CHANTILLY, Va. - Parsons Corporation (NYSE: NYSE:PSN) has been granted a $63 million contract modification by the U.S. Air Force Life Cycle Management Center to enhance its Recovery of Airbase Denied by Ordnance (RADBO) production contract, the company disclosed today. This adjustment raises the total Air Force RADBO systems count to 29.
The RADBO system, which incorporates the ZEUS® directed energy system by Parsons, aims to increase explosive ordnance personnel safety. It enables the destruction of unexploded ordnance from inside Mine-Resistant Ambush Protected (MRAP) vehicles at over 300 meters in optimal conditions.
During the recent Cope North 24 trilateral joint exercise in the Indo-Pacific region, the system was operational and achieved a 100% effectiveness rate, facilitating rapid airfield clearance post-attack.
With a track record of neutralizing over 4,000 ordnance items at an effectiveness rate exceeding 99%, the ZEUS® system has been used in Iraq and Afghanistan for various missions, including IED neutralization. The 3kW continuous-fire laser system is designed for precision in detonating various explosive threats and is adaptable for post-combat applications, such as humanitarian landmine clearing.
Mike Kushin, president of Defense and Intelligence at Parsons, stated, "The Air Force’s continued trust in our team to deliver this lifesaving technology is something we’re proud of and will further bolster the warfighter’s advantage, improve rapid recovery of assets, and enhance force portability."
Parsons, a disruptive technology provider in national security and infrastructure markets, offers capabilities in cyber and intelligence, space and missile defense, transportation, environmental remediation, and critical infrastructure protection.
The information presented in this article is based on a press release statement from Parsons Corporation.
InvestingPro Insights
As Parsons Corporation (NYSE: PSN) secures an expanded contract with the U.S. Air Force, investors are closely monitoring the company's financial health and stock performance. The latest data from InvestingPro shows a robust revenue growth for Parsons, with a 29.74% increase in the last twelve months as of Q1 2023, and an even more impressive quarterly revenue growth of 35.46% in Q1 2023. This suggests that the company's top-line is expanding significantly, which could be a positive sign for potential investors.
The company's market capitalization stands at a solid $8.35 billion, reflecting investor confidence and the scale of its operations. However, with a P/E ratio of 51.72 and an adjusted P/E ratio of 50.98 for the last twelve months, the stock is trading at a high earnings multiple, indicating that it may be priced on the higher side relative to its earnings. This is a critical factor for investors to consider, especially when gauging the stock's value proposition.
Investors should note that Parsons has exhibited a strong return over the last year, with a 79.11% price total return, signaling robust market performance. This aligns with one of the InvestingPro Tips, which highlights the company's high return over the past year. Moreover, the company's liquid assets exceed its short-term obligations, which is another positive indicator of its financial stability.
For those interested in deeper analysis, there are additional InvestingPro Tips available that provide further insights into Parsons Corporation's financial health and stock performance. For instance, analysts predict the company will be profitable this year, and it has been profitable over the last twelve months. These insights and more can be explored at InvestingPro's dedicated page for Parsons Corporation: https://www.investing.com/pro/PSN.
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