CHANTILLY, Va. – Parsons Corporation (NYSE:PSN) has been selected for a new indefinite-delivery, indefinite-quantity (IDIQ) contract by the United States Army Environmental Command (USAEC) to provide remediation services for hazardous toxic waste sites, including those contaminated with perfluoroalkyl and polyfluoroalkyl substances (PFAS). The contract, with a ceiling value of $464 million, will span a five-year ordering period and represents new work for the company.
Under this contract, Parsons will compete for task orders to carry out evaluation, investigation, and remediation services at various U.S. Army installations across the country and its territories. The company will address PFAS treatment, munitions response, and operational range assessments.
Jon Moretta, president of Engineered Systems at Parsons, emphasized the company's capability to tackle complex environmental challenges, stating, "We're proud to advance USAEC's mission, ensuring Army installations are both safe for use and protective of human health and the environment."
Parsons brings extensive experience in PFAS investigation and remediation, a current widespread environmental concern. The company also has a history of successful munitions response projects and leads in Advanced Geophysical Classification (AGC) technology. This contract expands Parsons' portfolio in environmental remediation, adding to its recent achievements, which include a seat on a $245 million contract with the U.S. Army Corps of Engineers for projects funded by the Infrastructure Investment and Jobs Act.
The company's recent announcements in the last quarter of 2023 highlighted its awards for environmental remediation services in support of the U.S. Army Corps of Engineers, including PFAS investigations and assessments of hazardous materials.
Parsons Corporation, known for its disruptive technology solutions in national security and global infrastructure markets, offers a wide range of services, including cybersecurity, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection.
This announcement is based on a press release statement.
InvestingPro Insights
As Parsons Corporation (NYSE:PSN) secures a significant contract with the U.S. Army Environmental Command, the company's financial health and stock performance become increasingly relevant to investors and stakeholders. According to real-time data from InvestingPro, Parsons boasts a robust market capitalization of $8.44 billion, reflecting solid investor confidence in the company's value and growth potential.
The company's revenue growth is particularly impressive, with a 29.74% increase over the last twelve months as of Q4 2023. This growth is indicative of Parsons' ability to expand its operations and secure lucrative contracts, such as the recent IDIQ contract for environmental remediation services. Additionally, the company's strong return over the last year, with an 83.29% price total return, underscores the positive market reception to its strategic initiatives and contract wins.
InvestingPro Tips highlight several key aspects of Parsons' performance and outlook. Notably, the company is trading at a low P/E ratio relative to near-term earnings growth, suggesting that its stock may be undervalued given its earnings prospects. Moreover, Parsons operates with a moderate level of debt, which provides financial stability and flexibility. It's also worth noting that analysts predict the company will be profitable this year, reinforcing the positive sentiment surrounding Parsons' financial trajectory.
Investors interested in diving deeper into Parsons Corporation's financials and stock performance can access additional insights on InvestingPro, where there are 11 more InvestingPro Tips available. For those looking to subscribe, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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