Welcome to our dedicated page for Team news (Ticker: TISI), a resource for investors and traders seeking the latest updates and insights on Team stock.
Company Overview
Team Inc (TISI) is a distinguished provider of specialty industrial services offering comprehensive solutions for the construction, maintenance, and monitoring of high temperature and high pressure piping systems and vessels. Operating across a broad range of heavy industrial sectors, including refining, petrochemical, power, and pipelines, the company is dedicated to ensuring operational safety, reliability, and efficiency. With a global footprint that spans multiple continents and a history rooted in progressive and reliable service delivery, Team Inc exemplifies technical expertise and a commitment to quality that is essential in today’s complex industrial environments. Keywords such as industrial services, non-destructive testing, and mechanical repair underscore the company’s role as an enabler of operational integrity for critical infrastructure.
Core Business Segments
The company operates its business through two main segments:
- Inspection and Heat Treating Group: This segment provides comprehensive non-destructive testing services and specialized heat-treating processes. It is crucial for assessing the integrity of high-risk assets and ensuring they meet rigorous safety standards. These services are integral to the process, pipeline, and power sectors where asset reliability is paramount.
- Mechanical Services Group: This segment focuses on mechanical repair, remediation, and turnaround services. It is designed to address both planned and emergency maintenance scenarios, ensuring minimal operational downtime and enhancing safety during both on-stream operations and scheduled shutdowns.
Service Offerings and Operational Capabilities
Team Inc delivers a full suite of specialized services including:
- Non-Destructive Testing (NDT): Utilizing advanced inspection techniques to evaluate the condition of piping and vessel infrastructure without compromising the asset.
- Engineering Assessments: Conducting detailed evaluations to identify potential risk factors and recommending appropriate remedial actions to maintain operational integrity.
- Mechanical Repair and Remediation: Offering expert repair solutions under both on-stream conditions and during planned shutdowns, ensuring that critical assets continue to perform optimally.
- Heat Treating Services: Implementing proprietary and conventional heat-treating processes to enhance material performance and extend the life of industrial components.
These diversified operations allow Team Inc to address a vast array of challenges in heavy industrial operations. Each service is executed with a rigorous focus on precision, safety, and adherence to industry standards, reinforcing the company’s commitment to delivering value through expert technical capability.
Market Position and Industry Context
Team Inc occupies a significant niche within the industrial services landscape, providing critical support to companies operating in safety-sensitive sectors. The firm differentiates itself by combining conventional techniques with innovative, proprietary solutions to meet the demanding requirements of its client base. By serving industries where the integrity of high-pressure and high-temperature systems is paramount, Team Inc is positioned as an indispensable partner that aids in mitigating risk and enhancing asset performance. The company's strategic presence across multiple countries further amplifies its ability to support industrial clients worldwide, enabling localized service delivery backed by global expertise.
Competitive Landscape and Differentiation
In a competitive industrial services market, Team Inc stands out through its technical proficiency and diversified service offerings. Unlike firms that specialize in a single aspect of industrial maintenance, Team Inc integrates inspection, heat-treating, and mechanical repair into a seamless service offering. This integration not only improves efficiency but also provides a single point of contact for clients seeking comprehensive operational solutions. The focus on non-destructive testing paired with specialized maintenance services positions the company uniquely against competitors, ensuring that clients receive thorough, reliable, and timely support for their critical infrastructure needs.
Operational Excellence and Global Footprint
Operational excellence is a cornerstone of Team Inc’s business model. The company leverages decades of industry experience to deliver technical solutions that enhance both the safety and performance of industrial assets. With numerous service locations around the globe, Team Inc is capable of executing complex projects in diverse geographical settings. The breadth of its network allows the company to collaborate effectively with local and international clients, ensuring that best practices in safety and efficiency are uniformly applied across various markets. The diverse geographical presence not only underscores its global reach but also demonstrates the company’s ability to adapt and respond to different regulatory and operational environments.
Expertise, Experience, and Industry Authority
Team Inc builds trust through decades of proven expertise in industrial services. Its teams are trained in the latest inspection methodologies and mechanical repair techniques, ensuring that every project is completed to the highest quality standards. This commitment to excellence is further reflected in the precision of its engineering assessments and the reliability of its turnaround services, which are vital to industries where operational continuity is a critical priority. By uniting advanced technology with decades of industry experience, the company continues to earn accolades and recognition for its expertise, without relying on overt self-promotion but rather through demonstrable technical know-how and a steadfast adherence to safety norms.
Implications for Stakeholders
For companies operating in refining, petrochemical, power, and pipeline sectors, the services offered by Team Inc are integral to maintaining operational continuity and ensuring the safety of critical processes. The company’s rigorous approach to inspection, evaluation, and mechanical remediation supports client operations by reducing unexpected downtime and promoting a predictable, controlled maintenance environment. Stakeholders can be confident in the reliable operational support provided by Team Inc, which is underpinned by robust technical expertise and an extensive global service network.
Conclusion
In summary, Team Inc represents a comprehensive, technically adept industrial services provider that plays a vital role in the integrity and safety of high-pressure and high-temperature systems. Its dual-segment operational model addresses both preventive maintenance and emergency repairs, ensuring an all-encompassing approach to asset management. Through its unwavering commitment to technical excellence, operational reliability, and a strategically diversified service offering, Team Inc consistently supports industries that demand the highest standards of performance and safety. This detailed understanding of the company's operations and market positioning provides a clear view of its role in enhancing the efficiency and safety of industrial operations globally.
