Bowman Consulting Group Ltd. - BWMN STOCK NEWS

Bowman Consulting Group Ltd. has been awarded a contract by the National Renewable Energy Laboratory (NREL) to study bat behavior around wind turbines to understand the causes of bat mortalities. Funded by the U.S. Department of Energy, the project is part of a $1.1 million research initiative. The two-year study will assess bat flight patterns and behaviors in Texas and Minnesota using advanced video technology. Findings will be shared publicly through reports and webinars, contributing to wildlife conservation efforts in renewable energy development.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) is set to release its financial results for the quarter ended June 30, 2022, on August 11, 2022, after the U.S. market closes. The company will host a live webcast to discuss these results on August 12, 2022, at 9:00 a.m. ET. Key executives, including Chairman and CEO Gary Bowman, will present followed by a Q&A session. Investors can access the webcast via the Bowman Investor Relations website.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) has acquired Project Design Consultants (PDC), a San Diego-based firm providing civil engineering and planning services. This strategic acquisition aims to enhance revenue and expand market reach into Southern California. PDC is expected to contribute approximately $14 million in annualized net service billing and is immediately accretive. The acquisition is financed through a mix of cash and convertible notes, reflecting Bowman’s optimistic future earnings outlook amidst competitive market dynamics.

Bowman Consulting Group Ltd. announced the hiring of Gary VanAlstyne as branch manager and principal at its Leesburg, Virginia office. With over 30 years in construction and development, VanAlstyne aims to enhance leadership and customer service at Bowman. Previously, he held significant roles at various companies, including Davis Utility Consulting and Loudoun County Public Schools. His experience as a long-time client of Bowman fuels his commitment to provide comprehensive engineering services in Loudoun County. Bowman, trading as BWMN, continues to grow its expertise in infrastructure solutions.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) has secured a $15.9 million contract from the Illinois State Toll Highway Authority for construction management services on the Tri-State Tollway. This project involves the widening and reconstruction of a 1.7-mile section and is part of the broader $4 billion Central Tri-State Tollway project. Bowman's segment of the work is set to begin in Fall 2022, whereas the entire project aims for completion by 2026.

Bowman Consulting Group Ltd (BWMN) has appointed Aaron McMillan as the Texas regional manager. McMillan, previously the president of 1519 Surveying, brings over a decade of experience to Bowman following its acquisition of 1519 in December 2021. He will oversee more than 120 professionals across seven Texas offices, focusing on sectors like renewable energy and public works. McMillan aims to enhance business development and leverage his expertise in large-scale energy projects to expand Bowman's market presence in Texas.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) has acquired Fabre Engineering, Inc., a civil engineering and surveying firm based in Pensacola, Florida. Established in 1981, Fabre specializes in water and wastewater solutions, land use planning, and geomatics. The acquisition is expected to add approximately $1.5 million in annualized net service billing and enhance Bowman's workforce and client base in the southeastern U.S. The deal was financed through cash and seller financing and aligns with Bowman's strategic growth initiatives.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) has expanded its board of directors, appointing Ray Vicks as an independent director, effective May 11, 2022. Vicks brings over 40 years of experience in public accounting and has served in various financial leadership roles, including as CFO for HSC Healthcare System. His appointment aims to enhance governance and oversight as the company executes its strategic growth plan. Furthermore, the board accepted the resignation of Dan Lefaivre, effective immediately after the filing of the Company’s 10-Q, with Vicks taking on the audit committee chair role.

Bowman Consulting Group Ltd. (BWMN) reported record revenue for Q1 2022, achieving gross revenue of $52.5 million, up 65% from $31.8 million in Q1 2021. Net service billing rose to $47.7 million, also a 65% increase, with net income reaching $1.5 million, a 50% increase year-over-year. The company successfully acquired Perry Engineering and raised $17 million in equity for growth. Full-year guidance for net service billing is projected between $185 to $200 million, reflecting an increase from prior estimates.