Team Inc. Q2 revenue up 5% to $251M; sells Quest Integrity to Baker Hughes for $280M

TEAM INC

Revenue $251.3M (+5.2% YoY); gross margin 27.8% vs 26.3%.
GAAP net loss $21.6M ($0.50 loss per diluted share); adjusted EBITDA $14.3M (+57% YoY).
Announced sale of Quest Integrity to Baker Hughes for $280M cash, expected close by end of 2022.
IHT segment revenue slightly down due to project timing and staffing challenges; MS and Quest up 11% and 23%.
Sale proceeds to pay down debt, improve liquidity, focus on core IHT and MS businesses.

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