Cactus, Inc. reported a 6% increase in its third quarter revenue which totaled $115.4 million for the Texas-based drilling and manufacturing company.
With operations in Oklahoma and other oil and gas states, the Houston firm reported third quarter net income of $17.2 million and adjusted net income of $14.7 million and diluted earnings per share of 19 cents.
The drilling-rig operator reported third quarter cash flow of $8.9 million from operations and a $302 million cash balance and no bank debt outstanding at the end of the quarter.
“We were pleased to achieve sequential revenue growth and margin expansion during the third quarter. In our Product business line, our market share actually increased slightly despite continued disproportionate activity gains from private operators, which have historically represented a smaller portion of our business,” said Scott Bender, President and CEO.
He said the company also recorded its first Rental and Field Service revenues in the Middle East during the quarter.
“Looking ahead to the fourth quarter, we anticipate revenue growth across all our business lines during what is typically the slowest quarter of the calendar year. Based on conversations with operators, we now expect meaningful rig additions in the U.S. during the fourth quarter of this year and in early 2022. In addition, our Middle East operations should benefit from higher utilization of our rental equipment during the quarter.”
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