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Sep 30, 2023
Bowman Q3 2023 Earnings Report
Bowman's Q3 2023 financial results were announced, showcasing revenue growth and strategic initiative success.
Key Takeaways
Bowman Consulting Group reported a strong third quarter with record gross revenue and a 30% year-over-year increase in backlog. The company's strategic growth initiatives are demonstrating margin leverage and operating cash flow improvements. Bowman is optimistic about future growth due to tailwinds in transportation, energy, and manufacturing funding.
Gross revenue increased by 33% to $94.4 million compared to the same period last year.
Organic gross revenue growth was 11% year-over-year.
Net income was $1.2 million, compared to $3.4 million in the prior year.
Backlog grew by 30% year-over-year, reaching $299 million.
Revenue by Segment
Forward Guidance
The Company is adjusting its full year 2023 outlook for Net Service Billing to be in the range of $306 to $312 million and Adjusted EBITDA in the range of $48 to $52 million. The Company is introducing its full year 2024 outlook for Net Service Billing to be in the range of $345 to $360 million and Adjusted EBITDA in the range of $56 to $62 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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