Category: PSN

PSN – BofA Downgrades Parsons On Execution Uncertainties

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.

The Parsons Thesis: The company was surprisingly unable to “correctly anticipate industry-wide headwinds, including a challenging hiring environment and funding delays,” Epstein said in the downgrade note.

Although Parsons is “well-positioned to benefit from the Biden administration’s priorities at both Federal Solutions (FS) and Critical Infrastructure (CI),” it is unclear if its focus on higher-margin contracts at CI “could leave some revenues on the table,” the analyst noted.

“At FS, integrating and realizing synergies from multiple acquisitions could prove more challenging than expected,” he added.

“Until we see a clear execution strategy towards these topics, we see PSN as a relative underperformer in our coverage universe,” Epstein wrote.

PSN Price Action: Shares of Parsons had declined by 0.34% to $35.48 at the time of publication Thursday.

Image by mohamed Hassan from Pixabay.

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PSN – Parsons Wins $26M Task Order To Enhance United States Air Force All-Domain Operations

Parsons Wins $26M Task Order To Enhance United States Air Force All-Domain Operations

  • Parsons Corp (NYSE: PSN) has secured a task order award worth $26 million on the Global Application Research, Development, Engineering, and Maintenance (GARDEM) IDIQ contract from the Air Force Research Laboratory.
  • It has a one-year base period with three option years. It will support functional and technical requirements on the GARDEM software baselines for U.S. Air Force and other Department of Defense and Intelligence Community customers. 
  • Parsons will perform functional onsite training, demonstrations, enhancements, modifications, integration, testing, deployments, and maintenance of technologies.
  • GARDEM is a $427 million contract ceiling vehicle with a mission to create and implement updated software baselines.
  • Price action: PSN shares traded lower by 0.81% at $39.11 on the last check Thursday.

PSN – Parsons Awarded $100 Million Ceiling Naval Information Warfare Center Pacific Contract

CENTREVILLE, Va., March 8, 2021 /PRNewswire/ — Parsons Corporation (NYSE: PSN) was awarded a potential six-year $100 million indefinite-delivery, indefinite-quantity (IDIQ) multiple award task order contract by the Naval Information Warfare Center (NIWC) Pacific for support in the identification, implementation, development, and enhancement of Command, Control, Communications, Computers, & Intelligence (C4I) and the network-centric warfare.

This contract is a new award for Parsons and has a two-year base with two additional two-year options. This effort consists of support relating to the areas of management, engineering, technical assistance, integrated logistics, facilities, implementation/integration, onsite technical assistance, and security.

“We look forward to supporting NIWC Pacific’s vision of network-centric warfare and providing operational all-domain expertise that will help the Navy in their quest,” said Chris Bush, senior vice president, and account executive of Parsons’ Navy business. “Our technology in artificial intelligence, machine learning, and data analytics will advance NIWC Pacific’s mission effectiveness in the maritime domain and help the warfighter be effective around the world.”

NIWC Pacific programs consist of communications systems covering the entire spectrum from very low frequency through laser; wideband, narrowband, and protected communications on afloat, ashore, airborne, submerged, and space-based platforms.

About Parsons

Parsons (NYSE: PSN) is a leading disruptive technology provider in the global defense, intelligence, and critical infrastructure markets, with capabilities across cybersecurity, missile defense, space, connected infrastructure, and smart cities. Please visit parsons.com, and follow us on LinkedIn and Facebook to learn how we’re making an impact.

Forward-Looking Statements

This document 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 that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; our dependence on long-term government contracts, which are subject to the government’s budgetary approval process; the size of our addressable markets and the amount of government spending on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors’ protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train or retain employees with the requisite skills, experience and security clearances; the loss of members of senior management or failure to develop new leaders; misconduct or other improper activities from our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and security breaches; and inherent uncertainties and potential adverse developments in legal proceedings, including litigation, audits, reviews and investigations, which may result in materially adverse judgments, settlements or other unfavorable outcomes. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our Registration Statement on Form S-1 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statement made in this presentation that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.

