Select Water Solutions, Inc. (WTTR) reported $374.38 million in revenue for the quarter ended March 2025, representing a year-over-year increase of 2.1%. EPS of $0.08 for the same period compares to $0.04 a year ago.The reported revenue represents a surprise of +3.67% over the Zacks Consensus Estimate of $361.15 million. With the consensus EPS estimate being $0.07, the EPS surprise was +14.29%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they co ...

Select Water Solutions, Inc. (WTTR) came out with quarterly earnings of $0.08 per share, beating the Zacks Consensus Estimate of $0.07 per share. This compares to earnings of $0.04 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 14.29%. A quarter ago, it was expected that this company would post earnings of $0.08 per share when it actually produced a loss of $0.01, delivering a surprise of -112.50%.Over the last four quarters, ...

Financial Performance - First quarter 2025 consolidated revenue was $374.4 million, a sequential increase of $25 million or 7% compared to Q4 2024[1] - Net income for Q1 2025 increased by $11.7 million, with adjusted EBITDA rising 14% sequentially compared to Q4 2024[3] - Total revenue for the first quarter of 2025 was $374.4 million, up from $366.5 million in the same period of 2024, representing a year-over-year increase of 2.3%[37] - Net income attributable to Select Water Solutions, Inc. for the first quarter of 2025 was $8.2 million, compared to a net loss of $1.6 million in the previous quarter[37] - Net income for the three months ended March 31, 2025, was $9,560 thousand, a significant recovery from a net loss of $2,134 thousand in the previous quarter[41] - Adjusted EBITDA increased to $64,031 thousand for the three months ended March 31, 2025, up from $56,240 thousand in the previous quarter and $59,758 thousand a year ago[46] - Gross profit before depreciation and amortization (D&A) was $94,445 thousand for the three months ended March 31, 2025, compared to $84,484 thousand for December 31, 2024, and $89,569 thousand for March 31, 2024[46] - The total gross margin before D&A for the three months ended March 31, 2025, was 25.2%, compared to 24.2% for December 31, 2024, and 24.4% for March 31, 2024[47] Segment Performance - Water Infrastructure segment revenues were $72.4 million, a decrease of 5.8% sequentially, while gross margin before D&A remained strong at 53.7%[16] - Water Services segment revenues increased by 7.8% sequentially to $225.6 million, with gross margin before D&A at 19.5%[17] - Chemical Technologies segment revenues were $76.3 million, up from $62.9 million in Q4 2024, with gross margin before D&A at 15.2%[18] - Water Infrastructure segment gross profit was $19,101 thousand for the three months ended March 31, 2025, down from $23,009 thousand in the previous quarter but up from $15,915 thousand a year ago[46] - The Water Services segment reported gross profit of $26,765 thousand for the three months ended March 31, 2025, compared to $14,831 thousand for December 31, 2024, and $25,661 thousand for March 31, 2024[46] - The Chemical Technologies segment gross profit increased to $9,904 thousand for the three months ended March 31, 2025, from $6,344 thousand in the previous quarter but decreased from $11,101 thousand a year ago[46] Cash Flow and Capital Expenditures - Cash flow used in operations for Q1 2025 was $5.1 million, impacted by a $61.8 million increase in net working capital[19] - Net capital expenditures for Q1 2025 were $46.5 million, with $48.4 million in capital expenditures partially offset by $1.9 million from asset sales[20] - The company reported a net cash used in operating activities of $(5,061) thousand for the three months ended March 31, 2025, compared to $67,767 thousand provided in the previous quarter[41] - Cash flows from investing activities totaled $(132,522) thousand, significantly higher than $(54,380) thousand in the previous quarter, indicating increased investment activity[41] - Free cash flow for the same period was $(51,544) thousand, a significant decrease from $16,228 thousand in the previous quarter and $3,532 thousand a year ago[46] Liquidity and Debt - Total cash and cash equivalents were $27.9 million as of March 31, 2025, compared to $12.8 million as of March 31, 2024[24] - Total liquidity increased to $260.2 million as of March 31, 2025, compared to $168.6 million as of March 31, 2024, reflecting a growth of approximately 54.3%[26] - Long-term debt increased to $245,888 thousand, up