Welcome to our dedicated page for Target Hospitality news (Ticker: TH), a resource for investors and traders seeking the latest updates and insights on Target Hospitality stock.
Target Hospitality Corp. (NASDAQ: TH) is a leading provider of specialty rental and comprehensive hospitality services in the United States. Headquartered in The Woodlands, Texas, the company operates through three primary segments: Permian Basin, Bakken Basin, and Government. It owns a network of specialty rental accommodation units, boasting approximately 13,800 beds across 25 sites, including 26 communities within the Permian and Bakken Basins. Target Hospitality serves investment-grade oil and gas companies, energy infrastructure firms, and U.S. government and government contractors.
The company is known for its vertically integrated modular accommodations and value-added hospitality services. This includes a wide range of offerings such as premium food service management, maintenance, housekeeping, grounds-keeping, on-site security, overall workforce lodge management, and laundry services. The Government segment is a substantial revenue driver, contributing significantly through contracts located in Texas.
Recent organizational changes have seen Jason Vlacich promoted to Chief Financial Officer and Troy Schrenk to Senior Executive Vice President of Operations. These moves are in alignment with a new multi-year humanitarian contract, positioning the company for further growth. Financially, Target Hospitality reported robust 2023 results with revenue reaching $563.6 million, a significant increase driven by its Government segment. The company maintains a strong balance sheet with strategic capital management, including a substantial share repurchase program.
Target Hospitality has also announced a notable partnership with the Chard Métis Dene Group of Companies to enhance community-driven economic opportunities. In addition, the company has received an unsolicited acquisition proposal from Arrow Holdings S.à r.l., further highlighting its market value.
In summary, Target Hospitality Corp. is a pivotal player in the specialty rental and hospitality services market, leveraging its comprehensive service offerings and strategic partnerships to drive consistent growth and operational excellence.
Target Hospitality Corp. (NASDAQ: TH) announces the appointment of Brigadier General (USAF Ret.) Linda R. Medler to its board of directors, effective January 1, 2022. This move aligns with the company's strategy to broaden its service offerings, particularly in government services. Medler's extensive experience in cybersecurity and technology strategies will enhance Target's capabilities in pursuing growth opportunities within the government sector. Target Hospitality aims to leverage her expertise to strengthen its reputation as a trusted provider of critical support services.
Target Hospitality Corp. (NASDAQ: TH) reported third-quarter 2021 revenue of $89.2 million, up 85% year-over-year, with net income reaching $6.7 million. Adjusted EBITDA increased by 121% to $37.5 million. The company raised its full-year 2021 revenue outlook by 7% and adjusted EBITDA outlook by 9%. Approximately 73% of 2021 revenue is under committed contracts, with strong government service demand accounting for about 52% of third-quarter revenue. Target’s net leverage ratio improved by 52% to 3.1 times, with significant liquidity of over $155 million.
Target Hospitality Corp (NASDAQ: TH), North America's largest provider of modular accommodations, raised its 2021 financial outlook by 7% due to increasing customer demand. The company noted a 40% rise in customer activity since year-end 2020, with anticipated total revenue between $280 and $285 million and Adjusted EBITDA between $110 and $113 million. Target achieved a 69% increase in Discretionary Cash Flow and reduced debt by $80 million, improving its net leverage ratio by 52% since January 2021. Approximately 99% of the 2021 revenue is under contract, with 73% committed to minimum revenue commitments.
Target Hospitality Corp. (NASDAQ: TH) announced its third quarter 2021 financial results will be released on November 12, 2021, before market opening. A conference call will follow on the same day at 9:00 AM ET to discuss the results. The call can be accessed via live webcast on the company’s website. Target Hospitality is recognized as North America's largest provider of modular accommodations and hospitality services, offering various amenities including food service management and logistics.
Target Hospitality Corp. (NASDAQ: TH) has appointed Pamela Hughes Patenaude to its board of directors as part of its strategy to enhance government services. Effective September 20, 2021, Patenaude brings extensive experience from her roles in federal government and nonprofit sectors, focusing on housing and disaster recovery. This appointment aims to strengthen Target's ability to pursue growth opportunities within government markets. Target Hospitality is recognized as North America's largest provider of modular accommodations and hospitality services, offering a variety of value-added solutions.
Target Hospitality Corp. (NASDAQ: TH) reported strong financial results for Q2 2021, achieving $75.0 million in revenue, up from $53.6 million year-over-year. The net loss narrowed to $0.9 million compared to $13.7 million in Q2 2020. Adjusted EBITDA rose to $31.9 million, reflecting robust cash generation with $67.4 million from operating activities. Approximately 60% of revenue was from government contracts. Utilization rates improved to 72%, marking a continuous upward trend. The company anticipates 2021 revenues between $260-$270 million.
Target Hospitality has appointed Major General (Ret.) Barbara Faulkenberry to its board of directors as of August 4, 2021, to strengthen its focus on government services. This strategic move aligns with the company's growth strategy in adjacent markets. Faulkenberry's extensive military experience will enhance Target's capabilities in evaluating and executing government service opportunities. The appointment aims to broaden the board's expertise and supports the company's commitment to expand value-added solutions for the United States Government.
Target Hospitality Corp. (NASDAQ: TH) will release its second quarter 2021 financial results on August 11, 2021, before market opens. A conference call will be held the same day at 9:00 AM ET to discuss the results. Interested participants can access the call via a live webcast on the company's website. Target Hospitality is recognized as North America's largest provider of modular accommodations and hospitality services, offering extensive solutions including food service management and logistics.
Target Hospitality Corp. (NASDAQ: TH) announced its presentation at the Bank of America Energy Credit Conference on June 9, 2021, at 3:00 pm ET. The event will be streamed live, with a recording available later on the company's website. Target Hospitality is the largest provider of vertically-integrated specialty hospitality accommodations in the U.S., offering a suite of services including culinary, catering, and security, primarily aimed at the energy and government sectors.
Target Hospitality reported a revenue decrease of 36.5%, totaling $45.5 million for Q1 2021, down from $71.7 million in Q1 2020. The company faced a net loss of $13.1 million, contrasting with a net income of $5.5 million in the previous year. Adjusted EBITDA also declined to $16 million from $32.4 million. Despite challenges, customer demand increased, evidenced by an 800 basis points rise in utilization. A new $118 million government services contract bolstered 72% of projected revenue for 2021, prompting a revision of Adjusted EBITDA outlook to $97-$107 million.
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