Cactus, Inc. ( (WHD) ) has released its Q3 earnings. Here is a breakdown of the information Cactus, Inc. presented to its investors.
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Cactus, Inc. is a company that designs, manufactures, and sells pressure control and spoolable pipe technologies for the oil and gas industry, primarily catering to onshore unconventional wells in North America and Australia, while also serving select international markets.
In its third quarter of 2024, Cactus, Inc. reported a revenue of $293.2 million and a net income of $62.4 million. The company declared a quarterly dividend of $0.13 per Class A share, showcasing its commitment to returning value to shareholders despite a challenging market environment.
Key financial metrics for the quarter included an adjusted EBITDA of $100.4 million with a margin of 34.2%, and operating income of $76.8 million. The company’s cash flow from operations was strong at $85.3 million, with cash and cash equivalents totaling $303.4 million and no outstanding bank debt. The Pressure Control segment saw a slight decrease in revenue due to lower drilling activities, while Spoolable Technologies experienced a revenue increase driven by heightened customer activity.
Looking ahead, Cactus anticipates stable U.S. land rig counts but acknowledges potential challenges due to seasonal reductions and customer budget constraints. Despite these hurdles, the company remains focused on capital discipline and pursuing growth opportunities that enhance shareholder value.
