CHANTILLY, Va. - Parsons Corporation (NYSE: NYSE:PSN), a technology provider in the defense and infrastructure sectors, has been awarded a position on a $1 billion contract to support the National Nuclear Security Administration’s (NNSA) efforts against nuclear smuggling.
This contract, which includes a three-year base period with options to extend for two additional two-year periods, represents new work for Parsons.
The company has already received two task orders under the contract from the NNSA's Office of Nuclear Smuggling Detection and Deterrence (NSDD). These orders will assist NSDD in strengthening international measures to prevent the acquisition of radioactive and nuclear materials by malicious entities.
The contract's tasks encompass design, integration, and implementation of advanced counter-nuclear smuggling systems, as well as communications, logistics, training, and procurement of necessary equipment.
Jon Moretta, president of Engineered Systems at Parsons, stated that the company's expertise and collaborative efforts with the NNSA contribute to enhancing global nuclear security and support the U.S. government's nonproliferation objectives. Moretta emphasized that Parsons' capabilities enable partner nations to effectively detect and investigate illicit trafficking of dangerous materials.
Parsons, with a history of providing services to the Department of Energy spanning 80 years, has been assisting NNSA since 2012 through the Enterprise Construction Management Services contract.
This new contract expands Parsons' role in nonproliferation and security systems integration, reflecting the company's commitment to addressing evolving security threats by deploying advanced technology systems worldwide.
The company is recognized for its disruptive technology solutions across various domains, including cyber and intelligence, space and missile defense, and critical infrastructure protection. For more information on Parsons' national security solutions, interested parties are directed to the company's website.
This announcement is based on a press release statement from Parsons Corporation. The forward-looking statements included in the press release involve risks and uncertainties that could cause actual results to differ materially from those projected. These statements are not guarantees of future performance and should not be relied upon as such.
InvestingPro Insights
Parsons Corporation's recent contract to support the National Nuclear Security Administration underscores its growing role in global security and defense technology. Investors tracking Parsons' performance will note several positive indicators, as highlighted by InvestingPro data and tips.
The company's market capitalization stands at a robust $8.72 billion, reflecting significant investor confidence. With a Price to Earnings (P/E) ratio of 53.78, some might consider the stock to be trading at a premium based on its earnings.
Still, when considering the company's growth prospects, the Price/Earnings to Growth (PEG) ratio of 0.86 for the last twelve months as of Q4 2023 suggests that Parsons may be reasonably priced relative to its near-term earnings growth potential.
InvestingPro Tips indicate that analysts have recently revised their earnings expectations upwards for the upcoming period, which could signal confidence in Parsons' future performance. Moreover, the company is trading near its 52-week high, with the price at 98.1% of this peak, potentially indicating strong market sentiment.
Moreover, Parsons has demonstrated a high return over the last year, with an 81.76% price total return, and analysts predict the company will be profitable this year, which is reassuring for potential investors.
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Parsons' commitment to addressing evolving security threats, coupled with strong financial metrics and positive analyst sentiment, positions it as a company of interest in the defense and infrastructure sectors.
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