Shares of Bowman Consulting Group experienced a drop in value on Friday. The engineering services company warned investors that certain full-year results are expected to miss the previously provided guidance. Following this announcement, the stock saw an 8.8% decline during after-hours trading, in addition to a 2.7% slide at the close of Friday's trading session. Despite this setback, shares have seen a modest increase of less than 2% since the beginning of the year.
Based in Reston, Va., Bowman Consulting Group disclosed that net service billings, a revenue metric that excludes sub-consultant and other direct expenses, are projected to be lower than guidance. These preliminary results are influenced by a significant seasonal impact on utilization in December.
For the year 2023, the company predicts net service billings of approximately $303 million, which falls short of the previously provided guidance range of $306 million to $312 million.
Furthermore, Bowman Consulting Group expects adjusted Ebitda (earnings before interest, tax, depreciation, and amortization) to range between $44.5 million and $46 million, also below its initial full-year guidance of $48 million to $52 million.
Complete fiscal fourth-quarter results will be reported by Bowman Consulting Group on March 11.
