Target Hospitality Corp (NASDAQ:TH) stock is trading with moderate rise on Monday after quarterly earnings.
Market Action
As of 11:00, TH stock gained by 7 cents or 2.41% at $2.97. The stock has traded 185K shares, compared to its average volume of 1.14 million shares. The stock opened at $3.02 and moved in a range of $2.8500 – 3.0400.
TH Reports Q1 Results
Target Hospitality Announces First Quarter 2021 Results and Raises Full Year 2021 Financial Outlook
- Revenue of $45.5 million for the three months ended March 31, 2021 as compared to $71.7 million for the same period in 2020.
- Net loss of $13.1 million for the three months ended March 31, 2021, compared to net income of $5.5 million for first quarter 2020.
- Basic and diluted loss per share of $0.14 for the three months ended March 31, 2021.
- Adjusted EBITDA(1) of $16.0 million for the three months ended March 31, 2021, compared to $32.4 million for the same period in 2020.
- Continued strengthening customer demand with sequential quarterly utilization increasing 800 basis points in the first quarter of 2021.
- Executed a $118 million minimum revenue contract that provides a suite of comprehensive service offerings assisting humanitarian aid efforts in support of the United States Government
- Approximately 72% of 2021 revenue under committed revenue contracts, with approximately 54% of 2021 revenue related to Government Services.
“Target’s first quarter performance exemplifies the benefits of our strong operating position that allows us to serve our customers varying needs, while also expanding the end-markets we serve. As we continue to see post-pandemic re-openings, Target experienced a consistent increase in demand for its premium service offerings, which was reflected in margin expansion and improving operational metrics during the quarter,” stated Brad Archer, President and Chief Executive Officer.
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