Team Q2 Revenue Falls 7.7% to $229 Million as Refiners Defer Turnaround Work
Updated
Updated · Yahoo Finance · Aug 11
Team Q2 Revenue Falls 7.7% to $229 Million as Refiners Defer Turnaround Work
2 articles · Updated · Yahoo Finance · Aug 11
Summary
$229 million in second-quarter revenue and $13.7 million in adjusted EBITDA marked a sharp year-over-year drop from $248 million and $24.5 million, with weakness concentrated in mechanical services.
Refining customers delayed turnaround, outage and maintenance projects, extending facility runs amid favorable refining economics and fuel-market disruption tied to the Middle East conflict.
Team still reaffirmed 2026 guidance but said results should land near the low end because the timing of deferred work remains uncertain, though some activity could return in the second half.
A transformation program is targeting $20 million to $35 million in annualized savings, including $8 million to $15 million expected in late 2026, while the company pushes into LNG, aerospace and nuclear to reduce refinery exposure.