CHANTILLY, Va. - Parsons Corporation (NYSE:PSN) has been chosen by the National Guard Bureau to oversee the operation and maintenance of a groundwater treatment system targeting per-and polyfluoroalkyl substances (PFAS) at the Burlington (NYSE:BURL) Air National Guard Base in Vermont. This new two-year task order will see the company endeavor to enhance the base's existing granular activated carbon treatment system through the use of its Water Treatability Lab located in Syracuse, New York.
Jon Moretta, president of Engineered Systems at Parsons, highlighted the significance of addressing PFAS contamination, stating that the company's lab has been at the forefront of water treatment research for over three decades. Parsons aims to aid the Burlington Air National Guard in improving their PFAS treatment capabilities.
With a global presence in water and wastewater treatment, Parsons boasts a team of PFAS specialists with expertise spanning hydrogeology, risk assessment, remediation, and modeling. The company’s extensive experience in the field includes conducting nearly 2,000 PFAS investigations and the design and installation of 7,000 point-of-entry treatment systems, as well as the creation and management of large-scale water treatment plants to eliminate PFAS from drinking water and wastewater.
Parsons, recognized as a leader in disruptive technology across various markets including national security and global infrastructure, provides services in cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection.
This announcement is based on a press release statement from Parsons Corporation.
In other recent news, Parsons Corporation has secured a spot on a $4 billion contract to support the U.S. Defense Threat Reduction Agency's efforts against weapons of mass destruction. The company also reported record revenue of $1.7 billion and adjusted EBITDA of $150 million in recent financial results. Furthermore, Parsons joined the S&P MidCap 400 Index and secured several significant contracts, including a $68.5 million contract for U.S. Army housing, a nearly $46 million contract for Operations Technology Maintenance Services, and a lead design role in Tutor Perini (NYSE:TPC) Corporation's $1.66 billion Honolulu rail project.
The acquisition of BlackSignal Technologies for $200 million is expected to enhance Parsons' cyber operations and electronic warfare capabilities. Analyst firms KeyBanc and Benchmark have revised their price targets for Parsons to $99 and $101 respectively, indicating increased estimates for the company's future earnings and growth potential.
In further recent developments, Parsons' engagement with the Infrastructure Investment & Jobs Act is expected to provide more stable long-term support for its projects. The company's financial guidance for 2024 has been revised upwards due to strong performance and a robust pipeline. Parsons' backlog currently stands at $8.8 billion, with $13 billion in recent contract wins.
InvestingPro Insights
Parsons Corporation's (NYSE:PSN) recent contract win with the National Guard Bureau aligns well with its strong financial performance and market position. According to InvestingPro data, Parsons has demonstrated impressive growth, with revenue increasing by 28.35% over the last twelve months to $6.12 billion. This growth trajectory is expected to continue, as one InvestingPro Tip indicates that net income is projected to grow this year.
The company's expertise in PFAS treatment and its extensive experience in water and wastewater management are likely contributing factors to its robust financial health. Parsons' operating income margin of 7.19% for the last twelve months suggests efficient operations, which is crucial for executing complex projects like the one at Burlington Air National Guard Base.
Investors seem to be recognizing Parsons' potential, as evidenced by the stock's strong performance. InvestingPro data shows a remarkable 95.64% price total return over the past year, with the stock trading near its 52-week high. This performance is supported by another InvestingPro Tip, which notes that 9 analysts have revised their earnings upwards for the upcoming period, indicating positive expectations for the company's future results.
For readers interested in a deeper analysis, InvestingPro offers 17 additional tips for Parsons Corporation, providing a comprehensive view of the company's financial health and market position.
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