Team Inc. Reports Mixed Earnings (TISI)

Team Inc. TISI reports Q3 earnings of $0.20 versus consensus of $0.14. Team Inc. reports revenues of $104.5 million versus consensus of $107.93 million. Revenues increased 4% sequentially. Net debt (total debt less cash) at the end of the quarter was $22 million, a reduction of $14 million during the quarter. "The positive results achieved this quarter reflect the impact of our cost savings initiatives combined with modest business growth," said Phil Hawk, Team's Chairman and CEO. "Performance was in line with our expectations for the quarter and we are affirming our previously issued earnings guidance of $1.00 to $1.15 per fully diluted share for fiscal year 2011," said Hawk. Shares of TISI are flat in the after-hours.