Bowman Consulting Group Ltd. Stock Price, News & Analysis

Bowman Consulting Group Ltd. (NASDAQ: BWMN) has been awarded a multi-year contract to provide engineering services for the Peoples Gas, Light and Coke Company (PGL) Safety Modernization Program in Chicago. The assignment involves over 100 miles of new gas main installations and nearly 70 miles of pipeline retirement. This partnership highlights Bowman's extensive experience in public utilities and reflects the trust PGL has in the firm's ability to deliver reliable, cost-effective solutions. CEO Gary Bowman emphasized the ongoing commitment to enhancing revenue from the public utilities sector, leveraging their successful track record with PGL. The firm employs 1,650 people across 70 U.S. offices, offering diverse engineering and consulting services.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) will release its Q1 2023 financial results on May 8, 2023, after market close. A webcast to discuss the results will occur at 9:00 a.m. ET on May 9, 2023, featuring Chairman and CEO Gary Bowman and CFO Bruce Labovitz. Investors can access the live webcast and a replay on the Bowman Investor Relations website.

Bowman operates in over 70 U.S. offices, employing around 1,700 people while delivering various engineering services in infrastructure solutions across regulated markets.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) announced the successful completion of three new phase one infrastructure milestones at San Diego State University Mission Valley. The improvements include:

• Rerouting San Diego Mission Drive with a new roundabout.
• Opening a roundabout to connect future residential and retail areas with the planned innovation district.
• Enhancing accessibility at the Green Line Stadium Trolley Station.

These developments will support community access to Snapdragon Stadium and the innovation district, which includes mixed-use residential and retail spaces. Construction administration for the river park is ongoing, following the company's previous work on the $310 million Snapdragon Stadium, opened in September 2022. The firm emphasizes its capability in providing extensive civil engineering and related services.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) has appointed Jay Yenerich as the new Regional Chief Engineer for Transportation in Arizona. With over 25 years of experience in project management across various transportation sectors, Yenerich aims to enhance Bowman's transportation services in the region. He previously served as Director of Design at CivTech and managed over $50 million in projects for Valley Metro, including major rail extensions and a solar initiative. The firm plans to leverage Yenerich's local insights to expand its public transportation practices.

This strategic hire positions Bowman to tap into Arizona's growing transportation market, aligning with the company's established service expertise.

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.