By Ben Glickman
Shares of Bowman Consulting Group fell late Friday after the company warned certain full-year results were expected to miss guidance.
The stock was down 8.8% to $33 in after-hours trading, following a 2.7% slide at Friday’s close. Shares are up less than 2% since the start of the year.
The Reston, Va.-based engineering services firm said Friday that it was expecting net service billings, a revenue metric that strips out sub-consultant and other direct expenses, to come in below guidance, based on preliminary results.
Bowman said its results were affected by a large seasonal impact to utilization in December.
The company expects net service billings of about $303 million for 2023, compared with its previous guidance of $306 million to $312 million.
The company expects adjusted Ebitda, or earnings before interest, tax, depreciation and amortization, of $44.5 million to $46 million, below its full-year guidance of $48 million to $52 million.
Bowman will report full fiscal fourth-quarter results March 11.
Write to Ben Glickman at [email protected]
Read the full article here
