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Team, Inc. Reports Second Quarter 2021 Results

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SUGAR LAND, Texas, Aug. 3, 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 second quarter ended June 30, 2021.
Second Quarter 2021 Results:
IHT and Quest segment revenue increased by 46.0% and 51.4%, respectively from Q2 2020
Gross margin was $62.8 million, up $5.4 million from Q2 2020
Quest adjusted EBITDA margin of 26.6%, surpassing the 2020 full year average of 24.1%
TEAM s second quarter results reflect a mix of activity recovery and challenging market dynamics, said Amerino Gatti, TEAM s Chairman and Chief Executive Officer. Although we are not pleased with our overall results, revenue was at the upper end of our outlook. All three segments achieved revenue growth over Q2 2020 with Quest reporting the largest overall percent increase at 51%. Inspection & Heat Treatin ....

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Team, Inc. Reports First Quarter 2021 Results

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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 ca ....

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