Parsons Wins $514M Missile Defense Contract Option
PSN sits 37% above its 52-week low of $36.26.
Summary
Parsons secured a $514 million, two-year option under its existing TEAMS-Next Missile Defense System Engineering contract with the Missile Defense Agency. This is option two of the contract originally awarded in 2021, continuing engineering and technical support for the integrated Missile Defense System. The award adds to a string of defense contract wins this year, including $218 million under AFRL GARDEM and a $184 million Navy IDIQ. It follows a Q2 loss and lowered guidance, so this new work helps rebuild backlog and revenue visibility. The contract supports missile defense against ballistic and hypersonic threats, a high-priority area for the DoD.
At the time of this announcement, PSN was trading at $49.65 on NYSE in the Industrial Applications And Services 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: GlobeNewswire.