Bowman Consulting Shares Rise After Higher Q2 Adjusted Earnings, Merger Deal With Bernhard Capital Partners
Bowman Consulting (BWMN) shares were up nearly 56% in Monday trading after the company reported higher Q2 adjusted earnings and said it agreed to be acquired by Bernhard Capital Partners.The company posted quarterly adjusted earnings Monday of $0.62 per diluted share, compared with $0.55 a year earlier.Analysts polled by FactSet expected $0.47.Gross contract revenue for the quarter ended June 30 was $146.1 million, compared with $122.1 million a year earlier.The company said it continues to expect full-year net revenue in the range of $520 million to $540 million.Separately, the company said it has agreed to be acquired by Bernhard Capital Partners for $43 per share in cash or an enterprise value of $1 billion.Under the deal terms, Bowman Consulting said it can solicit, consider and negotiate alternative acquisition proposals during a 35-day "go-shop" period that will conclude on Sept. 13.The deal is slated to be completed in Q4 this year or Q1 of 2027, the company said, adding that it will become a privately held company after the deal completion.Price: $42.42, Change: $+15.19, Percent Change: +55.77%
