Company’s net service billings fall short of guidance

  • Bowman Consulting expects 2023 service billings below guidance
  • Net service billing expected to be around $303 million
  • Previous forecast was $306 million to $312 million
  • Results affected by larger-than-expected seasonal impact to utilization in December
  • Adjusted Ebitda expected to be $44.5 million to $46 million
  • Previous forecast was $48 million to $52 million
  • Full fiscal fourth-quarter results to be reported on March 11

Bowman Consulting Group expects its full-year net service billings to come in below its guidance. The Reston, Va.-based engineering services firm said that it was expecting net service billing of about $303 million for 2023, which is lower than its previous forecast of $306 million to $312 million. The company attributes this to a larger-than-expected seasonal impact to utilization in December. Additionally, Bowman expects its adjusted Ebitda to be $44.5 million to $46 million, compared to the previous forecast of $48 million to $52 million. The company will report its full fiscal fourth-quarter results on March 11.

Factuality Level: 8
Factuality Justification: The article provides specific information about Bowman Consulting Group’s expected net service billings and adjusted Ebitda for the full year. The information is based on the company’s own statements and previous forecasts. There is no indication of irrelevant or misleading information, sensationalism, redundancy, or opinion masquerading as fact. The article is concise and focuses on the main topic without digressions or unnecessary background information. Overall, the article appears to be factually accurate and objective.
Noise Level: 3
Noise Justification: The article provides specific information about Bowman Consulting Group’s net service billings and adjusted Ebitda. It includes details about the company’s previous forecast and the reasons for the adjustment. However, the article lacks broader analysis or context about the implications of these financial results.
Financial Relevance: Yes
Financial Markets Impacted: The financial markets may be impacted by the lower-than-expected net service billings and adjusted Ebitda of Bowman Consulting Group.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article provides information about Bowman Consulting Group’s financial performance, specifically mentioning that their full-year net service billings and adjusted Ebitda are expected to be below their previous guidance. This could impact the company’s stock price and investor sentiment, potentially affecting the financial markets.
Public Companies: Bowman Consulting Group (N/A)
Key People:

Reported publicly: www.marketwatch.com