Bowman Consulting Group Ltd. - BWMN STOCK NEWS

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.

Bowman Consulting Group (NASDAQ: BWMN) has appointed Gabriel Secrest, PE, as vice president of mining and west regional manager, succeeding the retiring Kent Lang. With 18 years of experience in mining project development, Secrest brings expertise in project management, engineering, and risk management for large-scale projects exceeding $1 billion in capital.

In his new role, Secrest will focus on expanding Bowman's market reach in California, Nevada, Colorado, and New Mexico. He aims to secure large-scale contracts and drive the company's entry into the metals recycling industry. Dan Swayze, Bowman's COO, expressed confidence in Secrest's ability to drive growth and deliver exceptional results for clients in the mining sector.

Bowman Consulting Group (NASDAQ: BWMN) has installed and activated its first company-owned, stand-alone electric vehicle (EV) charging stations at its Burlington, VT-area office. The two ChargePoint stations are now available for public, client, corporate fleet, and employee use. This installation is part of Bowman's strategic initiative to expand its sustainability-focused services and reduce its environmental impact.

The project utilized funding from the State of Vermont Electric Vehicle Supply Equipment (EVSE) Grant Program. It was initiated by Trudell Consulting Engineers, which Bowman acquired in January 2024. Over the past two years, Bowman has been introducing electric vehicles to its national fleet. This installation marks a significant step in Bowman's commitment to sustainability and environmental services.

Bowman Consulting Group (NASDAQ: BWMN) has acquired FCS Group, a professional services firm specializing in utility rate and fee advisory services, utility management, and infrastructure funding consulting. FCS, based in Redmond, Washington, has a 35-member team and has completed over 4,000 engagements for more than 650 public and quasi-public clients since 1988.

The acquisition is expected to:

• Expand Bowman's reach in utility, government, and sustainability markets
• Accelerate penetration of utility and renewables markets
• Broaden services for existing utility and energy transition clients
• Contribute an annualized net service billing run rate of approximately $7.0 million
• Be immediately accretive

The deal was financed through a combination of cash, seller notes, and equity, falling within previously discussed target multiples and operating metric ranges.

Bowman Consulting Group (NASDAQ: BWMN) has announced the dates for its second quarter 2024 earnings release and webcast. The company will release its financial results after the U.S. financial markets close on Tuesday, August 6, 2024. A webcast to discuss the results will be held at 9:00 a.m. ET on Wednesday, August 7, 2024. The webcast will be hosted by Chairman and CEO Gary Bowman and CFO Bruce Labovitz. Investors can attend the live webcast on the Bowman Investor Relations site at investors.bowman.com. A replay of the webcast will also be available on the website following the event.

Bowman Consulting Group (NASDAQ: BWMN) announced the acquisition of Element Engineering, a water and wastewater engineering firm based in Lakewood, Colorado. Element specializes in serving rural communities and municipal clients in the Rocky Mountain West and Midwest. This acquisition aims to enhance Bowman's water-wastewater practice and expand its presence in Colorado. The deal, financed through cash, seller notes, and equity, is expected to add approximately $4.0 million in annualized net service billing and be immediately accretive. Both companies anticipate leveraging each other's resources and relationships for mutual growth.