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SUGAR LAND, Texas, May 4, 2021 /PRNewswire/ --
Team, Inc. (NYSE: TISI), a global leading provider of integrated, digitally-enabled asset performance assurance and optimization solutions, today reported its financial results for the first quarter ended March 31, 2021.
First Quarter 2021 Results:
Gross margin was $43.7 million, or 22.5%, slightly below the 24.3% from Q1 2020
Reduced quarterly SG&A by $12.3 million or 15.7% as compared to Q1 2020
Strong decremental despite a 17.8% drop in revenue, as a result of disciplined cost management
"TEAM's first quarter results were adversely impacted by numerous headwinds," said Amerino Gatti, TEAM's Chairman and Chief Executive Officer. "As expected, we experienced a slow start to the year. January is historically a weak month as our clients' focus is on scheduling maintenance and capital projects. February's typical uptick in activity was delayed by the unprecedented winter storms that caused large scale power outages across the U.S. Midwest and Gulf Coast. These storms resulted in a large number of refining and petrochemical plants shutting down temporarily, which reduced our nested activity and postponed projects. We estimate the storms negatively affected our first quarter revenue by approximately $10 million. Our international markets were also affected, as COVID‑related lockdowns limited travel and necessitated quarantine restrictions.