Leading provider in specialty industrial services, Team, Inc. (NYSE:TISI) also advanced considerably in the quarter, jumping +68.00% after posting year-over-year growth in revenues, adjusted EBITDA and free cash flow. Management believes the market is showing signs of improvement, as the Inspection and Heat Treating segment was stretched during the quarter due to growth in large project activity levels and expanded scopes. TISI is also rapidly deploying a new regional, cross-segment operating model that is expected to increase revenues, improve efficiency and decrease overall operating expenditures. The model should align responsibility for all services and products, promote cross selling and optimize resource allocations across locations to leverage the size and scale of the enterprise.
From Ariel Funds' Ariel Focus Fund second quarter 2018 shareholder letter.
