Bowman Consulting Group Ltd. reports news on its national engineering services and program management business, including quarterly results, guidance, backlog, acquisition activity and investor conference participation. The company serves built-environment end markets through planning, engineering, construction management, commissioning, environmental consulting, geospatial, survey, land procurement and related technical services.
Recurring updates include infrastructure contract awards, water and wastewater construction oversight, USGS geospatial task orders, airborne lidar and hydrography work, and engineering or environmental support for critical-minerals projects. Bowman news also covers revenue drivers such as net service billing, adjusted EBITDA, organic growth and multi-year backlog tied to public-sector, federal and private development assignments.
Bowman Consulting Group Ltd. (BWMN) announced that underwriters exercised their option to purchase an additional 157,500 shares at $16.00 per share from its recent public offering, raising gross proceeds by approximately $2.5 million. The total shares sold increased to 1,057,500, totaling gross proceeds of about $16.9 million as of March 2, 2022. These proceeds will be utilized for general corporate purposes and potential acquisitions, supporting Bowman's growth and investment strategies.
Bowman Consulting Group Ltd. (Nasdaq: BWMN) has successfully completed a follow-on public offering at $16.00 per share, selling a total of 1,050,000 shares (900,000 by the company and 150,000 by an existing shareholder). The net proceeds for Bowman are approximately $13,608,000, intended for general corporate purposes, organic growth, and potential acquisitions. An over-allotment option of 157,500 shares is also granted to underwriters. D.A. Davidson & Co. and B. Riley Securities managed the offering.
Bowman Consulting Group Ltd. (NASDAQ: BWMN) has priced its follow-on public offering at $16.00 per share, aiming to sell 900,000 shares from its own stock and 150,000 shares from an existing stockholder. The company has also offered underwriters an option for an additional 157,500 shares. Proceeds will be directed towards general corporate purposes, funding organic growth, and potential acquisitions. The offering is managed by D.A. Davidson & Co. and B. Riley Securities.
Bowman Consulting Group Ltd. (BWMN) announced a registration statement on Form S-1 for a follow-on public offering of 1,776,650 shares of its common stock, alongside 406,100 shares from existing stockholders. The underwriters have a 30-day option for an additional 15% of shares to cover over-allotments. Proceeds will fund general corporate needs and potential acquisitions. The company reaffirms its 2021 guidance and plans to report financial results in March 2022. The offering is subject to market conditions.
Bowman Consulting Group Ltd. (NASDAQ: BWMN) announced a purchase agreement to acquire Perry Engineering LLC, based in Tucson, Arizona. The acquisition aims to enhance Bowman’s service capabilities in civil engineering and land surveying across various sectors. Scheduled for closing on February 2, 2022, the deal is expected to be immediately accretive, contributing approximately $1.5 million in annualized net service billing. The move aligns with Bowman's growth strategy in a thriving Tucson market, emphasizing operational synergies and collaborative opportunities.
Bowman Consulting Group Ltd. (NASDAQ: BWMN) announced a definitive acquisition of Terra Associates, Inc., aiming for a closing on December 31, 2021. Terra, based in Houston, specializes in civil engineering and design solutions. The acquisition is expected to contribute approximately $5.5 million in annualized net service billing and is financed through cash, seller financing, and stock. This move enhances Bowman's presence in Texas, following a recent acquisition of 1519 Surveying, contributing to an annualized acquired revenue of $36 million for 2021.
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Bowman Consulting Group Ltd. (NASDAQ: BWMN) has acquired the assets of Kibart, Inc., an engineering firm based in Towson, Maryland. This strategic acquisition is aimed at enhancing Bowman's building services portfolio and is expected to contribute approximately $6.3 million in annual net service billing. The transaction was financed through cash, seller financing, and stock. CEO Gary Bowman emphasized the potential for cross-selling services and revenue growth. This marks Bowman's fourth acquisition as a public company, reinforcing its commitment to expanding its national reach.
Bowman Consulting Group Ltd. (NASDAQ: BWMN) has appointed Jeffrey Blair as Vice President of Acquisitions Integration to enhance the smooth transition of acquired firms. With over 30 years of consulting experience, Blair will work closely with the leadership team to maximize the value of acquisitions. Since going public in May 2021, Bowman has expanded through the acquisition of four engineering firms, driving its growth strategy. CEO Gary Bowman emphasized that having a dedicated leader for integration is crucial for future success.
Bowman Consulting Group Ltd. (Nasdaq: BWMN) reported record revenue for Q3 2021, achieving gross revenue of $39.7 million, a 25% year-over-year increase. For the nine months ended September 30, 2021, gross revenue reached $108 million, up 17%. The company has successfully closed four acquisitions and increased its full-year 2021 guidance for Net Service Billing to $130-$133 million and Adjusted EBITDA to approximately $16.5 million. The 2022 outlook anticipates Net Service Billing of $150-$170 million and Adjusted EBITDA of $20-$24 million.