Bowman Consulting Group Ltd. (NASDAQ: BWMN) (“Bowman” or the “Company”), a leading national engineering services firm supporting owners and developers of the built environment, has announced a significant increase to its share repurchase program. As of November 29, 2024, the Company’s Board of Directors authorized raising the share repurchase program from $25 million to up to $35 million. This increase follows the continued success and financial flexibility demonstrated by the Company. With approximately $16 million remaining available under the expanded program, Bowman intends to continue utilizing the program until its scheduled termination date of July 31, 2025.
Bowman’s decision to expand its share repurchase program reflects the Company’s commitment to enhancing shareholder value while maintaining strong financial positioning. This increase demonstrates confidence in its business outlook and underscores the Company’s ongoing focus on delivering long-term value to its shareholders.
The share repurchase program allows Bowman the discretion to repurchase shares based on a variety of factors, including the Company’s stock price, market conditions, and capital allocation priorities. Repurchases may be executed through open market purchases, privately negotiated transactions, or other means, such as using trading plans that qualify under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The program is designed to provide Bowman with the flexibility to manage its stock effectively, allowing repurchases to be made opportunistically.
“The expansion of our share repurchase program reflects our confidence in the long-term growth prospects of Bowman Consulting,” said Gary Bowman, CEO of Bowman Consulting. “We remain committed to enhancing shareholder value while continuing to invest in our strategic growth initiatives, both organically and through acquisitions. The flexibility to execute this program will help us ensure that we are positioned to optimize shareholder returns in the evolving market.”
Importantly, the share repurchase program does not obligate Bowman to buy a specific number of shares. The program may be modified, suspended, or discontinued at any time without prior notice, depending on business conditions, market dynamics, and the Company’s financial and operational needs.
In addition to the share repurchase program, Bowman continues to focus on expanding its organic growth and pursuing strategic acquisitions. The Company’s growth strategies are designed to enhance its capabilities in providing infrastructure solutions across a range of regulated industries, including construction management, environmental consulting, land procurement, geospatial services, and more. Bowman’s engineering expertise spans a diverse set of markets, ensuring its adaptability and resilience in meeting the evolving needs of its clients.
With over 2,300 employees in more than 95 offices across the United States, Bowman Consulting has established a strong presence in the engineering services space. The Company’s commitment to quality, innovation, and client satisfaction has helped it become a trusted partner in the development and maintenance of the built environment.
Bowman Consulting trades on the Nasdaq under the ticker symbol BWMN, and the Company’s actions reflect its strong market position and strategic vision for growth. The share repurchase program serves as a key element of its broader financial strategy, designed to reward shareholders while maintaining the flexibility to reinvest in Bowman’s future growth.
As Bowman moves forward, it remains focused on delivering top-tier infrastructure solutions, further expanding its portfolio of services, and leveraging its expertise to build lasting value for shareholders, clients, and the communities it serves.
