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RESTON, Va. - Bowman Consulting Group Ltd. (NASDAQ:BWMN), a rapidly growing engineering firm with a 19.48% year-over-year revenue increase, has secured a two-year contract with the Nebraska Department of Transportation (NDOT) to provide on-call bridge evaluation services throughout the state, according to a press release issued Tuesday.
Under the agreement, Bowman will inspect approximately 300 to 500 bridges statewide, conducting condition assessments, safety inspections, load ratings and providing recommendations for repair or replacement. The work covers bridges, interstate crossings and structures in both rural and urban areas.
The contract has already commenced, with initial work orders issued. This award builds upon Bowman’s existing relationship with NDOT, following a separate on-call professional engineering contract awarded earlier this year.
"The combined contributions of several recent acquisitions made it possible, and the nature of the assignment adds predictable, reoccurring backlog while broadening our service mix with a marquee client," said Gary Bowman, founder and CEO of Bowman Consulting Group.
Bowman Consulting Group, headquartered in Reston, Virginia, provides engineering services and infrastructure solutions nationwide. The company employs approximately 2,500 people across 100 locations throughout the United States.
The firm offers planning, engineering, geospatial, construction management, commissioning, environmental consulting, land procurement and other technical services to various regulated markets.
In other recent news, Bowman Consulting Group Ltd. has been the focus of several significant developments. The company secured a $4.5 million contract with the DuPage Water Commission to provide construction engineering services for the WaterLink Pipeline Project in Illinois. Additionally, Bowman was awarded a contract by the Illinois Department of Transportation to conduct preliminary engineering services for improvements to US 30 in Morrison, Illinois. These contracts highlight Bowman’s ongoing involvement in substantial infrastructure projects.
On the analyst front, B.Riley raised its price target for Bowman to $55 from $43, maintaining a Buy rating, citing the company’s strong national reputation and ability to handle larger projects. Texas Capital Securities initiated coverage with a Buy rating and a price target of $59, noting Bowman’s potential for approximately 20% annual earnings growth driven by infrastructure megatrends and margin expansion. DA Davidson also raised its price target to $43 from $32, emphasizing solid margin execution and strong business demand. These analyst ratings reflect positive sentiment towards Bowman’s growth prospects and operational performance.
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