Bowman Consulting Group Ltd. - BWMN STOCK NEWS

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.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) has acquired SEI Engineering, LLC for approximately $1.5 million in annualized net service billing. Headquartered in Paonia, Colorado, SEIE specializes in technical services for solar energy facilities, enhancing Bowman's expertise in renewable energy. The acquisition is expected to be immediately accretive, aligning with Bowman's growth strategy focused on energy transition. Both companies' leadership expressed confidence in revenue synergies and growth opportunities stemming from the integration.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) announced that CFO Bruce Labovitz will present at the Southwest IDEAS Investor Conference on November 16, 2022, in Dallas, Texas, at 3:45 p.m. CT. The event will be webcast live. Additionally, the company will release its financial results for Q3 2022 after market close on November 10, followed by a webcast on November 11 at 9:00 a.m. ET, hosted by CEO Gary Bowman and CFO Bruce Labovitz. For more details, visit Bowman's Investor Relations website.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) has entered into a definitive agreement to acquire substantially all assets of Spatial Acuity, LLC, a 3D modeling and reality capture firm based in Austin, Texas. The acquisition is projected to contribute approximately $2.5 million in annualized net service billing and will be immediately accretive. The deal, which will be financed through cash and equity, is set to close in early November. The CEO emphasized that Spatial Acuity's expertise will enhance Bowman's digital services and create substantial cross-selling opportunities.

Bowman Consulting Group Ltd. (BWMN) announced a project for 1.71 miles of sidewalks and drainage infrastructure on the south side of West Terry Street in Bonita Springs, FL, through its McMahon subsidiary. McMahon, acquired by Bowman in May 2022, will handle the design and permitting of pedestrian facilities. This project aims to enhance safety and drainage, benefiting the residential area. With over 1,700 employees, Bowman has made multiple acquisitions since 2021, expanding its engineering services across the United States.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) will release its financial results for the quarter ending September 30, 2022 on November 10, 2022, after the U.S. market close. A webcast discussing these results will occur at 9:00 a.m. ET on November 11, 2022, featuring CEO Gary Bowman and CFO Bruce Labovitz. Investors can access the live and replay webcasts on the Bowman Investor Relations website.