Target Hospitality Corp. (TH) shares are experiencing a significant surge, rising over 14 percent to $9.76 in pre-market trading on Wednesday. This follows the company's announcement of impressive, better-than-anticipated results for the fourth quarter. Additionally, the revenue forecast for the entire year surpassed market expectations.
Despite the decline in net income for the fourth quarter, sinking to $37.84 million or $0.29 per share from last year's $31.57 million or $0.31 per share, it managed to exceed the average estimate of $0.24 per share formulated by analysts surveyed by Thomson-Reuters.
The fourth-quarter revenue was reported at $126.22 million, a decrease from the $152.44 million acquired in the previous year. However, it did surpass the market expectation of $118 million.
In its forecast for the fiscal year 2024, Target Hospitality has projected revenue in the band of $410 million to $425 million, which again eclipses the Street's prediction of $409.67 million.
At market close on Tuesday, Target Hospitality shares were evaluated at $8.54, marking a 0.35 percent rise. Over the last year, the company's stocks have oscillated between $8.49 and $17.34.
