Parsons Unit Wins $750M Cyber Command Production Contract
PSN sits 35% above its 52-week low of $36.26.
Summary
SealingTech, a Parsons subsidiary, received a five-year, $750 million ceiling Other Transaction Agreement from U.S. Cyber Command for full-rate production of the Joint Cyber Hunt Kit. This is a sole-source award, making SealingTech the prime contractor for a standardized deployable cyber defense platform. The contract is significant relative to Parsons' cyber and electronic warfare segment, which represents over 20% of total revenue. It follows a $514 million option under the TEAMS-Next missile defense contract announced yesterday, reinforcing a strong bookings trend. The award adds to a series of defense contract wins this year and may support the company's outlook after Q2 charges and guidance cut.
At the time of this announcement, PSN was trading at $48.81 on NYSE in the Technology sector, with a market capitalization of approximately $5.2B. The 52-week trading range was $36.26 to $89.50. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: PR Newswire.