Cactus(US:WHD)2024-08-01 21:12Revenue Performance - For the six months ended June 30, 2024, Cactus derived 76% of total revenues from product sales, 9% from rentals, and 15% from field service and other[76]. - Total revenues for the second quarter of 2024 were $290.4 million, an increase of $16.3 million, or 5.9%, from the first quarter of 2024[88]. - Total revenues for the first six months of 2024 were $564.5 million, an increase of $30.3 million, or 5.7%, compared to $534.2 million in the same period of 2023[94]. Segment Performance - Pressure Control segment revenue for Q2 2024 was $187.2 million, up 6.9% from Q1 2024, driven by increased customer activity[89]. - Spoolable Technologies segment revenue for Q2 2024 was $103.7 million, a 4.7% increase from Q1 2024, with operating income rising to $30.0 million[90]. - Pressure Control segment revenue decreased by $31.6 million, or 8.0%, to $362.2 million due to lower sales of wellhead and production-related equipment[94]. - Spoolable Technologies segment revenue increased by $62.4 million, or 44.4%, to $202.8 million, driven by the acquisition of FlexSteel[95]. Income and Expenses - Operating income for the second quarter of 2024 was $79.8 million, reflecting a 27.6% increase from the previous quarter[88]. - Total operating income for the first six months of 2024 was $142.4 million, an increase of $44.2 million, or 45.0%, from $98.2 million in 2023[94]. - Income tax expense for Q2 2024 was $18.2 million, an increase of 35.3% from $13.4 million in Q1 2024, primarily due to higher operating income[92]. - Net income attributable to Cactus Inc. was $88.8 million, an increase of $21.1 million, or 31.3%, compared to $67.6 million in the first half of 2023[94]. Cash Flow and Capital Expenditures - Cash and cash equivalents as of June 30, 2024, were $246.5 million, with $220.1 million available under the Amended ABL Credit Facility[99]. - Net cash provided by operating activities was $164.2 million, a decrease from $168.5 million in the same period of 2023, primarily due to increased working capital outflows[105]. - Net cash used in investing activities significantly decreased to $14.1 million from $639.5 million in 2023, mainly due to the prior year's acquisition of FlexSteel[106]. - Net cash used in financing activities was $37.2 million for the first half of 2024, compared to net cash provided of $190.7 million in 2023, reflecting changes related to the FlexSteel acquisition[107]. - Estimated net capital expenditures for 2024 are projected to range from $35 million to $45 million, focusing on rental fleet investments and manufacturing enhancements[102]. Market Conditions - Average WTI oil price for Q2 2024 was $81.81 per barrel, compared to $74.73 per barrel in Q2 2023, indicating a year-over-year increase[82]. - Average natural gas price for Q2 2024 was $2.06 per MMBtu, down from $2.40 per MMBtu in Q2 2023[82]. - U.S. land drilling rigs averaged 583 in Q2 2024, down approximately 13% from the 2023 full year average of 720[83]. Acquisitions - Cactus completed the acquisition of FlexSteel on February 28, 2023, enhancing its position in the E&P industry[73].