Team Loss Widens On Expenses, Yet Tops Street - Update

(RTTNews) - Team Inc (TISI), a provider of specialty industrial services, Monday reported a wider loss for the third quarter, hurt by increased expenses that offset growth in revenue. However, excluding items, the company posted a profit that topped Wall Street estimates.

The company reaffirmed its guidance for fiscal 2014.

Team, based in Sugar Land, Texas, reported third-quarter net loss to shareholders of $1 million or $0.05 per share, compared with a loss of $535 thousand or $0.03 per share last year.

Results for the recent quarter included about $2 million of charges related to Venezuelan currency revaluation, and tax impact adjustments of $678 thousand.

Excluding items, adjusted earnings for the quarter were $0.01 per share, compared with a loss of $0.01 per share a year ago.

On average, six analysts polled by Thomson Reuters expected breakeven earnings per share for the quarter. Analysts' estimates typically exclude special items.

Team operates in three segments: Inspection and Heat Treating Services Group; Mechanical Services Group; and Quest Integrity Group.

Revenue for the quarter grew to $163.2 million from $151 million in the prior year. Analysts expected revenue of $162.95 million.

The company said that weather disruptions hurt revenue by $6 million for the quarter.

For fiscal 2014, Team continues to expect adjusted earnings of $1.50 to $1.65 per share and revenue of $750 million to $765 million. Analysts expect earnings of $1.58 per share on revenue of $758.20 million.

Team Inc stock closed Monday at $42.45, down $0.25 or 0.59%, on a volume of 96k shares on the NYSE.