CHANTILLY, Va., Aug. 20, 2024 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN), a global leader in rail and transit, environment solutions, aviation, and engineering, will serve as the lead designer on the Honolulu Authority for Rapid Transportation's (HART) City Center Guideway and Stations Project in Honolulu, Hawaii. The company is a subcontractor to Tutor Perini Corporation (NYSE: TPC), a leading civil, building and specialty construction company, on the $1.66 billion project. "We are proud to lead t ...

CHANTILLY, Va., Aug. 16, 2024 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE:PSN) announced today that it completed the previously announced acquisition of BlackSignal Technologies, LLC, a Razor's Edge portfolio company, for $200 million. The strategic acquisition expands Parsons' customer base across the Department of Defense and Intelligence Community and significantly strengthens Parsons' positioning with full-spectrum cyber and electronic warfare, while adding new capabilities in the counterspace radio f ...

The Business Services group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Parsons (PSN) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out. Parsons is a member of our Business Services group, which includes 316 different companies and currently sits at #5 in the Zacks Sector R ...

Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market's attention and deliver solid returns. But finding a growth stock that can live up to its true potential can be a tough task. In addition to volatility, these stocks carry above-average risk by their very nature. Also, one could end up losing from a stock whose growth story is actually over or nearing its end. However, the task of finding cutting-edge growth stocks is mad ...

Have you been paying attention to shares of Parsons (PSN) ? Shares have been on the move with the stock up 15.4% over the past month. The stock hit a new 52-week high of $92.37 in the previous session. Parsons has gained 46.2% since the start of the year compared to the 6.7% move for the Zacks Business Services sector and the 13.2% return for the Zacks Technology Services industry. What's Driving the Outperformance? The stock has an impressive record of positive earnings surprises, as it hasn't missed our e ...

Parsons (PSN) appears an attractive pick given a noticeable improvement in the company's earnings outlook. The stock has been a strong performer lately, and the momentum might continue with analysts still raising their earnings estimates for the company. The upward trend in estimate revisions for this software and infrastructure services provider reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong correl ...

COLUMBIA, Md., Aug. 7, 2024 /PRNewswire/ -- Sealing Technologies (SealingTech), a Parsons Corporation company (NYSE: PSN), and leading provider of edge computing and defensive cybersecurity solutions, is proud to announce it has been awarded a $9,588,231 fixed-price contract for the U.S. Army's Deployable Defensive Cyber Operations System – Modular version 2 (DDS-Mv2). The DDS-Mv2 program is a customized deployable compute-and-data-storage system that supports Cyber Protection Teams' suite of Defensive Cybe ...

This defense IT specialist continues to impress. Parsons (PSN 17.00%) has been one of the best under-the-radar stocks in the defense sector over the past five years, outpacing the S&P 500. The company kept that momentum going in the most recent quarter, easily topping expectations. Investors are rallying into the shares, sending Parsons stock up 15% as of noon ET. A beat and raise from a cyber specialist Parsons provides tech-based solutions and consulting for the defense, intelligence, and critical infrast ...

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs, and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors t ...

Financial Data and Key Metrics Changes - The company generated $1.7 billion in revenue for the first time in its history, achieving organic revenue growth of 22% [74][119] - Adjusted EBITDA reached a record $150 million, increasing 27% year-over-year, with an adjusted EBITDA margin expanding 30 basis points to 9% [90][111] - The company increased its 2024 revenue guidance range by $200 million at the midpoint to $6.35 billion to $6.55 billion, representing total revenue growth of 19% at the midpoint [59][62] Business Line Data and Key Metrics Changes - Federal Solutions segment revenue increased by 30% year-over-year, driven by organic growth of 27% and contributions from acquisitions [121] - Critical Infrastructure segment revenue increased by 15% year-over-year, with organic growth driven by higher volume in the Middle East and North American infrastructure portfolios [122] - The adjusted EBITDA margin for Critical Infrastructure increased by 150 basis points to 7% [101] Market Data and Key Metrics Changes - The company reported strong momentum in the Middle East, particularly in Saudi Arabia, with double-digit year-over-year revenue growth [76][91] - The book-to-bill ratio for the trailing 12 months was 1.0 times, indicating a 10% increase in contract award activity [75][126] - The company ended the second quarter with a total backlog of $8.8 billion, with 62% funded [81] Company Strategy and Development Direction - The company is focused on six enduring, growing, and profitable end markets, which has resulted in record revenue and profitability [66][134] - The acquisition of BlackSignal Technologies for approximately $200 million is expected to enhance technology offerings and support long-term growth [79][95] - The company aims to continue expanding margins and is optimistic about achieving double-digit growth in the Critical Infrastructure segment [48][140] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining above-market growth rates, supported by a robust pipeline of new opportunities [62][117] - The company noted that it does not foresee any impact from the election on its operations, as national security initiatives have bipartisan support [3] - Management highlighted the importance of technology transformation in critical areas such as cyber, artificial intelligence, and electronic warfare [66][88] Other Important Information - The company reported a significant increase in operating cash flow, generating $161 million in Q2 2024 compared to $23 million in Q2 2023 [124] - The company has a strong balance sheet with a net debt leverage ratio of 1.3 times, which is expected to increase to 1.7 times post-acquisition of BlackSignal [125] Q&A Session Summary Question: Can you elaborate on the decline in backlog and slower bookings? - Management indicated that backlog was relatively flat, with a strong book-to-bill ratio of 1.12 times year-to-date, and both segments are over 1.0 times [29] Question: What are the expectations for contract activity and bookings in the second half of the year? - Management expressed optimism about the pipeline, stating it remains strong with many candidates within both Critical Infrastructure and Federal segments [34] Question: How do you view the opportunities for revenue synergies with BlackSignal? - Management is excited about BlackSignal, noting its alignment with the company's solution-selling vision and its strong intellectual property [47] Question: What is the outlook for margins and profitability? - Management expects continued margin expansion, projecting 20 to 30 basis points of improvement each year after 2024 [140] Question: Can you discuss the impact of the Infrastructure Bill on future projects? - Management noted that the Infrastructure Bill has already allocated significant funding, which will support ongoing and future projects [174]