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NEW YORK -Target Hospitality Corp. (NASDAQ:TH) reported fourth-quarter results that surpassed analyst estimates on Wednesday.
The company’s shares soared 5.22% in premarket trading following the release.
The provider of modular accommodations and hospitality services posted adjusted earnings per share of $0.12, beating the consensus forecast of $0.08. Revenue came in at $83.69 million, topping expectations of $80.1 million.
For the full year 2024, Target (NYSE:TGT) Hospitality generated revenue of $386.3 million and net income of $71.4 million.
Looking ahead, the company provided an upbeat outlook for fiscal 2025, projecting revenue between $265 million and $285 million. The midpoint of this guidance range is slightly above the current analyst consensus of $265.8 million.
"Our 2024 performance further illustrates our ability to deliver strong results through a variety of business cycles and dynamic changes in customer demand," said Brad Archer, President and CEO of Target Hospitality.
Archer highlighted recent contract wins, including a multi-year workforce hub contract expected to generate approximately $140 million in revenue through 2027, as well as a 5-year $246 million contract to reactivate assets in South Texas.
The company’s strong financial position, with $191 million in cash and no net debt as of December 31, 2024, provides flexibility to pursue additional growth initiatives.
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