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RESTON, Va. - Bowman Consulting Group Ltd. (NASDAQ:BWMN), an engineering services firm with a market capitalization of $446 million and impressive revenue growth of 24% over the last twelve months, has been contracted to perform a comprehensive aerial mapping project for the State of Oklahoma. According to InvestingPro analysis, the company maintains strong gross profit margins above 51%. This initiative is the first of its kind in nearly three decades and aims to provide high-resolution geospatial data to support a variety of state operations and public use.
The two-year contract involves capturing four-band, 6-inch resolution digital orthoimagery over approximately 70,000 square miles during leaf-off seasons, a period when tree cover is sparse, to ensure the visibility of important ground features. The timing of the imagery collection will be coordinated with real-time ground condition reports to maximize data accuracy.
Gary Bowman, chairman and CEO of Bowman, stated that this project underscores the company’s growth strategy and the value of integrating acquired capabilities, referencing the recent purchase of Surdex, which provides advanced high-altitude imaging technology. He expressed pride in Bowman’s selection for the task and the opportunity to leverage their expertise on such a significant project. InvestingPro analysts maintain a strong buy consensus on the stock, with price targets ranging from $29 to $43, suggesting potential upside from current levels.
The data collected by Bowman is expected to aid various state agencies, including the Oklahoma Department of Transportation, Emergency 911 services, the Conservation Commission, and the Office of Geographic Information. The applications of the imagery range from infrastructure planning and environmental conservation to emergency response. Additionally, the imagery will be made available to the public, promoting transparency and utility for a broad range of stakeholders.
Bowman, headquartered in Reston, Virginia, offers a wide array of services including planning, engineering, geospatial, construction management, and environmental consulting. The company employs over 2,300 staff across more than 100 locations in the United States. For investors seeking deeper insights, InvestingPro offers comprehensive analysis including 8 additional ProTips and a detailed research report, helping investors make informed decisions about this growing engineering services provider. This news is based on a press release statement from Bowman Consulting Group.
In other recent news, Bowman Consulting Group Ltd. has been making significant strides in its financial performance and strategic initiatives. The engineering services firm recently reported a robust third quarter in 2024, with net revenue exceeding $100 million, which signifies a substantial year-over-year growth. This development was further bolstered by a 27% increase in backlog, driven by strong new bookings and large transportation contracts.
Bowman Consulting also announced an increase in its share repurchase program, raising the total from $25 million to $35 million. This decision underscores the company’s commitment to investing in organic growth and strategic acquisitions. The firm has also raised its 2024 revenue outlook and set an optimistic revenue forecast for 2025, reflecting confidence in its continued expansion.
In addition to these financial developments, Bowman Consulting has highlighted an uptick in demand for services related to electrification and decarbonization in power markets. The company is well-positioned to capitalize on these evolving market demands, with a clear vision for the future and a healthy balance sheet. These are some of the recent developments for Bowman Consulting Group Ltd.
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