Select Water Solutions, Inc. reported a total revenue of $1.45 billion for the fiscal year ending December 31, 2024, a decrease of 8.4% from $1.59 billion in 2023. The decline was primarily driven by a significant drop in revenue from its Water Services and Chemical Technologies segments, which fell by 12.7% and 19.5%, respectively. In contrast, the Water Infrastructure segment saw a revenue increase of 26.5%, attributed to acquisitions and organic growth in recycling operations. The company's net income also decreased by 55.3%, from $79.2 million in 2023 to $35.5 million in 2024, largely due to a substantial increase in income tax expense and lower gross profits.
The company undertook several strategic acquisitions in 2024, totaling approximately $163 million, which included the purchase of Tri-State Water Logistics and Trinity Environmental Services. These acquisitions were aimed at enhancing Select Water's capabilities in water management and disposal services, particularly in key regions like the Permian Basin and Haynesville. The company is focusing on expanding its water recycling facilities and infrastructure, which are expected to provide a more predictable revenue stream through long-term contracts.
Operationally, Select Water Solutions reported a workforce of over 3,700 employees as of December 31, 2024. The company has been actively investing in technology solutions, such as its proprietary AquaView® software platform, to improve water management efficiency and reduce operational costs. The company’s commitment to sustainability is reflected in its focus on recycling produced water, which is increasingly becoming a critical component of its service offerings.
Looking ahead, Select Water Solutions anticipates continued demand for its services, driven by the ongoing need for sustainable water management solutions in the energy sector. However, the company also faces challenges from macroeconomic factors, including inflation, interest rate fluctuations, and geopolitical tensions that could impact oil and gas prices. The company remains focused on maintaining operational efficiency and exploring new growth opportunities, particularly in water recycling and treatment technologies, to adapt to the evolving market landscape.
About Select Water Solutions, Inc.
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