Stock Track | Target Hospitality Plummets 5.05% Despite Q3 Revenue Beat as Profit Turns to Loss

Stock Track11-07

Target Hospitality Corp. (TH) shares plummeted 5.05% in Thursday's intraday trading session, despite the company reporting better-than-expected third-quarter revenue. The hospitality services provider's financial results, released pre-market, revealed a mixed picture that seems to have disappointed investors.

For the quarter ended September 30, Target Hospitality reported revenue of $99.4 million, surpassing the analyst consensus estimate of $84.8 million. However, the company swung to a net loss of $800,000, or $0.01 per share, compared to a profit of $20.1 million, or $0.20 per share, in the same quarter last year. While the loss per share was less than the expected $0.04 loss, the shift from profit to loss appears to have overshadowed the revenue beat.

The company's adjusted EBITDA for the quarter came in at $21.5 million. Target Hospitality also provided its full-year outlook, projecting total revenue between $310 million and $320 million, and adjusted EBITDA between $50 million and $60 million. Despite maintaining a strong balance sheet with approximately $205 million in total available liquidity and zero net debt, investors seem concerned about the company's profitability and future prospects, leading to the significant stock decline.

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