Select Energy: Up 20% Since The Article On Feb 5th, Up 13% Today Alone!
Anybody join me in this one?
Select made good on a lot of my forecast in the article published a couple of weeks ago.
Select.com
Select filings
Earnings beat on the top and bottom lines.
Revenue for the fourth quarter of 2021 was $255.1 million as compared to $204.6 million in the third quarter of 2021 and $133.3 million in the fourth quarter of 2020. Net income for the fourth quarter of 2021 was $11.2 million as compared to a net loss of $14.2 million in the third quarter of 2021 and a net loss of $21.2 million in the fourth quarter of 2020.
For the fourth quarter of 2021, gross profit was $17.9 million, as compared to a gross profit of $9.0 million in the third quarter of 2021 and a gross loss of $3.9 million in the fourth quarter of 2020. Total gross margin was 7.0% in the fourth quarter of 2021 as compared to 4.4% in the third quarter of 2021 and (3.0)% in the fourth quarter of 2020. Gross margin before depreciation and amortization ("D&A") for the fourth quarter of 2021 was 16.6% as compared to 15.6% for the third quarter of 2021 and 14.5% for the fourth quarter of 2020.
SG&A during the fourth quarter of 2021 was $25.2 million as compared to $22.0 million during the third quarter of 2021 and $15.5 million during the fourth quarter of 2020. SG&A during the fourth quarter of 2021 and the third quarter of 2021 was impacted by non-recurring transaction costs of $2.0 million and $2.4 million, respectively.
Adjusted EBITDA was $26.4 million in the fourth quarter of 2021 as compared to $15.1 million in the third quarter of 2021 and $10.2 million in the fourth quarter of 2020. Adjusted EBITDA was negatively impacted by the deduction of $19.0 million of non-recurring bargain purchase price gains that benefited Net Income during the quarter related to our recent acquisition activity. Additionally, Adjusted EBITDA was impacted by $2.4 million of non-recurring transaction costs, $1.6 million of non-cash losses on asset sales, $0.4 million in lease abandonment costs, and $0.8 million in other adjustments. Non-cash compensation expense accounted for an additional $3.2 million adjustment. Please refer to the end of this release for reconciliations of gross profit (loss) before D&A (non-GAAP measure) to gross profit (loss) and of Adjusted EBITDA (non-GAAP measure) to net income (loss).
Hope you took a look at this when I put the article out. I listened to the call today. I didn’t hear a weak area except perhaps for a ramp in capex. All in all, I think it has further to go. Cheers!