Bowman Consulting Group Ltd. - BWMN STOCK NEWS

Bowman Consulting Group Ltd. (NASDAQ: BWMN) has secured a $5 million multi-year contract to enhance bus system infrastructure for the Massachusetts Bay Transportation Authority (MBTA). This contract continues the partnership between Bowman and MBTA, where the firm has contributed for over 25 years. The contract focuses on improving bus operations, increasing efficiency, and enhancing passenger experiences across 171 routes. Assignments will include design and construction services related to bus priority and accessibility. Bowman's dedication to enhancing transit systems in Greater Boston remains central to their mission.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) has secured $600,000 in new mining-related engineering assignments in the Southwestern United States. These projects involve civil engineering and mine infrastructure surveying for eight sites developed by a long-term customer. The Company is leveraging over a decade of experience in mining services, which expanded in December 2021 through the acquisition of H2H Geoscience Engineering. CEO Gary Bowman expressed optimism for growth in mining revenues, attributing it to potential synergies with H2H. Bowman anticipates increased activity in aggregates mining linked to federally funded transportation infrastructure spending under the 2021 Infrastructure Investment and Jobs Act.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) has been appointed as the prime consultant for the Allegheny Tunnel Transportation Improvement Project by the Pennsylvania Turnpike Commission (PTC). This project, valued between $400-500 million, will involve the design and management of a new roadway bypassing the aging Allegheny Tunnel. Initially, $16 million has been authorized for preliminary design. The project aims to enhance safety and reduce congestion in the area. PTC highlights the need for improved traffic flow and safety, especially for hazardous material transporters.

Bowman Consulting Group Ltd. (BWMN) has collaborated with Cuhaci Peterson, an architecture and engineering firm, to utilize innovative ceiling scanning techniques that enhance surveying efficiency in large structures. Bowman's advanced scanning provides accurate and comprehensive data, streamlining commercial designs by revealing previously unknown structural information. This partnership allows for significant time and cost savings, as noted by Cuhaci Peterson's principal, Bryon McCarthy. With approximately 1,700 employees, Bowman specializes in engineering services, delivering solutions across various markets while continuing to refine its scanning capabilities for challenging environments.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) has been selected by Dutch Bros Coffee to provide site civil engineering, design, MEP, and survey services for over 25 new locations in Florida, Tennessee, and Texas. With a focus on enhancing customer experience through efficient site design, Bowman aims to facilitate Dutch Bros' expansion strategy, which includes launching 150 new shops. The collaboration illustrates Bowman's capabilities and commitment to supporting Dutch Bros' growth.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) has secured a $5 million, five-year contract from the Pennsylvania Department of Transportation for design services on the PA Route 100 project in West Whiteland Township, PA. The award was made through its subsidiary, McMahon. Key improvements include adding a northbound lane, lane shifts under railroad overpasses, and modifications to intersections. The company emphasizes its experience in handling projects in this region.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) announced the acquisition of H2H Geoscience Engineering, PLLC, a Troy, New York-based firm specializing in the aggregate, cement, and industrial minerals sectors. The acquisition aims to enhance Bowman's consulting and geospatial capabilities, particularly in transportation and infrastructure markets, with expected annualized net service billing of approximately $3.5 million. The deal, financed through cash and seller notes, is anticipated to be immediately accretive and complements Bowman's existing service offerings.

Bowman Consulting Group Ltd. (BWMN) announced a $10 million share repurchase program, authorized by its Board of Directors on November 10, 2022. The program aims to enhance shareholder value while supporting the company’s strategic focus on organic and acquisitive growth. Repurchases will be based on various factors such as share price and market conditions. The program is flexible and may be modified or suspended at any time, emphasizing the company’s commitment to prudent capital allocation.

Bowman Consulting Group Ltd. (BWMN) announced record financial results for Q3 2022, reporting gross revenue of $71.2 million, a 79% increase from Q3 2021. Year-over-year organic gross revenue growth was 23%, with net service billing reaching $64.9 million (up 82%). Net income rose to $3.4 million from $0.4 million, and adjusted EBITDA increased 118% to $9.6 million. The company raised its FY 2022 guidance for net service billing to $230-$234 million and introduced FY 2023 guidance of $270-$290 million.