Bowman Consulting Group Ltd. - BWMN STOCK NEWS

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.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) has completed the acquisition of McMahon Associates, Inc., enhancing its transportation planning and engineering capabilities. The deal is valued at $18.3 million, consisting of cash, seller notes, and 476,796 shares of restricted stock. McMahon is expected to add approximately $28 million in annualized revenue, significantly boosting Bowman’s transportation infrastructure sector. The acquisition supports Bowman's strategy of achieving $75 million in annualized net revenue for 2022 and is anticipated to be immediately accretive to earnings.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) will announce its financial results for Q1 2022 on May 11, 2022, post-market close. Following the release, a webcast featuring Chairman and CEO Gary Bowman and CFO Bruce Labovitz will be held on May 12, 2022, at 9:00 a.m. ET. Investors can access the live and recorded webcasts via the Bowman Investor Relations website. Bowman delivers infrastructure engineering solutions across various regulated markets, employing over 1,200 staff across 45 U.S. offices.

Bowman Consulting Group has partnered with Transportation Energy Partners and various stakeholders on a U.S. Department of Energy-funded project called Drive Clean Rural USA. This initiative aims to enhance the access of rural communities to clean fuel sources like hydrogen and electricity across eight states. The three-phase project will provide free technical assistance to local governments and businesses, running until June 2024. Bowman's role includes planning and engineering support, promoting equitable access to clean transportation solutions in rural areas.

Bowman Consulting Group Ltd. (BWMN) reported strong operational results for Q4 and the full year of 2021. Gross revenue reached $41.9 million for Q4, up 40%, while total annual revenue was $150.0 million, reflecting a 23% increase. The company closed six acquisitions in Q4, boosting its gross backlog to $167 million, a 48% year-over-year increase. For 2022, Bowman raised its net service billing guidance to $170-$185 million. Adjusted EBITDA for Q4 was $3.5 million, with an adjusted EBITDA margin of 9.3%. Overall, Bowman is positioned for growth, focusing on shareholder value and further acquisitions.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) will announce its financial results for the quarter and full year ended December 31, 2021 after market close on March 21, 2022. A webcast to discuss these results is scheduled for 9:00 a.m. ET on March 22, 2022, featuring Chairman and CEO Gary Bowman and CFO Bruce Labovitz. The webcast will be accessible via the Bowman Investor Relations website. For further information on Bowman and its professional services, visit bowman.com.