from $85,000 thousand at December 31, 2024, indicating a substantial rise in financing[39] Acquisitions and Investments - The company executed multiple long-term contracts and acquisitions in the Permian Basin, with expected capital expenditures of $100 million to $125 million for new projects and acquisitions[27] - Select signed an 11-year agreement to expand recycling and pipeline infrastructure in the Northern Delaware Basin, adding up to 240,000 barrels per day of throughput capacity[28] - The company acquired two active disposal wells in the Midland Basin, adding 35,000 barrels per day of disposal capacity to support infrastructure development[30] - Select entered into a partnership for water rights investment in Colorado, with an initial investment of $62 million and an additional $10 million to enhance the water rights portfolio[32] - The company plans to construct 14 miles of large-diameter pipelines as part of two new 11-year contracts in the Northern Delaware Basin, expected to be operational by Q4 2025[29] - The Central Basin Platform recycling facility includes 120,000 barrels per day of recycling capacity and is expected to be operational by the end of Q3 2025[31] Assets and Liabilities - Total assets increased to $1,545,211 thousand as of March 31, 2025, up from $1,366,282 thousand at December 31, 2024, representing a growth of 13.1%[39] - Total liabilities increased to $628,262 thousand, up from $450,748 thousand at December 31, 2024, reflecting a rise of 39.4%[39] - The company’s total stockholders' equity remained relatively stable at $793,078 thousand as of March 31, 2025, compared to $793,520 thousand at the end of the previous quarter[39] - The company’s accumulated deficit decreased to $(197,908) thousand from $(206,147) thousand, reflecting improved profitability[39]

Core Viewpoint - Select Water Solutions, Inc. reported strong financial performance in the first quarter of 2025, with significant increases in revenue, net income, and adjusted EBITDA compared to the previous quarter, alongside new long-term contracts in the Water Infrastructure segment that are expected to drive future growth [1][2][11]. Financial Performance - Consolidated revenue for Q1 2025 was $374.4 million, up $25 million or 7% sequentially from Q4 2024 [1][11]. - Net income increased by $11.7 million to $9.6 million compared to a net loss of $2.1 million in Q4 2024 [1][11]. - Adjusted EBITDA rose 14% sequentially to $64.0 million from $56.2 million in Q4 2024 [1][14]. Business Segments - **Water Infrastructure Segment**: Generated revenues of $72.4 million, down 5.8% sequentially, with gross margin before D&A at 53.7% [15]. The segment anticipates low double-digit revenue growth in Q2 2025 [15]. - **Water Services Segment**: Revenues increased to $225.6 million, up 7.8% sequentially, with gross margin before D&A at 19.5% [16]. A decrease of 5-10% in revenues is expected in Q2 2025 due to operational consolidations [16]. - **Chemical Technologies Segment**: Revenues rose to $76.3 million, up 21.3% sequentially, with gross margin before D&A at 15.2% [17]. A mid single-digit percentage decrease in revenue is anticipated for Q2 2025 [17]. Capital Expenditures and Investments - The company plans to increase net capital expenditures for 2025 to $225 million to $250 million, driven by new infrastructure projects [9]. - Cash flow used in operations for Q1 2025 was $5.1 million, impacted by a $61.8 million increase in net working capital [18][19]. - Significant investments include $72.1 million related to a partnership in Colorado and $14.0 million for asset acquisitions to support ongoing Water Infrastructure projects [20][32]. Strategic Developments - Multiple new long-term contracts were executed in the Permian Basin, with anticipated capital deployment of $100 million to $125 million [1][26]. - An 11-year contract was signed for a major water recycling project in the Northern Delaware Basin, expected to enhance the company's infrastructure and revenue potential [6][27]. - The company has developed a leading water infrastructure network in the Northern Delaware Basin, with over 1 million acres under dedication or right-of-first-refusal [5][27]. Balance Sheet and Liquidity - Total cash and cash equivalents were $27.9 million as of March 31, 2025, compared to $12.8 million a year earlier [23]. - The company entered a new sustainability-linked credit facility with $250 million in term loan commitments, enhancing its liquidity position [22][24].

