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- Target Hospitality Group TH reported first-quarter FY23 sales growth of 84% year-on-year to $147.81 million, beating the consensus of $137.63 million.
- The revenue increase was driven by the Government segment and the Expanded Humanitarian Community.
- Average utilized beds increased to 14,490, with utilization of 93%, for the quarter.
- Gross profit rose 193% to $81.9 million with 55.4% gross margin. The operating income more than quadrupled to $61.9 million with an operating margin of 41.9%.
- EPS of $0.38 missed the consensus of $0.39.
- Adjusted EBITDA for the quarter jumped 171% Y/Y to $90.6 million.
- Target held $42.4 million in cash and equivalents as of March 31, 2023.
- Net cash generated from operating activities for the quarter was $14.5 million versus cash used of $(30.6) million last year.
- The company said it continues to actively evaluate expanding pipeline of strategic growth opportunities and seeks to allocate over $500 million of net growth capital through 2027.
- Outlook: Target Hospitality sees FY23 revenue of $525 million - $710 million versus the consensus of $562.57 million. It sees a minimum adjusted EBITDA of $365 million.
- Price Action: TH shares are trading higher by 12.84% at $13.82 on the last check Tuesday.
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