Bowman Consulting Group Ltd. - BWMN STOCK NEWS

Bowman Consulting Group Ltd. (NASDAQ: BWMN) has announced its acquisition of Richter & Associates, a Rockville, Maryland-based firm specializing in dry utility infrastructure engineering. Founded by former PEPCO engineer Steve Richter, the firm has established a reputation for managing complex utility needs for both public and private clients. The acquisition is expected to contribute approximately $5.5 million in annualized net service billing and will be immediately accretive. This move aligns with Bowman's strategy to enhance its power and utility revenue mix, as stated by CEO Gary Bowman, who emphasized the potential for revenue synergy and growth.

Bowman Consulting Group Ltd. (Nasdaq: BWMN) reported record financial results for 2022, marking a successful first year as a public company. Key highlights include:

• Gross revenue of $261.7 million, up 74% from 2021.
• Net income of $5.0 million, a turnaround from a $0.3 million profit the previous year.
• Adjusted EBITDA of $34.0 million, a 106% increase.
• Acquisitions closed in 2022 contributed over $60 million in annualized revenue.

For 2023, Bowman increased its guidance for net service billing to $280-$295 million and adjusted EBITDA to $43-$49 million, driven by robust demand in infrastructure.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) has appointed Ryan Belyea as its first Chief Digital Officer (CDO). With over 25 years of experience, including a leadership role at AECOM, Belyea will enhance digital service offerings and align technological strategies with acquisition efforts to drive growth. He aims to integrate innovative digital platforms into Bowman's operations, which the company states will enable cross-selling opportunities and improved client engagement. Chairman and CEO Gary Bowman highlighted the necessity of embracing digital transformation to maintain competitiveness in the evolving engineering sector.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) announced booking $3 million in new renewable energy assignments in the 90 days following the acquisition of SEI Professional Services in November 2022. This acquisition enhances Bowman's portfolio with technical services for solar energy and battery storage markets. Additionally, Bowman is expanding its UAS hardware, increasing its drone fleet by over 25%, and has acquired Spatial Acuity. The company anticipates strong growth in renewable energy demand, particularly from the Inflation Reduction Act, with U.S. renewable energy growth nearly doubling in the past five years, especially in solar capacity.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) will announce its 2022 financial results on March 9, 2023, after U.S. market close. A webcast to discuss these results will take place on March 10, 2023, at 9:00 a.m. ET, hosted by CEO Gary Bowman and CFO Bruce Labovitz. The company's services cover planning, engineering, and construction management, with approximately 1,700 employees in over 70 offices across the U.S. Investors can access the webcast and subsequent replays via the Bowman Investor Relations website.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) has secured a $5 million multi-year contract to enhance bus system infrastructure for the Massachusetts Bay Transportation Authority (MBTA). This contract continues the partnership between Bowman and MBTA, where the firm has contributed for over 25 years. The contract focuses on improving bus operations, increasing efficiency, and enhancing passenger experiences across 171 routes. Assignments will include design and construction services related to bus priority and accessibility. Bowman's dedication to enhancing transit systems in Greater Boston remains central to their mission.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) has secured $600,000 in new mining-related engineering assignments in the Southwestern United States. These projects involve civil engineering and mine infrastructure surveying for eight sites developed by a long-term customer. The Company is leveraging over a decade of experience in mining services, which expanded in December 2021 through the acquisition of H2H Geoscience Engineering. CEO Gary Bowman expressed optimism for growth in mining revenues, attributing it to potential synergies with H2H. Bowman anticipates increased activity in aggregates mining linked to federally funded transportation infrastructure spending under the 2021 Infrastructure Investment and Jobs Act.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) has been appointed as the prime consultant for the Allegheny Tunnel Transportation Improvement Project by the Pennsylvania Turnpike Commission (PTC). This project, valued between $400-500 million, will involve the design and management of a new roadway bypassing the aging Allegheny Tunnel. Initially, $16 million has been authorized for preliminary design. The project aims to enhance safety and reduce congestion in the area. PTC highlights the need for improved traffic flow and safety, especially for hazardous material transporters.

Bowman Consulting Group Ltd. (BWMN) has collaborated with Cuhaci Peterson, an architecture and engineering firm, to utilize innovative ceiling scanning techniques that enhance surveying efficiency in large structures. Bowman's advanced scanning provides accurate and comprehensive data, streamlining commercial designs by revealing previously unknown structural information. This partnership allows for significant time and cost savings, as noted by Cuhaci Peterson's principal, Bryon McCarthy. With approximately 1,700 employees, Bowman specializes in engineering services, delivering solutions across various markets while continuing to refine its scanning capabilities for challenging environments.