Bowman Consulting Group Ltd. Stock Price, News & Analysis

Bowman Consulting Group (NASDAQ: BWMN) announced the acquisition of Element Engineering, a water and wastewater engineering firm based in Lakewood, Colorado. Element specializes in serving rural communities and municipal clients in the Rocky Mountain West and Midwest. This acquisition aims to enhance Bowman's water-wastewater practice and expand its presence in Colorado. The deal, financed through cash, seller notes, and equity, is expected to add approximately $4.0 million in annualized net service billing and be immediately accretive. Both companies anticipate leveraging each other's resources and relationships for mutual growth.

Bowman Consulting, a national engineering firm, announced key executive promotions and a four-year contract renewal for CFO Bruce Labovitz. Michael Bruen, previously COO, has been promoted to President, while Dan Swayze, EVP and Division Manager, steps into the COO role. Bruen will oversee strategic planning and business development, leveraging over 25 years with Bowman. Swayze, who joined in 2022, will manage all professional services operations. Labovitz's new contract ensures his continued leadership through June 2028, emphasizing his role in Bowman's IPO and multiple acquisitions, which have added significant revenue and market capitalization. The changes aim to enhance leadership stability and advance strategic initiatives.

Bowman Consulting Group (NASDAQ: BWMN), a national engineering services firm, has been awarded a $1.65 million contract by the State of Oregon to provide high-resolution digital imagery for the entire state. Utilizing the capabilities from its recent acquisition of Surdex, Bowman will produce 30 cm resolution natural color and false color infrared orthorectified imagery covering approximately 98,400 square miles. This project aims to support various state agencies in areas such as disaster planning, climate change adaptability, emergency response, and land use planning. This marks Bowman's first major contract in the Pacific Northwest, highlighting the synergies from its recent acquisition.

Bowman Consulting Group's CFO, Bruce Labovitz, has been honored as Public Company CFO of the Year by the Northern Virginia Technology Council (NVTC). This award highlights Labovitz's exceptional leadership and contributions to both Bowman and the tech community in the National Capital Region. The award ceremony took place during NVTC's 28th annual Technology CFO Awards gala. Labovitz, who joined Bowman in 2013, played a important role in the company's successful IPO in May 2021. Gary Bowman, CEO, praised Labovitz for his dedication, expertise, and strategic vision, attributing much of Bowman’s growth to his financial leadership.

Bowman Consulting Group has been awarded a contract by the Arizona Department of Transportation (ADOT) to provide engineering and oversight services for a pedestrian and bicycle grade separation project at ASU Tempe campus. Bowman will lead the project in collaboration with Jacobs and SmithGroup, focusing on utility relocation, public art integration, and cost estimates. The project aims to connect Downtown Tempe, the Tempe Transportation Center, and ASU's sporting venues to the campus center. This is Bowman's first major contract with ADOT, marking its strategic expansion into the Western U.S. public works and transportation markets. Construction is expected to start in late 2025.

Bowman Consulting Group announced the addition of Vijay Agrawal as the Executive Vice President of the National Ports & Harbors Practice. Agrawal brings 25 years of experience in the ports industry and will lead the company's efforts in expanding its marine engineering capabilities. With a focus on technology-driven solutions and efficiency-oriented strategies, Agrawal aims to enhance Bowman's relationships with port and harbor owners, maritime authorities, and shipping line operators.

Bowman Consulting Group (Nasdaq: BWMN) reported financial results for the three months ended March 31, 2024, with a 25% increase in gross contract revenue, a 27% increase in net service billing, and a 25% increase in Adjusted EBITDA. The company closed on an equity offering, secured a new credit facility, and refinanced assets. The adjusted FY 2024 guidance forecasts net service billing in the range of $382 to $397 million and Adjusted EBITDA in the range of $63 to $69 million.

Bowman Consulting Group (NASDAQ: BWMN) announced the closure of a $100 million revolving credit agreement with Bank of America and TD Bank. The five-year agreement replaces a previous $70 million credit line with Bank of America, reinforcing the company's capital access for strategic growth.