Bowman Consulting Group Ltd. Stock Price, News & Analysis

Bowman Consulting Group Ltd. (Nasdaq: BWMN) has secured a $2 million contract from the Forest Preserves of Cook County for professional engineering services aimed at districtwide transportation enhancements. The three-year project will cover Phase II design and Phase III construction engineering, involving extensive site inspections, surveys, and engineering design. Construction is set to commence by late August 2023. Bowman, headquartered in Reston, Virginia, offers a diverse range of infrastructure solutions across the United States.

Bowman Consulting Group Ltd. (BWMN) reported record results for Q2 2022, with net service revenue up 74% year-over-year, totaling $56.4 million. This growth was fueled by a 32% increase in organic revenue and contributions from ten acquisitions, including McMahon Associates. Adjusted EBITDA rose by 81% to $7.6 million, with a margin improvement to 13.4%. Bowman raised its FY 2022 guidance for net service billing to $205-$220 million and adjusted EBITDA to $29-$33 million. The company remains focused on strategic acquisitions amid economic uncertainties.

Bowman Consulting Group Ltd. has been selected by the Illinois Department of Transportation (IDOT) to manage a $1.2 billion project to improve I-80, a vital interstate now over 50 years old. The initiative includes rehabilitating over 30 bridges to alleviate congestion for approximately 80,000 daily vehicles. The Bowman-Lochner team boasts significant experience in corridor management and engineering, ensuring timely project delivery. The contract value is still pending finalization but signifies a strong partnership in enhancing roadway infrastructure in Joliet and Will County.

Bowman Consulting Group Ltd. has been awarded a contract by the National Renewable Energy Laboratory (NREL) to study bat behavior around wind turbines to understand the causes of bat mortalities. Funded by the U.S. Department of Energy, the project is part of a $1.1 million research initiative. The two-year study will assess bat flight patterns and behaviors in Texas and Minnesota using advanced video technology. Findings will be shared publicly through reports and webinars, contributing to wildlife conservation efforts in renewable energy development.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) is set to release its financial results for the quarter ended June 30, 2022, on August 11, 2022, after the U.S. market closes. The company will host a live webcast to discuss these results on August 12, 2022, at 9:00 a.m. ET. Key executives, including Chairman and CEO Gary Bowman, will present followed by a Q&A session. Investors can access the webcast via the Bowman Investor Relations website.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) has acquired Project Design Consultants (PDC), a San Diego-based firm providing civil engineering and planning services. This strategic acquisition aims to enhance revenue and expand market reach into Southern California. PDC is expected to contribute approximately $14 million in annualized net service billing and is immediately accretive. The acquisition is financed through a mix of cash and convertible notes, reflecting Bowman’s optimistic future earnings outlook amidst competitive market dynamics.

Bowman Consulting Group Ltd. announced the hiring of Gary VanAlstyne as branch manager and principal at its Leesburg, Virginia office. With over 30 years in construction and development, VanAlstyne aims to enhance leadership and customer service at Bowman. Previously, he held significant roles at various companies, including Davis Utility Consulting and Loudoun County Public Schools. His experience as a long-time client of Bowman fuels his commitment to provide comprehensive engineering services in Loudoun County. Bowman, trading as BWMN, continues to grow its expertise in infrastructure solutions.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) has secured a $15.9 million contract from the Illinois State Toll Highway Authority for construction management services on the Tri-State Tollway. This project involves the widening and reconstruction of a 1.7-mile section and is part of the broader $4 billion Central Tri-State Tollway project. Bowman's segment of the work is set to begin in Fall 2022, whereas the entire project aims for completion by 2026.

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.