Bowman Consulting Group Ltd. - BWMN STOCK NEWS

Bowman Consulting Group (NASDAQ: BWMN) has been contracted by the Virginia Department of Transportation (VDOT) to provide survey, right-of-way (ROW), and utility relocation engineering services for 13 separate projects across Virginia. These projects include:

• I-64 Hampton Roads Express Lanes (HREL 1A)
• Five intersection improvements in Albemarle County
• Seven bridge improvement projects in VDOT's Bristol and Salem districts

For the HREL assignment, Bowman will handle ROW and easement acquisition services for widening I-64 and I-564, along with utility coordination and relocation services. The Albemarle Bundle #2 projects involve ROW, survey, and utility coordination for intersection enhancements. The bridge improvement projects in Bristol and Salem districts cover the replacement of seven bridges, with Bowman providing ROW, easement acquisition, and utility services.

Bowman Consulting Group (NASDAQ: BWMN) has announced the planned retirement of Michael Bruen, effective January 3, 2025. Mr. Bruen will resign as President and board member on October 4, 2024. From October 4, 2024, to January 3, 2025, he will serve as an Executive Advisor to the CEO, assisting in the transition of his responsibilities. After retirement, he will briefly serve as an independent advisor under a consulting arrangement.

Gary Bowman, Chairman and CEO, expressed gratitude for Mr. Bruen's nearly 30-year career at Bowman, during which he helped lead the company through significant growth and market diversification. The company emphasized that Mr. Bruen's retirement is not due to any disagreements with Bowman's operations, policies, or practices, but rather a natural part of the company's evolution as a leading engineering services and infrastructure solutions provider.

Bowman Consulting Group (NASDAQ: BWMN) has been contracted by the Illinois Department of Transportation (IDOT) to provide corridor management and design services for a 15.6-mile corridor of I-55. This project is part of the state's $45 billion Rebuild Illinois infrastructure investment program.

Bowman will manage all projects within this highly trafficked stretch of I-55, which connects Chicago to its southwest suburbs and transits over 100,000 vehicles daily. The company will also prepare repair plans for 16 bridges and develop roadway improvement plans for the expressway. These enhancements aim to improve safety, reduce congestion, and extend the lifespan of Illinois' transportation infrastructure.

Gary Bowman, chairman and CEO, expressed excitement about the project, highlighting the company's ability to mobilize quickly due to pre-existing resources.

Bowman Consulting Group (NASDAQ: BWMN) has been contracted for a comprehensive roadway improvement project along Roosevelt Boulevard (US 1) in Philadelphia, PA. The project aims to enhance safety, pedestrian mobility, and traffic efficiency along this vital corridor that carries over 100,000 vehicles daily. Key elements include intersection modifications, traffic signal enhancements, pedestrian accommodations, and green stormwater infrastructure.

This assignment is part of a larger initiative by PennDOT, the City of Philadelphia, and SEPTA to implement a multi-phase improvement program along the Roosevelt Boulevard corridor. Bowman's CEO, Gary Bowman, stated that this project affirms the company's reputation for innovative transportation services and solutions.

Bowman Consulting Group (NASDAQ: BWMN) has been contracted to provide comprehensive survey services for Taxiway V as part of the Fourth Parallel Runway Program at Charlotte Douglas International Airport (CTL) in Charlotte, NC. The project involves surveying a new 10,000-foot-long by 150-foot-wide runway, including as-built surveys, subgrade and field control verification, and construction, electrical, and storm sewer staking.

This contract represents a significant addition to Bowman's aviation portfolio and reinforces its position as a trusted industry service provider. The Taxiway V project is part of CTL's 2016 Master Plan to expand capacity, improve operational efficiency, and accommodate future growth in passenger and cargo traffic. Bowman will leverage its experience with major airport authorities across the United States to deliver precision survey services for this critical transportation infrastructure project.

Bowman Consulting Group (NASDAQ:BWMN) has increased its share repurchase program from $10 million to $25 million, with $20.8 million remaining available. The company has also extended the program's termination date from November 16, 2024, to August 31, 2025. Bowman intends to continue investing in organic and strategic acquisitive growth initiatives. The timing and amount of share repurchases will be determined by management based on factors such as share price, market conditions, and capital allocation priorities. The program allows for various repurchase methods, including open market purchases and privately negotiated transactions, but does not obligate Bowman to acquire a specific number of shares.

Bowman Consulting Group (Nasdaq: BWMN) released financial results for Q2 2024. Despite challenges in revenue conversion, the company reported strong sales and growing backlog. Key highlights include:

- Gross contract revenue of $104.5 million, up 26% year-over-year
- Net service billing of $94.0 million, a 27% increase
- Adjusted EBITDA of $13.4 million, up 21%
- Gross backlog of $352 million, a 19% increase

The company updated its FY 2024 guidance, projecting net service billing between $375-385 million and Adjusted EBITDA of $58-63 million. Bowman continues to focus on sustainable growth and margin improvement, with acquisitions playing a significant role in its long-term strategy.

Bowman Consulting Group (NASDAQ: BWMN) has appointed Andy Raichle, PE, as Executive Vice President of Marine Engineering and Climate Resiliency. This move strengthens Bowman's commitment to expanding its ports & harbor practice and climate resiliency capabilities. Raichle brings extensive experience in coastal and maritime projects across the US, its territories, and the Caribbean, including expertise in ports, flood protection, ecological restoration, and offshore wind development.

Dan Swayze, COO at Bowman, emphasized that Raichle's experience aligns with the company's mission to become a premier provider of sustainable and flood-resilient infrastructure systems. In his new role, Raichle will support Bowman's ports & harbor group, expand into offshore wind and coastal protection markets, and leverage his urban development background to secure new contracts and foster growth.

Bowman Consulting Group (NASDAQ: BWMN) has expanded its partnership with Southwest Gas, securing its fifth on-call agreement to provide survey services in Western and Northern Nevada and California. This marks Bowman's first engagement in these territories, building upon its existing support for Southwest Gas throughout Arizona and southern Nevada. The company offers utility-specific survey, engineering, and design services to Southwest Gas, which serves over 2 million customers across Arizona, Nevada, and parts of California.

Gary Bowman, CEO of Bowman, emphasized the company's commitment to high-quality customer service and timely execution, attributing the expanded territory to these factors. He expressed confidence in Bowman's technical skills and industry knowledge to support Southwest Gas' infrastructure and contribute to its long-term growth.