Parsons Corporation Wins Major Army Housing Contract
Parsons Corporation Secures $68.5 Million Contract
Parsons Corporation (NYSE: PSN) shares have seen a notable increase following the announcement of a lucrative three-year contract with the U.S. Army Corps of Engineers. The amount of $68.5 million is dedicated to constructing new army housing units, marking a significant achievement for the company.
Details of the Housing Project
Under the terms of this contract, Parsons will undertake the design and construction of new housing units on Kwajalein Atoll, which is part of the Republic of the Marshall Islands. This project, being the second housing contract for Parsons within a year, emphasizes the company's ongoing commitment to supporting U.S. military infrastructure.
Expanding Opportunities in Infrastructure
In addition to the housing project, Parsons has earned a place on the Pre-Qualified Source Listing (PQSL) established by the USACE Honolulu District, which positions the company to bid on larger task orders worth $50 million and above. This recognition not only affirms their capability but also opens doors for substantial future contracts.
Recent Contract Highlights
Earlier this year, in October 2023, Parsons had already secured an additional contract worth $44 million as part of the U.S. Army's modernization initiatives. With these developments, Parsons is enhancing its footprint in military infrastructure projects.
Leadership's Perspective
Jon Moretta, who acts as the President of Engineered Systems for Parsons, highlighted the complexities involved in the Kwajalein Atoll infrastructure work. He pointed out that the unique challenges of this remote and harsh environment are significant but manageable, showcasing the expertise that Parsons brings to such projects.
Recent Engineering Milestones
In another significant development, Parsons was recently appointed as the lead engineer for a major $4.6 billion initiative aimed at adding express toll lanes to State Route 400 in collaboration with the Georgia Department of Transportation. This further solidifies Parsons' standing as a leader in complex infrastructure projects.
Investment Opportunities with Parsons
For investors looking to gain exposure to Parsons, there are options available through various exchange-traded funds (ETFs) such as the Global X Funds Global X Defense Tech ETF (NYSE: SHLD) and the Professionally Managed Portfolios Otter Creek Focus Strategy ETF (NYSE: OCFS). These funds provide a way to invest indirectly in Parsons while benefiting from the broader market trends in defense technology.
Current Stock Performance
As of the latest market check, shares of PSN are up 5.54%, trading at approximately $96.98. This upward movement reflects investor confidence in Parsons' expanding portfolio and successful acquisition of contracts.
Frequently Asked Questions
What is Parsons Corporation's recent contract about?
Parsons Corporation recently won a $68.5 million contract from the U.S. Army for constructing new housing units.
Where will the new housing units be built?
The units will be constructed on Kwajalein Atoll in the Republic of the Marshall Islands.
What does the Pre-Qualified Source Listing allow Parsons to do?
It enables Parsons to receive large task orders worth $50 million or more within the district's jurisdiction.
What was the value of Parsons’ previous contract earlier this year?
Earlier in October 2023, Parsons secured a contract worth $44 million for army housing modernization.
How is Parsons performing in the stock market?
As of the latest update, PSN shares are up 5.54%, trading at about $96.98.
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