Team Warns Of Q4 Miss

(RTTNews) - Team, Inc. (TISI) said Tuesday that it expects to report fourth quarter adjusted earnings of $0.60 per share, below the company's previously issued guidance of $0.65 to $0.80 per share.

Revenues in the current year quarter of about $211 million were at the low end of the company's previous revenue guidance of $210 million to $225 million.

Analysts polled by Thomson Reuters currently expect the company to earn $0.71 per share on revenue of $218.05 million for the fourth quarter. Analysts' estimates typically exclude special items.

Team now expects full year revenues to be $750 million and full year adjusted earnings to be about $1.45 per share. Team previously expected adjusted earnings of $1.50 to $1.65 per share and revenue of $750 million to $765 million for the fiscal year 2014. Analysts currently expect earnings of $1.57 per share on revenue of $756.52 million.

Team said it expects to issue its fourth quarter and full year financial statements after the close of market on August 5.

"While we are not prepared yet to discuss our guidance for fiscal 2015, we can announce that our internal budget for fiscal 2015, which is the basis for Team's annual incentive compensation plans, has a revenue target of $842 million and an earnings target of $2.00 per share," said Phil Hawk, Team's Chairman and CEO.

Additionally, the company said its Board of Directors has increased the authorization effective immediately to repurchase, in open market transactions, up to $50 million of Team common stock. After consideration of the $13 million of stock repurchases that were completed in the second quarter of fiscal 2014, $37 million in capacity remains under the authorization.

Team shares are currently losing 7.06% in after hours trading after closing the day's regular trading session at $38.95, down 72 cents or 1.81%.