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CHANTILLY, Va. - Parsons Corporation (NYSE:PSN), a $6.95 billion market cap infrastructure technology provider with 24% revenue growth over the last twelve months, has secured a new 25-month contract to provide Project Management Office (PMO) services for the King Salman Park Foundation, supporting one of the world’s largest urban transformation projects in Riyadh. According to InvestingPro analysis, the company appears slightly undervalued based on its Fair Value assessment. The King Salman Park, aligned with Saudi Vision 2030’s Quality of Life Program, spans 11.6 square kilometers of green space and over 10 square kilometers of built-up area, including cultural landmarks and a 7.2-kilometer pedestrian pathway known as The Loop.
The company’s role will involve overseeing the delivery strategy of the park’s program, including design, procurement, construction, and smart city initiatives. With an EBITDA of $553.83 million and operating with moderate debt levels, Parsons maintains a strong financial position to execute such large-scale projects. InvestingPro data reveals 7 additional key insights about Parsons’ financial health and growth prospects. Pierre Santoni, President of Infrastructure EMEA at Parsons, stated, "Our team will utilize Parsons’ 80 years of global expertise, along with our local experience in the Kingdom, to help deliver this world-class mixed-use development project."
Sustainability is central to the park’s vision, with plans to plant 1 million trees and plants on the former Riyadh Air Base site, aiming to enhance regional vegetation, increase per capita green space, and support biodiversity. George Tanasijevich, CEO of the King Salman Park Foundation, highlighted the environmental benefits, noting that the strategic placement of trees will absorb CO2 and mitigate the heat island effect.
Parsons, with over 65 years of regional presence, brings extensive experience in urban development, smart mobility, asset management, and landscape architecture to the project. The company is recognized as a disruptive technology provider in national security and global infrastructure markets.
This announcement is based on a press release statement from Parsons Corporation. Investors should note that Parsons will report its next earnings in 7 days, on April 30, 2025. For comprehensive analysis and detailed insights, access the full Pro Research Report available on InvestingPro, which provides in-depth coverage of Parsons among 1,400+ US stocks.
In other recent news, Parsons Corporation reported the results of its Annual Meeting, where shareholders approved several key proposals, including the election of four board members and the ratification of Price Waterhouse Coopers LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025. The company also secured a position on a $1.5 billion contract with the Air Force Civil Engineering Center, allowing it to compete for task orders related to environmental services at Air Force installations globally. Additionally, Parsons was awarded a $24 million contract to support the Naval Medical Research Command’s Biological Defense Research Directorate, focusing on infectious disease detection and global disease surveillance. In financial market developments, KeyBanc Capital Markets adjusted its outlook on Parsons, lowering the stock target to $73.00 while maintaining an Overweight rating, citing revised earnings estimates and a target multiple adjustment. Parsons also announced an increase in its stock repurchase authorization to $250 million, reflecting its strong operating results and cash flow. These developments indicate Parsons’ ongoing engagement in national security, infrastructure, and environmental sectors, as well as its strategic financial maneuvers to enhance shareholder returns.
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