Target Hospitality backs FY24 revenue view $410M-$425M, consensus $413.43M

Backs FY24 adjusted EBITDA view $195M-$210M. Backs FY24 capital spending view $25M-$30M. The company said, “The strength in Target’s core service offering continues to support a high degree of revenue visibility, strong cash generation and a robust liquidity profile. These attributes have established an enhanced financial position, centered on an optimized balance sheet supporting meaningful financial flexibility. Target’s optimized financial profile allows the Company to pursue capital allocation opportunities focused on diversifying and broadening the Company’s customer base and contract portfolio. Importantly, as Target evaluates these opportunities there remains a sharp focus on maintaining its strong financial position through disciplined capital deployment. Target continues to actively evaluate a robust pipeline of strategic growth opportunities and seeks to allocate over $500 million of net growth capital through 2027. These opportunities encompass Target’s existing full-turnkey hospitality solutions, as well as broadening Target’s value chain participation through individual elements of existing core competencies.”