Select Energy Services Inc (NYSE: WTTR) stock fell over 10.89% on 2nd July, 2019 (Source: Google finance). The company for the current quarter is projected to earnings of $0.17 per share for the current fiscal quarter, according to Zacks Investment Research. WTTR had posted earnings of $0.24 per share in the same quarter last year, which suggests a negative year-over-year growth rate of 29.2%. The firm is expected to announce its next quarterly earnings results on Thursday, August 8th.
Meanwhile, during the first quarter of 2019, in conjunction with the sale and winding down of certain operations within the Wellsite Services segment, including certain operations of the Affirm subsidiary, the Canadian operations and the sand hauling business, the company had re-evaluated its segment structure and revised its reportable segments to Water Services, Water Infrastructure, and Oilfield Chemicals.
Further, for the first quarter of 2019, WTTR has reported the revenue of $362.6 million as compared to $362.3 million in the fourth quarter of 2018 and $376.4 million in the first quarter of 2018. Revenue in the first quarter of 2019 got affected due to the divestment of certain non-core operations that contributed an incremental $7.8 million of revenue in the fourth quarter of 2018 and $18.9 million in the first quarter of 2018. WTTR has reported the net income for the first quarter of 2019 of $1.4 million, which was affected by several non-recurring charges, mainly due to the divestment of non-core operations, compared to a net loss of $18.1 million in the fourth quarter of 2018 and net income of $16.1 million in the first quarter of 2018.
Moreover, the company’s cash flow from operations for the first quarter of 2019 was $36.6 million. Capital expenditures for the first quarter was of 2019 were $33.3 million, which is net of ordinary course asset sales of $3.2 million. This figure also includes $9.1 million of capital expenditures related to the ongoing development activities in the northern Delaware Basin. Total liquidity was $234.2 million as of March 31, 2019, as compared to $221.9 million as of December 31, 2018. After the repayment of $20 million of borrowings during the first quarter, the outstanding borrowings under the Company’s revolving credit facility had totaled $25.0 million as of March 31, 2019, compared to $45.0 million as of December 31, 2018. Total cash and cash equivalents were $15.7 million at March 31, 2019 as compared to $17.2 million at December 31, 2018.