Bowman Consulting Group Awarded $10 Million Task Order with Cook County Department of Highways

Rhea-AI Summary

Bowman Consulting Group (NASDAQ: BWMN) announced a $10 million task order contract with Cook County for its Pavement Preservation and Rehabilitation program. This three-year contract includes engineering and inspection services, with potential extensions. Revenue from the project is expected to ramp up in 2021, primarily in 2022 and 2023. CEO Gary Bowman highlighted the company's extensive experience in infrastructure projects, indicating a growing demand in this sector.

Positive

• Secured a $10 million contract with Cook County, enhancing revenue prospects.
• Opportunity for contract expansion to include additional construction management tasks.
• Revenue is projected to increase significantly in 2022 and 2023.

Negative

• None.

Bowman Consulting Group (the “Company” or “Bowman”) (NASDAQ: BWMN), today announced that it has received a $10 million task order contract award (the “Award”) with the Cook County Department of Transportation and Highways in Illinois (the “County”) relating to the County’s Pavement Preservation and Rehabilitation program (“PPR”). The term of the Award is for three years with two one-year renewal and extension options for the County.

Under the terms of the Award, Bowman will provide construction management services to include engineering and inspection services on a sole-source, task order basis for pre-construction, construction, and post-construction phases of the PPR. The County may expand the Award to include other construction management and engineering related tasks outside the PPR at its discretion. The Company will record backlog associated with the Award as individual task order assignments are issued.

“This meaningful win for our company derives from our extensive transportation and construction management experience and represents the increased demand we are experiencing for infrastructure related projects,” said Gary Bowman, chairman and CEO of Bowman. “We are proud to have been selected for this assignment and look forward to expanding our relationship with Cook County. We expect the revenue associated with the PPR project to ramp up slowly during the remainder of 2021, with the bulk of the spending coming in 2022 and 2023.”

About Bowman Consulting Group Ltd.

Headquartered in Reston, Virginia, Bowman is a professional services firm delivering innovative engineering solutions to customers who own, develop, and maintain the built environment. With 800 employees and more than 30 offices throughout the United Sates, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. On May 11, 2021, Bowman completed its $51.7 million initial public offering and began trading on the Nasdaq under the symbol BWMN. For more information, visit www.bowman.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210713006113/en/

FAQ

What is the $10 million contract awarded to Bowman Consulting Group for?

The contract is for construction management services related to Cook County's Pavement Preservation and Rehabilitation program.

How long is the contract term for the Bowman project with Cook County?

The contract is for three years with two one-year renewal options.

What services will Bowman provide under the contract with Cook County?

Bowman will provide engineering and inspection services on a sole-source task order basis.

When is revenue expected to ramp up from the Cook County project?

Revenue is expected to ramp up slowly during the remainder of 2021, with significant spending in 2022 and 2023.

What does the contract with Cook County signify for BWMN investors?

The contract indicates increased demand for infrastructure projects, which could positively impact revenue and stock performance.