Team, Inc. (TISI) stock plummeted 34.57% in the pre-market trading session at the price of $1.89 after announcing its financial results for the three months ended on 30th September 2021. TISI provides integrated, digitally-enabled asset assurance and optimization solutions to customers globally.
TISI Third Quarter 2021 Earnings Report
On 12th November 2021, TISI announced its financial results for the third quarter ended on 30th September 2021 and provided business updates.
TISI Financial Highlights
TISI reported a net loss of $91.2 million, or per diluted share of $2.94, for the third quarter of 2021. Net loss totaled $9.1 million, or per diluted share of $0.30, for the third quarter of 2020. For the third quarter of 2021, the total revenue was $217.4 million. Revenue was $219.1 million in the same quarter of the previous year. The gross margin was 24.5%, or $53.3 million, for the third quarter of 2021. For the third quarter of 2020, the gross margin was 29.1%, or $63.7 million.
TISI calculated SG&A of $67.6 million for the third quarter of 2021. A gain of 10.6% or $6.5 million from the third quarter of the previous year. For the third quarter of 2021, adjusted EBIT (loss) was $10.2 million. Adjusted EBIT (income) was $5.6 million in the third quarter of last year. On 30th September 2021, cash and cash equivalents totaled $17.0 million. The company reported gross debt of $403.0 million on 30th September 2021. On 31st December 2020, gross debt was $357.3 million.
Management Comments
Chief Executive Officer of TISI, Amerino Gatti, remarked that their top-line results did not reach expectations due to weather-related disturbances, third-quarter 2021 performance, uneven market recovery, and challenging business dynamics. Their performance was also affected by a late start of fall turnaround projects and energy blackouts along the Gulf Coast from Hurricane Ida.
They anticipate capitalizing on the recent market tailwinds while being focused on long-term strategic production. They remain inspired by the fundamental vision for their industry across all geographic regions. They will benefit from a robust market over the following years, concluded Mr. Gatti.