Group 1 - Select Water Solutions, Inc. will release its 2025 first quarter financial results on May 6, 2025, after market close [1] - A conference call to discuss the financial results is scheduled for May 7, 2025, at 11:00 a.m. Eastern Time [1] - The conference call will be accessible via phone or live over the Internet, with a replay available until May 21, 2025 [1] Group 2 - Select Water Solutions is a leading provider of sustainable water and chemical solutions to the energy industry [2] - The company emphasizes safe and environmentally responsible management of water throughout the lifecycle of a well [2] - Select Water Solutions aims to conserve and protect the environment through responsible management of water resources [2]

Financial Data and Key Metrics Changes - In 2024, Select Energy Services, Inc. achieved record consolidated revenue of $1.5 billion, with a gross margin of 53% in the water infrastructure segment, $258 million in adjusted EBITDA, $235 million in cash flow from operating activities, and $78 million in free cash flow [35][36][44] - The company reported a 26% annual revenue growth and a 62% increase in annual gross profit from the water infrastructure segment [11][12] Business Line Data and Key Metrics Changes - The water infrastructure segment saw significant growth, with a gross profit increase of 62% and a revenue growth expectation of 15% to 25% for 2025 [21][44] - The water services segment experienced a revenue decline of about 10% in Q4, but is expected to recover with low to mid-single-digit percentage revenue increases in Q1 2025 [48][49] - The chemical technologies segment reported a 14% sequential revenue growth in Q4, driven by new product development and market share gains [50] Market Data and Key Metrics Changes - The company has over 2.5 million acres under long-term area dedication, with a significant backlog of future well inventory and produced water volumes [15][42] - Demand for water recycling is increasing, with the company setting a new five-year target to recycle over 400 million barrels of produced water annually by 2029 [39] Company Strategy and Development Direction - The company is focusing on expanding its water infrastructure platform into the municipal, industrial, and agricultural water markets, with a $62 million investment in Colorado [27][30] - Select aims to enhance its capital structure to support significant growth opportunities while maintaining a conservative balance sheet [38][56] Management's Comments on Operating Environment and Future Outlook - Management expects a steady commodity price environment for oil and natural gas in 2025, with a modest reduction in US lower 48 activity levels compared to 2024 [22] - The company anticipates stronger year-over-year adjusted EBITDA growth in 2025, driven primarily by the water infrastructure segment [25][56] Other Important Information - The company has executed nearly a dozen small bolt-on infrastructure acquisitions and increased its base dividend by 17% during the year [12][36] - Select has a disciplined approach to leverage, maintaining a net debt to EBITDA leverage ratio substantially below one times [38] Q&A Session Summary Question: Can you discuss the new venture in Colorado and its return profile? - Management highlighted that the Colorado venture offers high gross margin-related revenue with contracts that could last up to 50 years, providing predictable and repeatable income [70][72] Question: How does the Colorado opportunity compare to traditional recycling projects? - The Colorado opportunity is seen as a resource development opportunity with higher margins than traditional water projects, although it requires a larger upfront investment [73][74] Question: What is the expected revenue growth trajectory for the water infrastructure segment? - Management indicated that the water infrastructure segment is expected to see a strong second half of 2025, with double-digit percentage growth anticipated in Q2 and Q3 [47][81] Question: Will the company maintain its gross margin levels in the upcoming quarters? - Management expressed confidence in maintaining gross margins in the 50% to 60% range, despite some initial operational efficiency challenges with new assets [84][86]

