Cactus, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 07, 2022 at 06:55 am EST
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Cactus, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported sales was USD 27.11 million compared to USD 15.27 million a year ago. Revenue was USD 184.48 million compared to USD 115.36 million a year ago. Net income was USD 31.43 million compared to USD 12.62 million a year ago. Basic earnings per share from continuing operations was USD 0.52 compared to USD 0.22 a year ago. Diluted earnings per share from continuing operations was USD 0.51 compared to USD 0.21 a year ago.
For the nine months, sales was USD 73.14 million compared to USD 42.4 million a year ago. Revenue was USD 500.6 million compared to USD 308.67 million a year ago. Net income was USD 79.19 million compared to USD 34.57 million a year ago. Basic earnings per share from continuing operations was USD 1.32 compared to USD 0.64 a year ago. Diluted earnings per share from continuing operations was USD 1.3 compared to USD 0.58 a year ago.
Cactus, Inc. is a holding company. The Company operates through two segments. The Pressure Control segment designs, manufactures, sells and rents a range of wellheads and pressure control equipment under the Cactus Wellhead brand. The segmentâs products are sold and rented principally' for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of its customers' wells. In addition, it provides field services for all of its products and rental items to assist with the installation, maintenance and handling of the equipment. The Spoolable Technologies segment designs, manufactures and sells spoolable pipe and associated end fittings under the FlexSteel brand. Its customers use these products primarily as production, gathering and takeaway pipelines to transport oil, gas or other liquids. In addition, it also provides field services and rental items to assist its customers with the installation of these products.
CACTUS, INC. 
