Thu, Aug 1, 9:21 PM (88 days ago)
Cactus, Inc.'s Q2 2024 financial results show positive performance with total revenues of $290.4 million, a slight decline from $305.8 million in Q2 2023. The Pressure Control segment reported revenues of $187.2 million, down 6% year-over-year, while Spoolable Technologies generated $103.7 million, up 44%, driven by the FlexSteel acquisition. Operating income rose to $79.8 million, a 64% year-over-year increase, attributed to reduced SG&A expenses and improved segment performance. Net income attributable to Cactus, Inc. doubled to $49.8 million, with diluted EPS at $0.75. The company holds $246.5 million in cash and no outstanding debt, indicating strong liquidity. The FlexSteel earn-out liability, now finalized at $37 million, is set for August 2024 payment. Future capital expenditures are projected between $35-45 million for 2024.