Oil and Gas Production - The U.S. shale oil production has increased from approximately 500,000 barrels per day in 2010 to about 9 million barrels per day currently, accounting for around 9% of the total global oil supply[34] - U.S. shale gas production has risen from about 15 billion cubic feet per day in 2010 to approximately 85 billion cubic feet per day as of December 2024, representing nearly 80% of U.S. natural gas production[34] Water Management and Recycling - The completion of a typical horizontal well now requires over 750,000 barrels of water, compared to roughly 75,000 barrels in 2010[37] - Current multi-well pad development plans can require in excess of five million barrels of water to complete all wells on the pad[37] - The company is actively expanding its portfolio of water recycling facilities, emphasizing water recycling as a cornerstone of its operations[30] - The company has significantly increased its focus on recycling and reuse of produced water to meet industry demand and reduce fresh water usage[51] - The company aims to enhance its water infrastructure capabilities through recent acquisitions and new recycling and pipeline projects[48] - The Water Infrastructure segment has a combined daily throughput capacity of approximately 3.2 million barrels per day for active produced water recycling and 21 million barrels of produced water storage[69] - The Water Sourcing service line has secured rights to approximately two billion barrels of water annually from hundreds of strategically located sources across the U.S.[82] - The company operates the largest high-capacity aboveground water storage tanks (ASTs) in the U.S., with sizes ranging from 4,500 to 82,000 barrels[83] - The company has developed over 1,000 miles of temporary and permanent pipeline infrastructure across key regions, including the Permian Basin and Bakken Shale[72] Financial Performance and Acquisitions - In 2024, the company executed strategic acquisitions totaling approximately $163 million, including the Tri-State Acquisition for $58.3 million and the Trinity Acquisition for $30.8 million[44] - The company has $85.0 million in outstanding borrowings and $114.8 million of available borrowing capacity under its Prior Sustainability-Linked Credit Facility as of December 31, 2024[387] - As of February 17, 2025, the company had $250.0 million in outstanding indebtedness and $211.3 million of available borrowing capacity under its Sustainability-Linked Credit Facility[387] Environmental and Regulatory Compliance - The company is subject to various environmental regulations that could increase operational costs and limit operational capabilities[140] - The company is subject to regulations regarding the handling and management of Naturally Occurring Radioactive Materials (NORM), which may be present in oilfield wastes[110] - Under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), the company may face strict liability for costs associated with hazardous substance releases, including cleanup and damages[111] - The Clean Water Act (CWA) imposes strict controls on pollutant discharges, requiring permits from the EPA, which could lead to increased compliance costs and project delays[113] - The Oil Pollution Act of 1990 establishes liability for oil spill cleanup costs, with a current limit of $137.7 million for economic damages, unless gross negligence is proven[116] - The Underground Injection Control (UIC) program regulates saltwater disposal wells, and any leakage could result in significant remediation costs and permit suspensions[117] - Recent investigations into induced seismicity linked to wastewater disposal may lead to stricter regulations and operational restrictions in certain states[118] - Hydraulic fracturing is facing increased scrutiny and potential regulatory changes, which could impose additional costs and operational delays for the company and its customers[121] - New regulations on methane emissions finalized by the EPA in December 2023 require states to implement stringent controls, potentially impacting operational costs and compliance[128] - The IRA 2022 establishes a federal fee on methane emissions starting at $900 per ton in 2024, increasing to $1,500 by 2026[129] - Colorado's Energy and Carbon Management Commission adopted rules in January 2024 to scrutinize GHG emissions and set intensity targets for oil and gas operators[131] - President Biden announced a 50-52% reduction in GHG emissions from 2005 levels by 2030, with the U.S. rejoining the Paris Agreement uncertain[132] Operational Efficiency and Technology - The company’s Water Services segment utilizes patented WaterONE™ automation services and AquaView® software for 24/7 monitoring of water-related operations, improving efficiency and safety[32] - The company’s proprietary automation technologies improve efficiency and decrease costs for customers by providing integrated water transfer solutions[83] - The company’s logistics solutions can eliminate approximately 38,500 tank truck loads for a multi-well pad requiring five million barrels of water, significantly reducing costs and environmental footprint[38] - The company’s solid waste management facilities include a 50-acre landfill in North Dakota with more than five million cubic yards of permitted capacity[73] - The company is actively developing and deploying electric pumping units to decrease emissions and reduce the environmental impact of its operations[81] Human Capital and Safety - The company has over 3,700 employees as of December 31, 2024, focusing on human capital management and employee retention[54] - The company emphasizes a strong safety culture, with a Safety Recognition Program that has improved workplace