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RESTON, Va. - Bowman Consulting Group Ltd. (NASDAQ:BWMN), a $523 million market cap engineering services firm with impressive 52% gross profit margins, announced Thursday it has been selected by the U.S. Geological Survey (USGS) to lead aerial lidar data collection in regions impacted by Hurricane Helene. According to InvestingPro data, the company has shown strong revenue growth of nearly 22% over the last twelve months.
The engineering services firm will work alongside Colorado-based Merrick & Company on the project, which covers more than 8,800 square miles across Georgia, Tennessee, Alabama and South Carolina. The work supports the USGS 3D Elevation Program (3DEP), a federal initiative creating a national baseline of high-resolution topographic data.
Under the arrangement, Bowman will lead aerial acquisition and lidar processing, while Merrick will handle project management, ground survey and quality control functions.
The selection represents the latest task order awarded to Bowman under the multi-year Geospatial Products and Services Contract (GPSC4). Bowman is one of only 10 contractors approved to provide services for national initiatives like 3DEP.
"This award reinforces the strategic value of our long-term federal partnerships and our positioning within high-barrier-to-entry programs like GPSC4," said Gary Bowman, founder and CEO of Bowman, according to the company’s press release. The company’s strong execution is reflected in its financial performance, with InvestingPro analysts expecting continued net income growth this year.
The collected data will support various agencies, including the U.S. Forest Service, in assessing areas affected by Hurricane Helene and will inform decisions related to public safety, infrastructure planning and emergency response.
Bowman reports it has previously collected and processed over 150,000 square miles of lidar data under the GPSC4 contract. The company will continue providing geospatial acquisition services through 2026, with additional task orders anticipated within the current fiscal year. Trading at $30.37, InvestingPro analysis suggests the stock is currently undervalued, with 11 additional exclusive ProTips and comprehensive financial metrics available to subscribers through the Pro Research Report.
In other recent news, Bowman Consulting Group Ltd. reported its first-quarter 2025 earnings, revealing a notable revenue increase. The company achieved revenue of $112.9 million, surpassing the expected $100.58 million, although its earnings per share (EPS) of $0.07 fell short of the forecasted $0.13. In a strategic move, Bowman announced the acquisition of e3i Engineers, a Boston-based firm specializing in data center and energy infrastructure design, aiming to enhance its capabilities in data center engineering. Additionally, Bowman secured a Phase II contract with the USDA to provide aerial imagery services for the National Resource Inventory program, covering approximately 11.2 million acres across the U.S.
The company’s Board of Directors has also authorized a $25 million stock buyback program, set to commence in June 2025, reflecting Bowman’s focus on shareholder value. In governance changes, Bowman restructured its leadership by separating the roles of chairman and CEO, with James Laurito elected as the new Chair of the Board. Founder Gary Bowman will continue as CEO, emphasizing the company’s operational leadership. These developments highlight Bowman’s strategic initiatives and operational focus amid its ongoing growth trajectory.
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