Target Hospitality Raises FY22 Outlook

(RTTNews) - Target Hospitality Corporation (TH), a provider of workforce lodging and modular housing, said on Friday that it has raised its guidance for the fiscal 2022 following its Expanded Humanitarian Contract with a non-profit organization earlier this week.

For the full year, the company now expects its total revenues to be in the range of $500 million - $510 million, versus its previous forecast of $325 million - $335 million.

Three analysts, on average, polled by Thomson-Reuters are estimating the firm to report its total sales for the year at $333.13 million. Analysts' estimates typically exclude one-time items.

For the fiscal 2022, the Group also forecasts its adjusted EBITDA of $295 million to $305 million, higher than its projection of $125 million - $135 million.

For the second quarter, the company expects its total revenues to be in the range of $102 million - $107 million, with an adjusted EBITDA of $50 million to $55 million.

Analysts, on average, expect the company to post its second quarter revenues at $82.67 million.

The Expanded Humanitarian Contract with an undisclosed national nonprofit partner includes enhanced infrastructure and related solutions for around 6,400 displaced persons, nonprofit staff, and related personnel, representing a 60 percent population increase from the initial contract.