Team Inc close to hitting lowest in two decades after wider Q3 loss

Team

12/11/2021 12:04

** Specialty industrial services provider Team Inc's shares
 TISI.N  sink 18% premarket to $2.20 - set to slump to their
lowest since 2001 - after co posts Q3 results
    ** Co posts Q3 2021 net loss of $91.2 mln, or loss of $2.94
per share, compared with a loss of $9.1 mln, or loss of 30 cents
per share, in Q3 2020
    ** "Results failed to meet expectations due to a combination
of factors that impacted our third quarter performance,
including weather-related disruptions, challenging market
dynamics, and an uneven market recovery," co said
    ** Also says hurricane Ida, inflationary costs hit margins
 urn:newsml:reuters.com:*:nPn988r12a
    ** Stock slips around 75% YTD

 (Reporting by Anisha Sircar in Bengaluru)
 ((Anisha.Sircar@thomsonreuters.com;))