Media Contact:
Bryce McDevitt

+ 1 703.851.4425
[email protected] 

Investor Relations Contact:
Dave Spille

+ 1 571.655.8264
[email protected] 

SOURCE Parsons Corporation

Related Links

www.parsons.com

PSN – Parsons Continues Bridge Legacy With Strategic Midwestern Wins

CENTREVILLE, Va., Dec. 28, 2020 /PRNewswire/ — Parsons Corporation (NYSE: PSN) announced today that the company has been selected to provide bridge expertise on numerous projects in Illinois, Iowa and Michigan, totaling more than $16 million in contract value. The wins include preliminary design and engineering for a major river crossing and multiple long span bridge projects.

“Our more than 70 years of experience in accelerated bridge design and delivery has allowed us to tackle tough challenges on some of the largest, most complex bridge projects in the world,” said Mark Fialkowski, executive vice president, Mobility Solutions at Parsons. “We’re excited to continue designing and maintaining the bridges that help connect our communities, and create a safer world.”

The strategic wins comprise planning and design, LED lighting, bridge deck studies, as well as repeat work on several key bridges, including Michigan’s Mackinac Bridge, the longest suspension bridge in North America that was designed by Parsons in the 1950’s.

To learn more about Parsons’ bridge expertise, visit Parsons.com/bridge/.

Parsons (NYSE: PSN) is a leading disruptive technology provider in the global defense, intelligence, and critical infrastructure markets, with capabilities across cybersecurity, missile defense, space, connected infrastructure, and smart cities. Please visit parsons.com, and follow us on LinkedIn and Facebook to learn how we’re making an impact.

Media Contact:                                                        
Bernadette Miller

+1 980.253.9781
[email protected]

Investor Relations Contact:
Dave Spille

+ 1 571.655.8264
[email protected]

SOURCE Parsons Corporation

Related Links

www.parsons.com

PSN – Parsons, NJ TRANSIT Complete Positive Train Control Implementation

CENTREVILLE, Va., Dec. 18, 2020 /PRNewswire/ — Parsons Corporation (NYSE: PSN) announced today that NJ TRANSIT (NJT) has completed the final deployment of its Positive Train Control (PTC) system; an advanced, technological capability that increases the safety of rail transit and protects riders.

In partnership with NJT, Parsons developed and implemented a custom PTC solution that adheres to Federal Railroad Administration guidelines, while maximizing the region’s existing rail infrastructure. This milestone is the first time NJ TRANSIT has implemented PTC.

“Achieving this critical milestone was made possible by the combined collaboration, innovation, and determination of NJ TRANSIT, Federal Railroad Administration, Parsons and Alstom. The team worked tirelessly through a global pandemic to ensure the safety of New Jersey’s rail network,” said Chuck Harrington, chairman and chief executive officer for Parsons. “We look forward to continuing our partnership with NJ TRANSIT to leverage the data from PTC to further optimize rail operations and deliver innovative rail technology that empowers the state’s existing infrastructure to build a safer, smarter and more connected world.”

Beginning with Revenue Service Demonstration on one segment in March 2020, Parsons completed implementation and entered Extended Revenue Service Demonstration on all 376 miles of NJ TRANSIT’s territory, as well as the Conrail (Lehigh) line. Parsons collaborated through NJT with numerous stakeholders, including Amtrak, Conrail and Norfolk Southern to ensure system interoperability.

To learn more about Parsons’ PTC expertise, visit Parsons.com/positive-train-control/.   

Parsons (NYSE: PSN) is a leading disruptive technology provider in the global defense, intelligence, and critical infrastructure markets, with capabilities across cybersecurity, missile defense, space, connected infrastructure, and smart cities. Please visit parsons.com, and follow us on LinkedIn and Facebook to learn how we’re making an impact.

Media Contact:  
Bernadette Miller

+1 980.253.9781
[email protected]

Investor Relations Contact:
Dave Spille

+ 1 571.655.8264
[email protected]

SOURCE Parsons Corporation

Related Links

http://www.parsons.com