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., Sept. 14, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company was selected by Southern Nevada Water Authority to provide program and construction management services for the 2020 Major Construction and Capital Plan (MCCP). This seven-year, $150 million contract includes program support for major capital projects and Project Labor Agreement services within the 2020 MCCP as directed by the Authority.

Parsons Awarded $150 Million Contract to Improve System Reliability for Southern Nevada Water Authority

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Acquisition bolsters Parsons' full-spectrum cyber operations solutions for the Defense and Intelligence communities; strengthens company's position as cyber leader in national security market Acquisition bolsters Parsons' full-spectrum cyber operations solutions for the Defense and Intelligence communities; strengthens company's position as cyber leader in national security market

Parsons Acquires Sealing Technologies, Inc.

CENTREVILLE, Va., Aug. 23, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company was awarded a 5-year contract by the King Abdullah Financial District Development and Management Company (KAFD DMC) for project and construction management services in Saudi Arabia's prime business and lifestyle destination, the King Abdullah Financial District (KAFD). The contract supports the expansion of KAFD in new, undeveloped land.

Parsons Wins 5-Year Contract with King Abdullah Financial District Development and Management Company

CENTREVILLE, Va., Aug. 17, 2023 (GLOBE NEWSWIRE) -- After a competitive selection process, Parsons Corporation (NYSE: PSN) announced today that the company was selected by the New York State Department of Transportation (NYSDOT) to complete a Planning and Environment Linkages (PEL) study for the potential reconfiguration of the Interstate 787 (I-787) corridor in the greater Albany area.

Parsons Working in Partnership with NYSDOT to Reimagine the Future of Interstate 787 in Albany

CENTREVILLE, Va., Aug. 08, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company has been selected to deliver design engineering consultancy services to Qatar's Public Works Authority, more commonly known as Ashghal, for a new road and infrastructure framework. The $52 million, six-year contract includes conceptual, preliminary, and detailed design for roads and infrastructure projects within Doha city.

Parsons Wins $52M Public Works Authority Contract In Qatar

Parsons Corporation (NYSE:PSN ) Q2 2023 Earnings Conference Call August 2, 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 Tobey Sommer – Truist Securities Bert Subin – Stifel Sheila Kahyaoglu – Jefferies Cai von Rumohr – TD Cowen Andrew Wittmann – Baird Josh Sullivan – The Benchmark Company Louie DiPalma – William Blair Mariana Pérez Mora – Bank of America Operator Good day, and thank you for standing by. Welcome to the Second Quarter 2023 Parsons Corporation Earnings Conference Call.

Parsons Corporation (PSN) Q2 2023 Earnings Call Transcript

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

Parsons (PSN) Reports Q2 Earnings: What Key Metrics Have to Say

Parsons (PSN) came out with quarterly earnings of $0.63 per share, beating the Zacks Consensus Estimate of $0.49 per share. This compares to earnings of $0.41 per share a year ago.

Parsons (PSN) Surpasses Q2 Earnings and Revenue Estimates

Q2 2023 Financial Highlights Record revenue of $1.4 billion increases 34% year-over-year Record organic revenue growth of 23% driven by record organic growth in both segments Significant second quarter net income of $43 million increases 136% Record adjusted EBITDA increases 53% to $118 million Strong book-to-bill ratio of 1.4x on contract awards growth of 95% Record total backlog increases 8% to $8.9 billion Increasing 2023 guidance ranges for revenue, adjusted EBITDA, and cash flow from operations CENTREVILLE, Va., Aug. 02, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) today announced financial results for the second quarter ended June 30, 2023.

Parsons Reports Strong Second Quarter 2023 Results

KINGSPORT, Tenn. , July 27, 2023 /PRNewswire/ -- BAE Systems Ordnance Systems Inc. (LSE: BA) is teaming with national security and global infrastructure company Parsons Corporation (NYSE: PSN), a leading national security and global infrastructure company, to execute modernization at the Holston Army Ammunition Plant, as BAE Systems pursues the opportunity to be the operating contractor through 2035.

BAE Systems teams with Parsons Corporation for modernization at Holston Army Ammunition Plant

CENTREVILLE, Va., July 20, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company was selected by Naval Facility Engineering Systems Command Southwest (NAVFAC SW) to provide project performance assessment (PPA) and programmatic risk management (PRM) services for the Facility Engineering Command's construction program. The $11 million contract consists of a one-year base period of performance with three one-year option periods and is new work for the company.

Parsons Awarded $11M NAVFAC Infrastructure Program Management Contract

CENTREVILLE, Va., July 19, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that Texas Department of Transportation's (TXDOT) Waco District has selected the company to provide schematic/environmental services and plans, specifications, and estimates (PS&E) design for the expansion of Interstate Highway (IH) 14. Expansion of the IH 14 system in Texas – to result in an extended network of highways across Texas and the Southeast – was authorized by the Infrastructure Investment and Jobs Act (IIJA) in 2021. This project will extend IH 14 from its current terminus in Belton, Texas, to Rogers, Texas, while improving the IH 14/US 190/IH 35 system interchange.

