Select Water Solutions Q3 revenue $371M, net income up 26% sequentially; dividend raised 17%

Select Water Solutions, Inc.

Q3 revenue $371.3M (+2% seq); net income $18.8M (+26% seq); Adjusted EBITDA $72.8M (+5% seq).
Water Infrastructure segment revenue $82M (+20% seq); gross margin before D&A 56.7% (vs 51% in Q2), surpassing 50% target early.
Quarterly base dividend increased 17%; Q4 Adjusted EBITDA guided $60-62M (temporary decline due to asset downtime in New Mexico).
Secured long-term contracts: Permian (12-yr, 5,000 acres + 57,000 acre ROFR), Midland Basin (8-yr, 20,000 acre, 35MM bbl minimum), Bakken connections.
Free cash flow $20.4M; net capex $31.5M; full-year net capex guidance at low end of $170-190M.

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