CHANTILLY, Va. - Parsons Corporation (NYSE:PSN) has been selected to participate in a $200 million contract awarded by the United States Army Corps of Engineers (USACE) Fort Worth District, the company announced today. The contract, which focuses on construction management services, has an initial three-year term with the possibility of two additional two-year extensions.
Under the new contract, Parsons will compete for task orders to offer supervision, personnel, and support for USACE Southwestern Division's construction phase services on various military construction projects. The company has a longstanding history with the USACE, having previously worked as the architecture-engineering integrator for the District's $3.2 billion San Antonio Base Realignment and Closure program.
Jon Moretta, president of Engineered Systems at Parsons, expressed the company's commitment to supporting USACE's efforts in overseeing military design and construction projects that contribute to national security, economic growth, and disaster risk reduction.
Parsons, recognized for its expertise in program and construction management, has been guiding federal government agencies for 80 years through planning, design, construction, and post-construction challenges across complex, multi-site, and multi-phase programs.
As a disruptive technology provider in the national security and global infrastructure markets, Parsons offers a range of services, including cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection.
This contract extends Parsons' support of the USACE Fort Worth District and underscores the company's role in federal infrastructure development. The information in this article is based on a press release statement from Parsons Corporation.
InvestingPro Insights
Parsons Corporation (NYSE:PSN) continues to demonstrate its strength in the infrastructure sector with the recent $200 million contract with the USACE. This development is a testament to the company's robust position in the market and aligns with some key metrics and insights from InvestingPro. With a market capitalization of $8.49 billion, Parsons is trading at a P/E ratio of 51.86, reflecting its earnings over the last twelve months as of Q4 2023.
The company's financial health is underscored by a solid revenue growth of 29.74% over the same period, indicating a strong upward trajectory in its financial performance. Moreover, the gross profit margin stands at a healthy 22.16%, which suggests that Parsons is maintaining profitability in its operations.
Investors may also find the company's stock performance compelling, with a significant 82.25% return over the last year, and a robust 31.82% return over the last three months. These returns could be indicative of investor confidence and market recognition of the company's value proposition and strategic contract wins.
For those seeking more in-depth analysis, there are additional InvestingPro Tips available that delve into Parsons' financials and market performance. For instance, one InvestingPro Tip highlights that Parsons is trading at a low P/E ratio relative to near-term earnings growth, which could signal an attractive valuation for investors. Another tip points out that the company's liquid assets exceed its short term obligations, indicating a strong liquidity position.
For readers interested in leveraging these insights, there are 11 more InvestingPro Tips available, which can provide a comprehensive understanding of Parsons' investment potential. Remember to use the exclusive coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing access to invaluable investment data and analysis.
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