Q1 2024 Select Water Solutions Inc Earnings Call Transcript
Key Points
- Select Water Solutions Inc reported growing revenues and margins in both the water infrastructure and chemical technology segments.
- The company successfully completed several strategic acquisitions, enhancing its disposal capacity and expanding its geographic footprint.
- Select Water Solutions Inc achieved record high quarterly revenue and gross profit in the water infrastructure segment.
- The company signed four additional long-term contracts for new pipeline gathering, recycling, and disposal projects, integrating into existing infrastructure.
- Select Water Solutions Inc's recent acquisitions and projects fit the strategy to grow and expand production base and long-term contracted revenue within the Water Infrastructure segment.
- Overall revenues modestly declined during the first quarter of 2024.
- Integration and standardization expenses related to new acquisitions are expected to impact the financials in the short term.
- The Water Services segment experienced a revenue decline due to lower activity levels and is undergoing consolidation and elimination efforts.
- There are ongoing costs associated with transaction-related activities due to recent acquisitions.
- The company anticipates modest revenue decreases in the second quarter for water services due to operational consolidations.
Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Select water Solutions' 2024 first-quarter earnings conference call. (Operator Instructions) Please note this conference is being recorded.
I will now turn the conference over to your host, Chris George, Executive Vice President and Chief Financial Officer for Selecta water solutions. Thank you. You may begin.
Thank you, operator, and good morning, everyone. We appreciate you joining us for Select Water Solutions conference call and webcast to review our financial and operational results for the first quarter of 2024.
With me today are John Schmitz, our Founder, Chairman, President and CEO; and Michael Skarke, Executive Vice President and Chief Operating Officer. Before I turn the call over to John, I have a few housekeeping items to cover.
A replay of today's call will be available by webcast and accessible from our website at selectwater.com. There will
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