Target Hospitality Q2 net income $18.4M, revenue $100.7M, down YoY; reiterates 2024 outlook

Target Hospitality Corp.

2024-Q2 EPS reported $0.38 revenue$207,393,000

Revenue $100.7M, down 30% YoY from $143.6M; net income $18.4M ($0.18 EPS) vs $46.5M ($0.46).
Adjusted EBITDA $52.2M, down 43% from $90.9M; utilization 89% vs 91% in prior year quarter.
Cash and equivalents $154M; total liquidity ~$329M; net leverage 0.1x; no borrowings on $175M credit facility.
Company reiterates FY 2024 outlook: revenue $375-385M, adjusted EBITDA $184-190M, zero net debt by year end.
Special committee continues review of TDR Capital proposal at $10.80/share; no decision reached; STFRC contract termination effective Aug 9.

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