TH - Target Hospitality GAAP EPS of $0.38 misses by $0.01 revenue of $147.82M beats by $10.19M

2023-05-09 06:50:48 ET

• Target Hospitality press release ( NASDAQ: TH ): Q1 GAAP EPS of $0.38 misses by $0.01 .
• Revenue of $147.82M (+84.1% Y/Y) beats by $10.19M .
• Revenue for the three months ended March 31, 2023, was $147.8 million compared to $80.3 million for the same period in 2022, an 84% increase. The increase was driven by the Government segment and the Expanded Humanitarian Community.
• Average utilized beds increased to 14,490, with utilization of 93%, for the three months ended March 31, 2023. The increase in utilized beds was primarily driven by the Expanded Humanitarian Community and continued strong customer demand in the HFS – South segment.

• Target's preliminary 2023 outlook, excluding acquisitions of:

  • Total minimum revenue of $525 million (excluding variable service revenue)
  • Total maximum revenue of $710 million (including variable service revenue)
  • Minimum Adjusted EBITDA ⁽¹⁾ of $365 million
  • Total capital spending between $20 and $30 million, excluding acquisitions
  • Zero net debt by second half of 2023

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