023. 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 2023 Financial Results on November 1, 2023

COLUMBIA, Md. , Sept. 26, 2023 /PRNewswire/ -- Sealing Technologies, a Parsons Company (NYSE: PSN) (SealingTech), that provides innovative cybersecurity solutions and services, is excited to announce the launch of two revolutionary products that will transform cyber protection and threat hunting for the Department of Defense and Intelligence Community: the SN 5100, a groundbreaking 1U portable edge server, and the SN 7100, an advanced 2U portable edge server.

SealingTech Unveils New 1U and 2U Portable Edge Servers That Redefine High-Performance Computing

CHANTILLY, Va., Sept. 21, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company was awarded a competitively-bid, single-award $160 million contract by the Intelligence Community to develop hardware and software solutions that enable intelligence applications. The classified contract includes a one-year base period plus six one-year option periods.

News for Parsons Corp Stock (PSN)