Parsons to Design Texas Interstate Highway 14 Expansion

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CAPE CANAVERAL, Fla.--(BUSINESS WIRE)--Sidus Space, Inc. (NASDAQ:SIDU), a Space and Defense-as-a-Service satellite company focused on mission-critical hardware manufacturing; multi-disciplinary engineering services; satellite design, production, launch planning, mission operations; and in-orbit support, was awarded a new subcontract to produce hardware in support of Parsons Corporation's (NYSE: PSN) Launch Manifest Systems Integration (LMSI) contract. Under the terms of the agreement, Sidus Spa.

Sidus Space Awarded Subcontract by Parsons for US Space Force Launch Manifest Systems Integration (LMSI) Support

CENTREVILLE, Va., July 19, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today an award on the Repairs, Operations, Maintenance, and Engineering (ROME) contract team by the National Aeronautics and Space Administration (NASA), to which it is a major subcontractor. Arctic Slope Regional Corporation (ASRC) Federal Facilities Logistics, LLC will provide services at multiple NASA facilities through this indefinite-delivery, indefinite-quantity (IDIQ) contract with a maximum ordering value of $320 million over five years. Parsons will provide facilities construction management and engineering and technical services in support of ASRC's IDIQ contract with NASA with an estimated value of up to $130 million.

Parsons Awarded New NASA Infrastructure Contract

CENTREVILLE, Va., July 12, 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 Assessments, Exercises, Modeling, and Simulation Support indefinite-delivery, indefinite-quantity multiple award task order contract. The $170 million ceiling value task order to provide continued support to the agency consists of a one-year base period and four one-year option periods under the company's Federal Solutions segment and includes existing and new work for the company.

Parsons Awarded $170M Defense Threat Reduction Agency Task Order

CENTREVILLE, Va., July 10, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE:PSN) will release second quarter 2023 financial results before the markets open on Wednesday, August 2, 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 Second Quarter 2023 Financial Results on August 2, 2023

CENTREVILLE, Va., June 29, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) today announced that the company will serve as lead designer to the Skanska Halmar JFK Joint Venture in support of a $1.24 billion design and reconstruction of John F.

Skanska-led JV with Halmar Awarded $1.24B Contract to Design and Reconstruct JFK International Airport's Central Terminal Area Roadways, Utilities and Ground Transportation Center

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CENTREVILLE, Va., June 12, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company was selected by Bay Area Rapid Transit (BART) to continue delivering general engineering services (GES) to the transit agency through 2028. The five-year, $40 million task order contract is the fourth consecutive GES contract Parsons has won with BART and may include projects such as strategic planning to convert portions of BART's non-revenue fleet to zero-emission vehicles (ZEVs), support for capital programs, track and civil design, traction power engineering support, structural and geotechnical design, and fiber optic upgrades, among others.

Parsons Wins $40 Million Contract to Deliver Engineering Expertise to Bay Area Rapid Transit

CENTREVILLE, Va., June 01, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) has seamlessly integrated artificial intelligence (AI) across its operations, markets and solutions, and corporate functions to enhance efficiency, accuracy, decision-making, and accelerate customer solutions. This embedded AI approach empowers Parsons to deliver innovative business solutions by automating complex processes, analyzing critical data, and enabling predictive modeling for project management, technology and product development, workforce planning, business capture enhancement, and resource allocation; ensuring that the company is delivering AI-empowered solutions from the lab to the mission at scale.

Artificial Intelligence Accelerating Growth & Efficiency Across Parsons

CENTREVILLE, Va., June 01, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) will present at Stifel 2023 Cross Sector Insight Conference. Carey Smith, chair, president, and chief executive officer, will participate in a fireside chat question and answer session on Tuesday, June 6, 2023, at approximately 2:25 p.m. Eastern Time.

Parsons to Present at the Stifel 2023 Cross Sector Insight Conference

CENTREVILLE, Va., May 31, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today a new strategic partnership with Vizsafe that enhances the company's capabilities to provide organizations with mission critical safety and security applications designed to keep humans healthy and safe. Parsons is providing safety, security, and biosurveillance services for government and commercial customers globally and will utilize Vizsafe's patented Geoaware®, an intelligence and safety management software platform, to optimize operational effectiveness.

Parsons Partners with Vizsafe to Enhance Public Safety and Security Solutions

CENTREVILLE, Va., May 22, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today the additions of Andrew Weber to the company's Federal Solutions Strategic Advisory Board and Richard Varos to the Critical Infrastructure Strategic Advisory Board. Weber brings 30 years of United States government service, including five years as Assistant Secretary of Defense for Nuclear, Chemical, and Biological Defense Programs. Varos is a former managing partner at Kyndryl, the 2021 spinoff of IBM's infrastructure services business, following a 30-year career at IBM.

News for Parsons Corp Stock (PSN)