Team, Inc. (TISI) reported a 5.2% increase in Q2 2022 revenue, totaling $251.3 million, driven by strong performance in the Quest Integrity and Mechanical Services segments. Gross margin rose to $70 million (27.8% of revenue), with Adjusted EBITDA up 57% to $14.3 million. However, the company faced a net loss of $21.6 million. A strategic sale of the Quest Integrity business to Baker Hughes for $280 million is anticipated to enhance liquidity and reduce debt, marking a significant step in the company’s transformation plan.
Team, Inc. (NYSE: TISI) announced the sale of its Quest Integrity business to Baker Hughes for $280 million in cash, a strategic move to streamline operations and enhance profitability. This divestiture is part of Team's broader initiative to maximize shareholder value, following a review of strategic options. The sale, expected to close in Q4 2022, will enable Team to reduce debt significantly and focus on its core Inspection & Heat Treating and Mechanical Services, which contributed over 87% of its revenues year-to-date through June 30, 2022.
Revlon, Inc. (NYSE: REV) announces the retirement of Chief Financial Officer Victoria Dolan, effective September 30, 2022. Matt Kvarda, Managing Director at Alvarez & Marsal, will serve as interim CFO starting October 1. CEO Debra Perelman expressed gratitude for Dolan's contributions and optimism for Kvarda's role in the company's restructuring process. Kvarda brings nearly 30 years of experience and has held interim CFO positions at multiple companies, including TEAM, Inc. (NYSE: TISI).
On July 13, 2022, Team, Inc. (NYSE: TISI) received a notice from the NYSE indicating non-compliance with the listing standard requiring an average share price of at least $1.00 over 30 trading days. The company has six months to rectify this by achieving the required share price. Team, Inc. is considering options, including a potential reverse stock split, to regain compliance. Despite the notice, the company's operations and SEC reporting remain unaffected, with its stock continuing to trade under the ticker TISI.BC during this period.
Team, Inc. (NYSE: TISI) announced on June 17, 2022, that it received a notice from the NYSE for non-compliance with listing standards due to an average global market capitalization and shareholders' equity both below $50 million. The company plans to submit a compliance plan within 45 days, but it cannot guarantee successful compliance. The notice does not impact the current trading status of its stock or breach material debt agreements.
Team, Inc. (NYSE: TISI) has appointed Nelson M. Haight as Executive Vice President and Chief Financial Officer, effective June 13, 2022. He succeeds Matt Kvarda, who served as Interim CFO since November 2021 and will assist in the transition until mid-July. Haight brings over 30 years of experience in finance and operations, previously serving at Key Energy Services, Inc. (OTC: KEGX). Interim CEO Keith Tucker expressed confidence in Haight's ability to enhance TEAM's profitability and efficiency amid its strategic repositioning.
Team, Inc. (TISI) reported a 12% year-over-year revenue increase, reaching $218.6 million for Q1 2022.
Quest Integrity segment saw a remarkable 84% growth, driven by customer demand. Despite a GAAP net loss of $32.5 million, the adjusted EBITDA improved to $0.4 million from a loss of $5.3 million in the previous year. The company raised capital and refinanced its ABL in February 2022, aiming for performance improvements and value creation initiatives. The operational review led to initiatives for cost synergies and strategic growth across its business segments.
On April 1, 2022, Team, Inc. (NYSE: TISI) received notice from the NYSE confirming compliance with continued listing standards after remedying a minimum stock price deficiency. The company’s average closing share price exceeded the $1.00 requirement for 30 consecutive trading days, removing the '.bc' indicator from its symbol. Interim CEO Keith Tucker expressed satisfaction with this compliance milestone and emphasized ongoing efforts in the company's turnaround strategy, which focuses on enhancing service quality and financial performance.
Team, Inc. (NYSE: TISI) announced a leadership transition effective March 21, 2022, with Amerino Gatti resigning as Chairman and CEO. Keith Tucker, previously President of the Inspection and Heat Treating group, is appointed as Interim CEO, while Michael Caliel becomes non-executive Chairman. Gatti will act as an advisor during the transition. Tucker, with extensive industry experience since 2005 at Team, is expected to guide the company's turnaround. The Board expresses gratitude for Gatti's contributions, emphasizing the need for a fresh approach to refocus and grow the business.
Team, Inc. (TISI) reported fourth quarter 2021 revenues of $224 million, an 8% increase year-over-year, driven by strong performance in the Inspection & Heat Treating (IHT) segment, which grew 17%. However, the company faced a net loss of $43.1 million, worsening from a $14.9 million loss in Q4 2020, primarily due to COVID-related pricing concessions and inflationary pressures. The full-year revenue increased 3% to $875 million, but the net loss for 2021 reached $186 million. The company is focused on improving margins and enhancing shareholder value amid ongoing market challenges.
FAQ
What is the current stock price of Team (TISI)?
What is the market cap of Team (TISI)?
What core services does Team Inc offer?
Which industries are served by Team Inc?
How does Team Inc differentiate itself from competitors?
What are the two main business segments of Team Inc?
How is Team Inc positioned in the global industrial services market?
What benefits do clients gain by working with Team Inc?
How does Team Inc ensure the quality of its services?
What role does innovation play in Team Inc's operations?
