Known as a leading manufacturer of wellheads and pressure control equipment in the U.S., Houston-based Cactus, Inc. reported an increase of nearly 10 percent as its first quarter revenues totaled $115.1 million.
It also generated net income of $26.4 million and generated cash flow from operations of $38.6 million. Its adjusted earnings before interest, depreciation and amortization increased to $42.7 million, a more than 37 percent hike.
The company’s first quarter 2018 rental revenue grew by $4.7 million or 19 percent due to what it said was a higher demand for frac valves and zipper manifolds. It said the increase reflected greater completions across the major U.S. basins where the company operates including throughout Oklahoma.
As a result, the company moved up its spending program.
“We decided to accelerate our capital expenditure program in the first quarter of 2018 as we noted increasing demand in our frac rental business,” explained Scott Bender, President and CEO of Cactus. “The timely production of these assets enhanced our first quarter results and positioned us for the rest of 2018.”