Bowman Consulting Group Ltd. Stock Price, News & Analysis

Bowman Consulting Group (NASDAQ:BWMN) announced its Board of Directors has increased its share repurchase program from $25 million to $35 million, with approximately $16 million remaining available. The program will end on July 31, 2025. The company maintains flexibility in timing and amount of repurchases based on factors including share price and market conditions. Shares may be bought through open market purchases, private transactions, or other means, including Rule 10b5-1 trading plans. The program can be suspended or modified at any time and doesn't commit to a specific number of shares.

Bowman Consulting Group (Nasdaq: BWMN) announced financial results for Q3 and the first nine months of 2024. The company reported a 21% increase in gross contract revenue to $113.9 million for Q3 and a 24% increase to $313.3 million for the first nine months. Net service billing grew by 23% to $101.4 million in Q3 and 26% to $281.0 million for the nine months. Net income for Q3 was $0.8 million, down from $1.2 million, and adjusted EBITDA rose 13% to $17.0 million. However, net income for the nine months turned into a loss of $2.9 million from a prior income of $1.1 million. Adjusted EBITDA for the nine months increased by 19% to $42.5 million. EPS for Q3 dropped to $0.04 from $0.08, and for the nine months, it was ($0.18) compared to $0.07. Bowman raised its 2024 guidance for net service billing to $376-$386 million and introduced 2025 outlook with net service billing of $422-$437 million and adjusted EBITDA of $68-$75 million.

Bowman Consulting Group (NASDAQ: BWMN) has announced its acquisition of Exeltech Consulting, a Lacey, Washington-based firm specializing in bridge design and transportation infrastructure. The acquisition, expected to close after November 5, 2024, will be financed through a combination of cash, seller term notes, and a convertible note with a $32.32 per share strike price. Exeltech is projected to contribute approximately $7.0 million in annualized net service billing and will immediately be accretive. The company brings expertise in structural engineering, civil engineering, and environmental sciences, serving the Pacific Northwest region through offices in Washington, Oregon, and Montana.

Bowman Consulting Group (NASDAQ: BWMN) has been selected to provide program management services for The Aurora Highlands, a 3,000-acre master planned community in Aurora, Colorado. The company will oversee the design of more than $500 million worth of infrastructure, manage development plans, coordinate with other consultants, and handle land use enhancements. The project, the largest community development in the Denver metro area, will feature 500 acres of open space, over 20 miles of trails, four planned schools, a hospital, an Aquatic Center, retail spaces, and a civic and recreation center.

Bowman Consulting Group (NASDAQ: BWMN) has completed and published its inaugural double materiality assessment, demonstrating the company's dedication to improving its sustainability, engagement, and governance strategies. The assessment, which involved stakeholder engagement, identified 13 key sustainability areas considered material from impact and financial perspectives.

Bruce Labovitz, CFO and designated sustainability officer, described this as a significant step in Bowman's journey as a socially engaged and sustainability-conscious company. The assessment provided valuable insights into stakeholders' views on how Bowman's operations intersect with sustainability, social engagement, and financial exposures.

Moving forward, Bowman plans to develop targeted strategies and impactful initiatives addressing the identified sustainability topics, with a focus on those exhibiting high degrees of double materiality. The company aims to leverage these insights to direct future efforts effectively and transparently.

Bowman Consulting Group (NASDAQ: BWMN) has announced the schedule for its third quarter 2024 earnings release and webcast. The company will release its financial results after the U.S. financial markets close on Wednesday, November 6, 2024. Following this, Bowman will host a webcast to discuss the Q3 results on Thursday, November 7, 2024, at 9:00 a.m. ET.

The webcast will be led by Bowman's Chairman and CEO, Gary Bowman, along with Chief Financial Officer, Bruce Labovitz. Interested parties can attend the live webcast by visiting the Bowman Investor Relations website at investors.bowman.com. For those unable to attend the live event, a replay of the webcast will be made available following the presentation.

Bowman Consulting Group (NASDAQ: BWMN) has secured a $1.2 million contract from a leading exploration and production company to provide asset management and regulatory compliance tracking services for over 1,000 wells in the Delaware Basin, Texas. The scope includes:

1. Conducting detailed field surveys of above-ground infrastructure assets
2. Capturing and updating asset data in real-time
3. Enhancing management of gas-controlled and air-driven devices
4. Utilizing a web-based platform for real-time tracking and geofence creation

This project aims to meet forthcoming regulatory requirements while improving operational efficiency. Bowman's investment in technology and collection tools enables them to collect, package, analyze, and deliver complex geospatial, remote sensor, and survey data in real-time, differentiating them in the market.

Bowman Consulting Group (NASDAQ: BWMN) has been contracted by the Virginia Department of Transportation (VDOT) to provide survey, right-of-way (ROW), and utility relocation engineering services for 13 separate projects across Virginia. These projects include:

• I-64 Hampton Roads Express Lanes (HREL 1A)
• Five intersection improvements in Albemarle County
• Seven bridge improvement projects in VDOT's Bristol and Salem districts

For the HREL assignment, Bowman will handle ROW and easement acquisition services for widening I-64 and I-564, along with utility coordination and relocation services. The Albemarle Bundle #2 projects involve ROW, survey, and utility coordination for intersection enhancements. The bridge improvement projects in Bristol and Salem districts cover the replacement of seven bridges, with Bowman providing ROW, easement acquisition, and utility services.

Bowman Consulting Group (NASDAQ: BWMN) has announced the planned retirement of Michael Bruen, effective January 3, 2025. Mr. Bruen will resign as President and board member on October 4, 2024. From October 4, 2024, to January 3, 2025, he will serve as an Executive Advisor to the CEO, assisting in the transition of his responsibilities. After retirement, he will briefly serve as an independent advisor under a consulting arrangement.

Gary Bowman, Chairman and CEO, expressed gratitude for Mr. Bruen's nearly 30-year career at Bowman, during which he helped lead the company through significant growth and market diversification. The company emphasized that Mr. Bruen's retirement is not due to any disagreements with Bowman's operations, policies, or practices, but rather a natural part of the company's evolution as a leading engineering services and infrastructure solutions provider.