CHANTILLY, Va. – Parsons Corporation (NYSE: NYSE:), a technology provider in the national security and infrastructure markets, has been selected for a $225 million multiple award task order contract by the United States Army Corps of Engineers (USACE) Kansas City District. The company will participate in an environmental remediation project with a one-year base period and four one-year options, marking a new job for Parsons.
The contract is part of an effort funded by the Infrastructure Investment and Jobs Act and supports Environmental Protection Agency (EPA) cleanup initiatives aimed at safeguarding public health and safety. Parsons will compete for task orders involving the remediation and investigation of hazardous, toxic and radioactive waste, as well as environmental studies such as wetland delineation, habitat mitigation and pollution prevention.
Jon Moretta, president of Engineered Systems at Parsons, emphasized the company’s commitment to providing environmental solutions and long-term partnerships with the federal government, including the USACE and EPA. Parsons’ expertise in environmental remediation is expected to contribute to projects under the USACE Division and EPA Region 2 Northwestern (NASDAQ:).
Earlier in April, Parsons announced the award of a $464 million contract for similar remediation services, highlighting its continued involvement in addressing environmental issues such as hazardous toxic waste and substances such as PFAS.
Parsons, known for its disruptive technologies across a wide range of sectors, including cyber and intelligence, space and missile defense, and urban development, continues to support the USACE mission to provide critical engineering solutions.
The information in this article is based on press release statements from Parsons Corporation.
In other recent news, Parsons Corporation has made significant strides in securing contracts and increasing its revenue. The engineering firm has been awarded two new transportation infrastructure contracts in the Middle East, with a total value of $25 million. Additionally, Parsons was named design subcontractor for Tutor Perini (NYSE:) Corporation’s $1.66 billion Honolulu rail project. The company also reported record revenue of $1.7 billion and adjusted EBITDA of $150 million.
Parsons has been selected to manage the PFAS treatment project at Burlington Air National Guard Base (NYSE:) and earned a position on a $4 billion contract to support the U.S. Defense Threat Reduction Agency’s counter-WMD efforts. Analyst firms KeyBanc and Benchmark have revised their price targets on Parsons to $99 and $101, respectively, indicating increased estimates of future earnings and growth potential.
This is one of Parsons’ recent developments, which also includes the $200 million acquisition of BlackSignal Technologies and the company’s inclusion in the S&P MidCap 400 Index. Parsons’ involvement with the Infrastructure Investment & Jobs Act is expected to provide more stable long-term support for its projects, and The company’s backlog currently stands at $8.8 billion, with $13 billion in recent contract wins.
InvestingPro Insights
Parsons Corporation’s recent $225 million contract win with the U.S. Army Corps of Engineers aligns with the company’s strong financial performance and market position. According to InvestingPro data, Parsons has shown impressive revenue growth, with an increase of 28.35% in the last twelve months in Q2 2024, reaching $6.12 billion. This growth trajectory is further supported by InvestingPro Tips indicating that net income is expected to grow this year.
The company’s shares have shown remarkable strength, with a one-year total price return of 86.42% in the most recent data. This performance is reflected in another InvestingPro Tip, which notes that Parsons is trading near its 52-week high, currently at 98.72% of that peak. The market’s positive sentiment towards Parsons is further evidenced by 9 analysts revising their earnings for the upcoming period upward, as highlighted in additional InvestingPro Tips.
While Parsons’ P/E ratio of 82.53 (adjusted for the trailing twelve months of Q2 2024) suggests a high earnings multiple, it’s worth noting that the company operates with moderate levels of debt and its liquid assets outweigh its short-term liabilities. These factors, coupled with recent contract wins, may contribute to the company’s ability to capitalize on growth opportunities in the environmental remediation sector.
For investors seeking a deeper understanding of Parsons Corporation’s financial health and market position, InvestingPro offers 15 additional tips, providing comprehensive analysis to inform investment decisions.
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