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RESTON, Va. - Bowman Consulting Group Ltd. (NASDAQ:BWMN) has secured a $7 million multi-year contract from Seattle Public Utilities (SPU) to design a habitat restoration and infrastructure project in West Seattle's Fauntleroy Creek watershed, according to a press release issued Monday. The engineering firm, currently valued at approximately $582 million, appears undervalued according to InvestingPro Fair Value estimates, with analysts setting price targets up to $55.
The engineering services firm will lead the replacement of a 376-foot-long culvert beneath California Avenue SW that currently restricts fish migration and creates flooding risks. The project aims to improve salmon passage, enhance flood mitigation, and strengthen climate resilience in the urban corridor.
The design work is scheduled to begin this year, with construction expected to be completed by 2031. Bowman's scope includes civil and structural engineering, hydrologic modeling, stream restoration design, utility coordination, environmental permitting support, and landscape architecture.
This marks Bowman's first engagement as primary design lead for SPU, representing a significant milestone for the company in the Pacific Northwest region. The firm had previously supported SPU and the Seattle Department of Transportation in other capacities following its acquisition of Exeltech.
Bowman Consulting Group, headquartered in Reston, Virginia, employs 2,500 people across 100 locations throughout the United States. The company provides engineering, geospatial, construction management, environmental consulting, and other technical services to various regulated markets. With annual revenue of $474 million growing at nearly 17% and impressive gross profit margins of 53%, Bowman has demonstrated strong financial performance, reflected in its 36% stock price gain over the past year.Investors seeking deeper insights into Bowman's financial health and growth prospects can access comprehensive analysis through InvestingPro, which offers exclusive Pro Research Reports on over 1,400 US equities including BWMN.
In other recent news, Bowman Consulting Group Ltd. has been active with several new developments. The company has secured a contract with the Nebraska Department of Transportation to conduct bridge evaluation services over the next two years, inspecting up to 500 bridges across the state. Additionally, Bowman has won a contract for the redevelopment of the West End Container Yard at the Port of Houston, which is part of a larger capital improvement initiative. In terms of acquisitions, Bowman has expanded its capabilities in the power industry by acquiring Lazen Power Engineering, a firm specializing in high-voltage transmission line infrastructure. Furthermore, Bowman has strengthened its energy practice by acquiring Sierra Overhead Analytics and its affiliate, ORCaS, Inc., enhancing its presence in data center development and alternative energy markets. The company also announced two new assignments in Aurora, Colorado, involving roadway and residential project developments. These recent developments highlight Bowman's strategic moves to expand its expertise and service offerings in various sectors.
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