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Sep 30, 2020
Target Hospitality Q3 2020 Earnings Report
Target produced solid third quarter results due to positive trends in customer activity levels and cost reduction initiatives.
Key Takeaways
Target Hospitality reported a revenue of $48.3 million and a net loss of $7.9 million for the third quarter of 2020. The company experienced positive trends in customer activity levels and benefited from cost reduction initiatives, resulting in margin expansion. They also renewed and extended a lease agreement with CoreCivic, securing approximately $265 million in revenue.
Revenues were $48.3 million, compared to $81.6 million for the same period in 2019.
Net loss was $(7.9) million, compared to a net income of $9.6 million for the third quarter of 2019.
Basic and diluted loss per share was $(0.08).
Adjusted EBITDA was $17.0 million, compared to $40.6 million for the third quarter of 2019.
Revenue by Segment
Forward Guidance
Target Hospitality anticipates limited activity related to the TCPL project for the remainder of 2020 and reiterates its revised 2020 financial outlook.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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