Bowman Consulting Reports 26% Revenue Growth

By Bobby Samwell • Wednesday, August 07 15:20 • Permanent Link

Bowman Consulting Group Ltd. has released its financial results for the three and six months ended June 30, 2024, showing significant growth and changes compared to the same periods in 2023.

For the three months ended June 30, 2024, the company reported gross contract revenue of $104.5 million, marking a 26% increase from the same period in 2023, when it was $82.8 million. Additionally, the net service billing for the same period amounted to $94.0 million, a 27% increase from $73.8 million in 2023. Despite the growth in revenue, the company reported a net loss of $2.0 million for the quarter, compared to a net loss of $0.6 million in the same period last year. However, the adjusted EBITDA for the quarter stood at $13.4 million, reflecting a 21% increase from $11.1 million in 2023.

Looking at the six months ended June 30, 2024, Bowman reported gross contract revenue of $199.4 million, compared to $158.9 million in 2023, marking a 25% increase. The net service billing for the six-month period amounted to $179.7 million, reflecting a 27% increase from $141.4 million in 2023. However, the company reported a net loss of $3.6 million for the six months, compared to a net loss of $0.1 million in the same period last year. The adjusted EBITDA for the six months ended June 30, 2024, was $25.5 million, a 23% increase from $20.7 million in 2023.

The company also noted that its gross backlog stood at $352 million, marking a 19% increase from the previous year.

Additionally, Bowman announced the acquisition of several companies during the period, including Surdex Corporation and Moore Consulting Engineers in April 2024, and Element Engineering and FCS Group in July 2024.

In terms of non-GAAP adjusted earnings per share (EPS), the company reported a basic adjusted EPS of ($0.03) for the three months ended June 30, 2024, compared to $0.15 in 2023. For the six months ended June 30, 2024, the basic adjusted EPS was $0.17, compared to $0.43 in 2023.

Looking ahead, Bowman updated its full-year 2024 outlook, forecasting net service billing to be in the range of $375 to $385 million and adjusted EBITDA to be in the range of $58 to $63 million.

The market has reacted to these announcements by moving the company's shares -19.0% to a price of $25.71. If you want to know more, read the company's complete 8-K report here.

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