safety and employee morale[53] - The company is committed to promoting human rights and social responsibility, ensuring respect for all individuals without discrimination[61] Market Conditions and Risks - The company faces risks related to capital spending reductions in the oil and gas industry, which could adversely affect liquidity and financial condition[23] - The demand for oilfield services is largely dependent on the level of drilling and completion activity in the U.S. oil and gas industry, influenced by various uncontrollable factors[384] - Sustained low oil and gas prices could lead to lower capital spending and reduced drilling and completion activity, adversely affecting the company's business and financial condition[386] - Litigation risks are increasing against oil and gas companies for contributing to climate change, alleging public nuisances and investor fraud[133] - Access to capital for fossil fuel producers may be restricted due to climate change policies, with institutional investors favoring clean energy[134] - The SEC has finalized a rule requiring climate-related disclosures, but its implementation is currently paused pending litigation[135] Liability and Indemnification - The company assumes responsibility for pollution or contamination from its equipment, while customers generally assume responsibility for other pollution during operations[153] - The company may incur substantial losses that could materially and adversely affect its financial condition due to unforeseen liabilities not addressed by contractual provisions[154] - The company does not currently have or intend to enter into any derivative arrangements to protect against fluctuations in interest rates applicable to its outstanding indebtedness[387] - The company’s MSAs delineate indemnification obligations, with mutual indemnification for personal injury or property loss, except in cases of gross negligence or willful misconduct[153] - The company is exposed to additional liability if it is grossly negligent or commits willful acts causing pollution or contamination[153] - Losses from catastrophic events, such as blowouts, are generally the responsibility of the customer[153]

Core Insights - Select Water Solutions, Inc. reported a revenue of $349.05 million for the quarter ended December 2024, reflecting a decrease of 6.9% year-over-year, with an EPS of -$0.01 compared to $0.27 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $333.23 million by 4.75%, while the EPS fell short of the consensus estimate of $0.08 by 112.50% [1] Revenue Breakdown - Chemical Technologies revenue was $62.91 million, surpassing the average estimate of $58.83 million, but showing a year-over-year decline of 12.9% [4] - Water Services revenue reached $209.32 million, slightly above the estimated $202.84 million, marking a 13.4% decrease compared to the previous year [4] - Water Infrastructure revenue was reported at $76.81 million, exceeding the average estimate of $72.26 million, with a year-over-year increase of 26.2% [4] Profitability Metrics - Gross Profit before D&A for Water Services was $34.33 million, below the average estimate of $42.08 million [4] - Gross Profit before D&A for Chemical Technologies was $8.14 million, compared to the average estimate of $8.91 million [4] - Gross Profit before D&A for Water Infrastructure was $42.01 million, exceeding the average estimate of $38.12 million [4] Stock Performance - Over the past month, Select Water Solutions, Inc. shares have returned -6.5%, contrasting with the Zacks S&P 500 composite's +4.7% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Viewpoint - Select Water Solutions, Inc. reported a quarterly loss of $0.01 per share, missing the Zacks Consensus Estimate of $0.08, and down from earnings of $0.27 per share a year ago, indicating an earnings surprise of -112.50% [1] Financial Performance - The company posted revenues of $349.05 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 4.75%, but down from $374.86 million year-over-year [2] - Over the last four quarters, the company has exceeded consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Performance and Outlook - Shares of Select Water Solutions, Inc. have declined approximately 0.8% since the beginning of the year, while the S&P 500 has gained 4% [3] - The company's earnings outlook is uncertain, with current consensus EPS estimates at $0.17 for the coming quarter and $0.91 for the current fiscal year, with revenues expected to be $368.89 million and $1.52 billion respectively [7] Industry Context - The Waste Removal Services industry, to which Select Water Solutions, Inc. belongs, is currently ranked in the bottom 33% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Revenue and Profitability - Full year 2024 consolidated revenue was $1.5 billion, with fourth quarter revenue of $349 million[1]. - Water Infrastructure segment achieved full year 2024 revenues of $291 million, up 26% year-over-year, and gross profit increased