You have about a 50/50 chance. Some people were let go for performance issues that they weren't told of first. The company seems too eager to let good people go and pick up temps only to drop them later.
From my experience, most contract roles have the potential to be extended beyond the expected timeframe of the contract. Each role has the possibility to become permanent based on employment availability and the business need, how well you as an individual perform with the training provided, and how well you excel in the role you're contracted in.
Answered - FIDELITY INVESTMENT CONTRACTOR (Former Employee) - Durham, NC
I get a yearly renewal on my contract so it might always be different for others.
Answered - Corporate Distribution Mail Clerk Messenger (Current Employee) - Salt Lake City, UT