Team reports Q3 EPS ($2.52) vs ($2.78) last year

Reports Q3 revenue $210.6M vs. $206.7M last year…”We remain encouraged by the overall trajectory of our business, with our third quarter results demonstrating the benefits from our ongoing operational and commercial initiatives. Overall revenue grew 2% over the prior year period, with revenue in the core U.S. business up 6%, offset by lower year over year revenue in Canada and, to a lesser extent, our other international operations. Although our overall third quarter Adjusted EBITDA of $11.3 million was consistent with the prior year, we generated a 33% year over year improvement in Adjusted EBITDA from our Inspection and Heat Treating segment driven by 8% year over year revenue growth in the U.S. business. Furthermore, we are seeing encouraging results from commercial initiatives targeting growth in higher margin revenue streams as demonstrated by a 41% increase in heat treating revenue and a 32% increase in aerospace revenue in the third quarter. We also showed tangible progress in our ongoing efforts to improve cash flow generation, delivering free cash flow of $3.9 million during the quarter, up $4.7 million over 2023. Additionally, through the first nine months of 2024, our Adjusted EBITDA grew by 21% to $39.6 million, a significant improvement over the prior year,” said Keith D. Tucker, Team’s (TISI) Chief Executive Officer.