Bowman Consulting reports Q1 adjusted EPS 20c, consensus (8c)

Reports Q1 revenue $94.9M, consensus $95.63M. “The first quarter delivered the revenue rebound we were expecting,” said Gary Bowman, Chairman and CEO of Bowman. “Net service billing increased consecutively each month during the quarter in line with our expectations. Demand for engineering services remains strong and we generated healthy new orders during the quarter, especially in transportation which showed a meaningful increase as a percentage of total backlog. With the bulk of our organic growth anticipated to occur during the balance of 2024, we are confident we have sufficient revenue in backlog and a right-sized organizational infrastructure to deliver expanding margins as we realize the increasing benefits of scale throughout the year. We are pleased to increase our net service billing and adjusted EBITDA guidance once again for 2024.”