Select Water Solutions, Inc. announced its financial results for the third quarter ended September 30, 2024, reporting consolidated revenue of $371.3 million, a 2% sequential increase from the second quarter of 2024. Net income rose 26% sequentially to $18.8 million, and Adjusted EBITDA improved 4% sequentially to $72.8 million.
The Water Infrastructure segment was a key driver, with revenue increasing 20% sequentially to $82.0 million and gross profit before D&A growing 33%, achieving a 56.7% gross margin before D&A. The company secured multiple new long-term contracts for infrastructure projects, anticipating $37-$42 million in new capital deployment, and added 25,000 acres under long-term dedication in the Permian Basin.
For the fourth quarter of 2024, Select anticipates consolidated Adjusted EBITDA to be $60-$62 million, reflecting seasonal activity slowdowns and planned downtime for asset conversions in the Northern Delaware Basin. However, the company expects first-quarter 2025 Adjusted EBITDA to be at or above third-quarter levels, with continued growth throughout 2025.
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