**Team, Inc. Reports Positive Third Quarter 2024 Financial Results****

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Team, Inc. (NYSE: TISI) has announced its financial results for the third quarter ending September 30, 2024. The global industrial services provider reported several highlights and financial figures showcasing both growth and strategic initiatives to enhance operational performance and financial stability.

For the third quarter of 2024, Team, Inc. disclosed the following key points:

– **Revenue Performance**: The company generated revenue amounting to $210.8 million, reflecting a 2% increase compared to the same period in 2023.
– **Gross Margin**: Team, Inc. maintained a gross margin of 25.4%.
– **Operating Income Improvement**: Operating income rose to $3.2 million, marking a $4.4 million increase over the third quarter of 2023.
– **Net Loss**: The net loss for the third quarter of 2024 was $11.1 million, showing an 8.3% improvement year over year.
– **Adjusted EBITDA**: The consolidated Adjusted EBITDA for the quarter was $11.3 million, representing 5.4% of consolidated revenue.
– **Cost Reduction Initiatives**: The company successfully pursued cost reduction measures aimed at yielding annualized cost savings of between $6 million and $8 million.
– **Outlook and Future Plans**: Team, Inc. focused on maintaining positive margin trajectory, driving cash flow generation, and targeting Adjusted EBITDA margin performance of at least 10% in the coming year.

Keith D. Tucker, Team’s Chief Executive Officer, expressed positivity regarding the company’s progress, noting revenue growth, improved Adjusted EBITDA, and advancements in cash flow generation. Tucker highlighted ongoing initiatives to improve margins through cost reduction activities and performance enhancements, ensuring sustained growth and financial strength.

Looking ahead, Team, Inc. foresees healthy activity levels in the fourth quarter and anticipates further performance improvements in 2025. With a focus on margin enhancement, cash flow generation, and leveraging technical capabilities, the management team aims to boost shareholder value and reinforce the company’s financial performance.

In summary, Team, Inc. demonstrated resilience and strategic foresight in its financial results, showcasing a mix of revenue growth, cost-saving endeavors, and operational initiatives to drive sustainable growth and enhance shareholder value.

The company is scheduled to provide further insights into its third quarter financial results through a webcast on Tuesday, November 12, 2024.

This news is based on Team, Inc.’s recent 8-K SEC Filing for the third quarter of 2024.

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The article above summarizes the content of Team, Inc.’s 8-K SEC filing for the third quarter of 2024 in an unbiased manner, highlighting the key financial aspects and future outlook of the company.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Team’s 8K filing here.

About Team

Team, Inc, together with its subsidiaries, provides a suite of conventional, specialized, and proprietary mechanical, heat-treating, and inspection services in the United States, Canada, Europe, and internationally. It operates through Inspection and Heat Treating (IHT) and Mechanical Services (MS) segments.