Select Water Solutions Announces Third Quarter 2024 Financial Results and Operational Updates

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by · The Cerbat Gem

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Select Water Solutions, Inc. (NYSE: WTTR) has recently disclosed its financial results for the third quarter of 2024, showcasing promising performance and operational updates. The company reported a revenue of $371 million for the third quarter, indicating a 2% sequential increase compared to the second quarter of 2024.

Key Highlights:
– Generated revenue of $371 million, showing a sequential increase of 2% compared to the previous quarter.
– Operating Cash Flow amounted to $51.9 million, with Free Cash Flow standing at $20.4 million during the same quarter.
– Net income increased by 26% and Adjusted EBITDA improved by 4% sequentially in Q3 2024.
– Water Infrastructure segment witnessed significant growth, with revenue, gross profit, and gross profit before D&A increasing sequentially by 20%, 42%, and 33%, respectively.
– Secured multiple new long-term contracts for pipeline gathering, recycling, and disposal projects with anticipated new capital deployment between $37 and $42 million.

John Schmitz, the Chairman, President, and CEO of Select Water Solutions, expressed satisfaction with the company’s margin improvement and profitability in Q3, attributing it to revenue growth and margin improvement in the Water Infrastructure segment. He emphasized the company’s unique growth story and steady progress towards increasing profitability and free cash flow generation.

The company looks forward to continued growth in 2025, focusing on expanding its infrastructure footprint through both organic and inorganic projects. Select Water Solutions aims to enhance its asset utilization, improve operational efficiency, and deliver high-margin, long-term contracted infrastructure to drive shareholder value.

The third-quarter financials showcase Select Water Solutions’ dedication to delivering industry-leading water and technology solutions. The company remains committed to sustainable practices and responsible water resource management across its operations.

For more detailed financial information and operational updates, interested parties can access the full 8-K SEC Filing on the company’s website.

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The above article is a summary based on the 8-K SEC Filing submitted by Select Water Solutions, Inc. No alterations have been made to the factual information provided in the filing.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Select Water Solutions’s 8K filing here.

About Select Water Solutions

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Select Water Solutions, Inc, together with its subsidiaries, provides water management and chemical solutions to the energy industry in the United States. The company operates through three segments: Water Services, Water Infrastructure, and Chemical Technologies. The Water Services segment provides water-related services, including water sourcing, water transfer, flowback and well testing, water containment, fluids hauling, water monitoring, and water network automation; technology solutions comprising hydrographic mapping, water volume and quality monitoring, remote pit and tank monitoring, leak detection, asset and fuel tracking, and automated-equipment services, as well as various surface rental equipment and workforce accommodation services.

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