Business
Bowman Announces Financial Results for Three and Six Months Ended June 30, 2024
RESTON, Va.--(BUSINESS WIRE)-- Bowman Consulting Group Ltd. (Nasdaq: BWMN) (“Bowman” or the “Company”), a national engineering and infrastructure services
About this update from Bowman Consulting Group Ltd.
[{"type":"text","content":" RESTON, Va.--(BUSINESS WIRE)--\nBowman Consulting Group Ltd. (Nasdaq: BWMN) (“Bowman” or the “Company”), a national engineering and infrastructure services firm supporting owners and developers of the built environment, today released financial results for the three and six months ended June 30, 2024.\n\n\n“Despite challenges we faced this quarter with conversion of awards to revenue, our sales are strong, our backlog is growing, and our M&A pipeline remains robust,” said Gary Bowman, Chairman and CEO of Bowman. “We believe the infrastructure design and engineering market continues to present positive demand signals supported by significant funding as evidenced by our backlog being up nearly 5% from the end of last quarter and 19% year-over-year, excluding backlog acquired in Q2. We have been notified of selection on multiple large transportation projects which are taking longer than expected to work their way through the final contracting and notice to proceed process, delaying our ability to begin our work and earn the associated revenue. We remain optimistic that several of these will commence in earnest during the second half of the year. We continue to focus on sustainable, long-term organic revenue growth and margin improvement, and I am confident that adjustments we are making with respect to market focus and labor will benefit our ability to deliver improvements on both fronts throughout the remainder of this year and into 2025.”\n\n\n“Acquisitive growth continues to be a significant ingredient in our long-term strategy,” continued Bowman. “Nonetheless, we recognize that organic growth remains a critical element of our success. Our diversification into transportation, power and utilities, water, mining and other emerging markets has contributed to a decreasing concentration of building infrastructure in our business and is paying dividends. Excluding all acquisitions closed during 2023 and 2024, year-over-year organic growth from non-building infrastructure verticals during the first half of 2024 was approximately 14% when compared to the same period last year. This gain was unfortunately offset by organic contraction of our building infrastructure vertical during the same period, excluding the same acquisitions. While we have continued to deliver strong nominal growth in our building infrastructure practice through acq...