Team reports Q3 adjusted EBITDA $14.5M vs. $11.3M last year

Reports Q3 revenue $225.0M vs. $210.8M last year. “TEAM (TISI) delivered a solid third quarter, with revenue climbing 6.7% year-over-year to $225.0 million, driven by growth across both our Mechanical Services and Inspection & Heat-Treating segments.” said Keith D. Tucker, Team’s Chief Executive Officer. “Our Inspection and Heat-Treating revenue grew 5.7%, driven by strong nested and call out activity in the U.S. and 8.9% growth in our international operations including Canada. Our Mechanical Services segment revenue grew 7.8% or $8.0 million, led by increased turnaround demand in the U.S. and improved performance in Canada. Overall, our Adjusted EBITDA margin expanded by 110 basis points and Adjusted EBITDA increased by 28.6% to $14.5 million, our best third quarter performance since 2016, underscoring the progress we’ve made toward margin improvement and increased cash flow generation as well as the strength of our customer relationships, service reliability, and our commitment to operational excellence.”