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RESTON, Va. - Bowman Consulting Group Ltd. (NASDAQ: BWMN), a national engineering services firm with a market capitalization of $378 million, has been awarded a new contract worth $2.2 million to design ADA-compliant curb ramps in Philadelphia. This latest project is part of the city’s ongoing initiative to enhance pedestrian accessibility with the installation of 10,000 such ramps by April 2038. According to InvestingPro analysis, the company appears undervalued at its current trading price.
Bowman’s contract involves the creation of 1,236 curb ramps at 355 intersections, adhering to both PennDOT and City of Philadelphia standards. The company’s responsibilities will include evaluating current site conditions, developing alternative ramp designs as necessary, and coordinating with property owners and historic review processes.
Gary Bowman, chairman and CEO of Bowman, expressed pride in the company’s role in supporting Philadelphia’s commitment to accessibility. Bowman stated that the firm is currently delivering or has completed 3,480 curb ramps at 920 intersections under previous contracts, totaling over $5.1 million in value. With this new contract, Bowman anticipates continuing its work on Philadelphia’s pedestrian infrastructure, in line with the city’s long-term accessibility goals. The company maintains impressive gross profit margins of 52% and has achieved revenue growth of 23% over the last twelve months. InvestingPro subscribers can access detailed financial analysis and 8 additional key insights about BWMN’s performance.
Bowman’s experience in ADA-compliant infrastructure is widespread, with projects across the United States aimed at improving pedestrian access for communities. The firm’s extensive portfolio showcases its capability to address the complexities of designing accessible public spaces.
Headquartered in Reston, Virginia, Bowman provides a range of services including planning, engineering, geospatial, construction management, and environmental consulting. The company operates with a workforce of over 2,300 employees across more than 100 U.S. locations, generating annual revenue of $427 million. Net income is expected to grow this year, according to InvestingPro analysis, which offers comprehensive research reports covering 1,400+ US stocks, including BWMN. This information is based on a press release statement and financial data.
In other recent news, Bowman Consulting Group Ltd. reported stronger-than-expected earnings for the fourth quarter of 2024, with an earnings per share of $0.33, surpassing the forecasted $0.24. The company’s revenue also exceeded expectations, coming in at $98.6 million against a forecast of $97.85 million. Bowman’s gross revenue for the full year reached $426.6 million, marking a 23% increase compared to the previous year. In addition to its financial performance, Bowman secured two significant water resource contracts in Colorado, valued at a combined $3.8 million, as part of its expansion in the water and wastewater sector.
DA Davidson recently revised its price target for Bowman Consulting, lowering it to $32.00 from $34.00, while maintaining a Buy rating. This adjustment reflects changes in industry valuation benchmarks due to broader market shifts. Analyst Brent Thielman from DA Davidson noted Bowman’s focus on organic growth and margin expansion as key drivers for future share value increases. The company has also been active in share repurchases and continues to have a robust liquidity position, enabling further strategic transactions.
These developments highlight Bowman’s ongoing growth strategy and its positioning in infrastructure services, despite a recent slowdown in mergers and acquisitions. The company’s strategic acquisitions and technology investments are expected to support its future growth trajectory.
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