Houston, Texas – Cactus Inc held a conference call on May 2, 2024, to discuss their Q1 2024 earnings. Led by CEO Scott Bender and Interim CFO Al Keifer, the company reported strong revenue and earnings results for the quarter. With total company highlights including revenue of $274 million and adjusted EBITDA of $95 million, Cactus Inc demonstrated solid execution and exceeded their expectations.

During the call, Bender highlighted the growth in Spoolable Technologies’ sales, attributing it to strong sales to large integrated customers and renewed international activity. This strength in the segment, despite seasonal softness in the first quarter, showcased the differentiation in Cactus Inc’s spoolable products and the benefits of expanding their product line. Keifer, the CFO, reviewed the financial results, noting that total Q1 revenues were $274 million, with Pressure Control segment revenues at $175 million, and Spoolable Technologies segment revenues at $99 million.

The company also addressed adjusted EBITDA, depreciation and amortization expenses, income tax expenses, and corporate expenses for the quarter. Additionally, they discussed their capex outlook, dividend payments, cash balance, and expected future performance, highlighting upcoming opportunities and initiatives in the market.

Looking ahead to the second quarter of 2024, Cactus Inc projected flat Pressure Control revenue, potential international growth, and increased efficiency in Spoolable Technologies. The company aims to enhance margins through cost-saving strategies and capitalize on market opportunities. With a focus on innovation and expansion, Cactus Inc remains optimistic about their positioning in the industry and their ability to drive growth in the coming quarters.

In conclusion, the conference call provided valuable insights into Cactus Inc’s financial performance, strategic outlook, and plans for future growth. The company’s strong results in Q1 2024 and optimistic projections for the second quarter indicate a positive momentum and a clear direction for continued success in the industry.