by 62% year-over-year[1][4]. - Full year 2024 gross profit was $219.5 million, with a total gross margin of 15.1%[13]. - Total revenue for Q4 2024 was $349.047 million, a decrease of 6.9% compared to $374.860 million in Q4 2023[43]. - Gross profit for Q4 2024 was $44.184 million, down from $54.558 million in Q4 2023, representing a decline of 19.1%[43]. - Water Services segment generated revenues of $209.3 million in Q4 2024, down 10.6% sequentially from $234.0 million in Q3 2024 and down from $241.8 million in Q4 2023[21]. - The Chemical Technologies segment reported revenues of $62.9 million in Q4 2024, an increase of 13.0% from $55.3 million in Q3 2024 but a decrease from $72.3 million in Q4 2023[22]. Cash Flow and Capital Expenditures - Operating cash flow for full year 2024 was $235 million, with free cash flow of $78 million, representing approximately 30% of Adjusted EBITDA[2]. - Cash flow from operations for the full year 2024 was $234.9 million, a decrease from $285.4 million in 2023, while Q4 2024 cash flow from operations was $67.8 million, up from $51.9 million in Q3 2024[23]. - The company anticipates capital expenditures of $170 – $190 million for full year 2025, net of $10 – $20 million from asset sales[7]. - Net capital expenditures for the full year 2024 were $157.3 million, compared to $119.0 million in 2023, with Q4 2024 net capital expenditures at $51.5 million[24]. - The company made capital expenditures of $55,073 thousand for property and equipment during the three months ended December 31, 2024[52]. Debt and Liquidity - Total cash and cash equivalents decreased to $20.0 million as of December 31, 2024, from $57.1 million as of December 31, 2023[27]. - Total liquidity was $134.8 million as of December 31, 2024, down from $307.4 million as of December 31, 2023[29]. - The company’s long-term debt stood at $85 million as of December 31, 2024, with no long-term debt reported in 2023[45]. - Cash and cash equivalents decreased to $19.978 million in 2024 from $57.083 million in 2023, a decline of 65.0%[45]. Project Backlog and Future Expectations - The backlog of infrastructure projects is at an all-time high, with expectations for a steady cadence of new contracts in 2025[7]. - For 2025, the company expects Water Infrastructure segment revenues and gross profit to grow by 15% – 25% year-over-year[6]. - Select executed multiple long-term contracts for water infrastructure projects in the Permian Basin, with combined capital expenditures expected to be $39 million – $41 million[31]. - A 15-year agreement was signed for the construction and expansion of recycling infrastructure in the Northern Delaware Basin, adding up to 120,000 barrels per day of throughput capacity[32]. - Select entered a partnership to consolidate a large water rights and storage portfolio in Colorado, with an initial investment of $62 million[35]. Net Income and Loss - Net loss attributable to Select Water Solutions, Inc. for Q4 2024 was $1.640 million, compared to a net income of $27.595 million in Q4 2023[43]. - Net loss for the three months ended December 31, 2024, was $2,134 thousand, compared to a net income of $27,639 thousand for the same period in 2023[47]. - Free cash flow for the three months ended December 31, 2024, was $20,402 thousand, compared to $55,239 thousand for the same period in 2023[52]. Asset and Liability Changes - Total assets increased to $1.366 billion as of December 31, 2024, up from $1.218 billion in 2023, reflecting a growth of 12.1%[45]. - Current liabilities rose to $233.375 million in 2024, compared to $211.547 million in 2023, an increase of 10.3%[45]. - The accumulated deficit improved to $(206.147) million in 2024 from $(236.791) million in 2023, indicating a reduction of 12.9%[45]. Gross Profit and Margins - The company reported a gross profit margin of 12.6% in Q4 2024, down from 14.5% in Q4 2023[43]. - Gross profit before depreciation and amortization (D&A) for the year ended December 31, 2024, was $373,009,000, slightly up from $370,475,000 in 2023[53]. - The total gross margin before D&A for the year ended December 31, 2024, was 25.7%, compared to 23.4% in 2023, indicating an improvement[53]. - Water services segment gross profit before D&A was $180,781,000 for the year ended December 31, 2024, down from $218,287,000 in 2023[53]. - Water infrastructure segment gross profit before D&A increased to $153,327,000 in 2024 from $91,779,000 in 2023, showing significant growth[53]. - Chemical technologies segment gross profit before D&A decreased to $38,901,000 in 2024 from $60,409,000 in 2023[53]. - The gross margin before D&A for the water services segment was 20.0% for the year ended December 31, 2024, compared to 21.1% in 2023[53]. - The gross margin before D&A for the water infrastructure segment improved to 52.7% in 2024 from 39.9% in 2023[53]. - The gross margin before D&A for the chemical technologies segment was 15.0% for the year ended December 31, 2024, down from 18.7% in 2023[53].