Bowman Consulting Group, Ltd. ( (BWMN) ) has released its Q3 earnings. Here is a breakdown of the information Bowman Consulting Group, Ltd. presented to its investors.
Bowman Consulting Group, Ltd. is a national engineering and infrastructure services firm that provides a wide range of technical services to sectors involved in the built environment. The company operates across the United States with a significant workforce and numerous offices.
Bowman Consulting Group recently reported its financial results for the third quarter and the first nine months of 2024, highlighting a substantial milestone of exceeding $100 million in net revenue for the first time in a single quarter. This achievement reflects the company’s focus on aligning labor with revenue and achieving operational excellence.
The company’s financial results for the third quarter showed a 21% increase in gross contract revenue to $113.9 million, while net service billing rose by 23% to $101.4 million. However, net income slightly decreased to $0.8 million from $1.2 million the previous year. For the nine-month period, gross contract revenue increased by 24% to $313.3 million, though the company reported a net loss of $2.9 million compared to a net income of $1.1 million the previous year. Additionally, the company repurchased shares and announced a definitive agreement to acquire Exeltech Consulting, Inc.
Despite some declines in net income and net margins, Bowman Consulting Group is optimistic about its future. The management raised its full-year guidance for 2024 and provided an encouraging outlook for 2025, expecting continued growth in net service billing and adjusted EBITDA. The company’s strategic acquisitions and focus on core markets are expected to drive substantial long-term value.
