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 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.
Target Hospitality Corp. (NASDAQ: TH) will announce its first quarter 2021 financial results on May 24, 2021, before the market opens. A conference call for investors is scheduled for the same day at 9:00 AM ET. Interested parties can join via a live webcast on the company's website. Target Hospitality is the leading provider of vertically-integrated specialty rental accommodations and hospitality services in the U.S., mainly serving the energy and government sectors.
Target Hospitality (NASDAQ: TH) announced an amendment to its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, due to the SEC's guidance change regarding SPAC warrant accounting. The company will restate financials to reflect private placement warrants as liabilities rather than equity. This restatement is expected to generate between $2 million and $6 million in non-operating income for 2019 and 2020, without impacting cash flows. Approximately 5.3 million private warrants remain outstanding.
Target Hospitality Corp. (NASDAQ: TH) reported its 2020 financial results, revealing a significant decline in revenue, down to $225.1 million from $321.1 million in 2019. The company faced a net loss of $27.5 million, contrasting with a net income of $6.2 million the previous year. Adjusted EBITDA also fell to $78.5 million. Despite challenges due to the COVID-19 pandemic, the company secured $383 million in minimum revenue contracts, including a $118 million contract for humanitarian aid. Target anticipates revenue between $235 million and $245 million in 2021.
Target Hospitality Corp. (NASDAQ: TH) has announced a significant contract with a leading national nonprofit organization to provide comprehensive hospitality services for up to 4,000 individuals, including displaced persons. The Company will leverage its existing network and infrastructure to deliver lodging, food management, and logistics services, enabling prompt mobilization for humanitarian aid. This partnership reflects Target's strategy to diversify through high-quality contracts and build long-term relationships with nonprofit organizations.
Target Hospitality Corp. announced that it will release its fourth quarter and full year 2020 financial results on March 30, 2021, before market opens. A conference call is set for the same day at 9:00 AM ET to discuss the results, accessible via a live webcast on their website. Target Hospitality, the largest provider of vertically integrated specialty hospitality accommodations in the U.S., focuses on the energy and government sectors, operating 25 communities with over 13,000 rooms, offering various hospitality services.
Target Hospitality Corp. (NASDAQ: TH) reported Q3 2020 revenues of $48.3 million, down from $81.6 million in Q3 2019. The company experienced a net loss of $(7.9) million versus a net income of $9.6 million last year. Adjusted EBITDA was $17.0 million, down from $40.6 million. However, strong cash flow generation continued with $28.6 million from operations. Target secured a $265 million revenue contract extension with CoreCivic, contributing to a revised annual financial outlook of $207-$212 million in revenue.
On November 5, 2020, Target Hospitality Corp. (NASDAQ: TH) announced it received an unsolicited, non-binding buyout proposal from Arrow Holdings, an affiliate of TDR Capital LLP, offering $1.50 per share for all common stock not owned by Arrow or TDR's affiliates. The Board plans to form a special committee of independent directors to evaluate the proposal. There is no assurance regarding the execution of any agreement or completion of the transaction. Target Hospitality operates customized housing communities and provides hospitality services primarily to the energy and government sectors.
Target Hospitality Corp. (NASDAQ: TH) is set to release its third quarter 2020 financial results before the market opens on November 9, 2020. A conference call to discuss the results is scheduled for the same day at 9:00 AM ET. Target Hospitality, the largest provider of vertically-integrated specialty hospitality accommodations in the U.S., serves sectors such as energy and government, operating 25 communities with over 13,000 rooms. Investors can access the conference call via webcast on the company’s website.
Target Hospitality Corp. (NASDAQ: TH) announced positive updates in its business operations amid an uncertain economic environment. The company reported a significant cash flow of $14.7 million in discretionary cash flow for Q2 2020, equating to a 27% yield. With improving occupancy and utilization metrics, particularly in the Permian Basin, Target expects continued demand growth. The revised financial outlook for 2020 estimates total revenue between $207-$212 million and adjusted EBITDA between $67-$72 million. The company anticipates attractive outcomes from government contract renewals and plans to maintain capital discipline.
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