Cactus(US:WHD)2025-05-01 20:56Revenue Performance - For the three months ended March 31, 2025, total revenues increased to $280.3 million, a rise of 3.0% from $272.1 million in the previous quarter[92]. - Total revenues for Q1 2025 were $280.3 million, an increase of $6.2 million or 2.3% compared to Q1 2024[99]. - Pressure Control segment revenue was $190.3 million, up 7.7% from $176.7 million in the fourth quarter of 2024, driven by increased sales of wellhead and production-related equipment[93]. - Pressure Control segment revenue increased to $190.3 million, up $15.2 million or 8.7% from Q1 2024, driven by higher sales of wellhead and production-related equipment[99]. - Spoolable Technologies segment revenue decreased to $92.6 million, down 3.6% from $96.1 million in the previous quarter, primarily due to reduced customer activity levels[94]. - Spoolable Technologies segment revenue decreased to $92.6 million, down $6.5 million or 6.6% from Q1 2024, primarily due to reduced customer activity levels[100]. Income and Expenses - Operating income for the Pressure Control segment increased to $54.3 million, a 6.9% rise from $50.8 million in the previous quarter[93]. - Total operating income decreased to $68.6 million, down 2.6% from $70.5 million in the fourth quarter of 2024[92]. - Total operating income for Q1 2025 was $68.6 million, an increase of $6.1 million or 9.7% from Q1 2024[99]. - Net income attributable to Cactus Inc. was $44.2 million, a decrease of 5.3% from $46.7 million in the previous quarter[92]. - Net income attributable to Cactus Inc. was $44.2 million, an increase of $5.3 million or 13.5% compared to Q1 2024[99]. - Corporate and other expenses rose to $9.6 million, a 62.7% increase from $5.9 million in the previous quarter, primarily due to professional fees associated with growth initiatives[96]. - Corporate and other expenses increased to $9.6 million, up $4.1 million or 73.9% from Q1 2024, largely due to professional fees associated with growth initiatives[102]. Cash Flow and Investments - Net cash provided by operating activities was $41.5 million for Q1 2025, a decrease of $44.8 million from $86.3 million in Q1 2024[110]. - Net cash used in investing activities increased to $15.5 million in Q1 2025, primarily due to a $6.0 million investment in a joint venture in Vietnam[111]. - As of March 31, 2025, the company had $347.7 million in cash and cash equivalents and $222.6 million of available borrowing capacity under its Amended ABL Credit Facility[105]. - Estimated net capital expenditures for the year ending December 31, 2025 are projected to range from $40 million to $50 million, focusing on rental fleet investments and manufacturing plant enhancements[108]. Market Conditions - Average WTI oil price for the three months ended March 31, 2025, was $71.78 per barrel, compared to $77.50 per barrel in the same period of 2024[84]. - Average natural gas price increased approximately 70% from the fourth quarter of 2024 to $4.14 per MMBtu[84]. Strategic Initiatives - Cactus Inc. acquired a 40% ownership in a forging manufacturing facility in Vietnam for $6 million to diversify its supply chain[86].