Cactus(WHD)2025-02-27 00:03Financial Performance - Fourth quarter 2024 revenues were 274.9 million in the previous quarter[3]. - Operating income for the fourth quarter was 78.6 million[3]. - Net income for the fourth quarter was 92.7 million, with an adjusted EBITDA margin of 34.1%[3]. - For the twelve months ended December 31, 2024, net income increased to 214.8 million in 2023, representing an 8.8% growth[34]. - Revenue for the twelve months ended December 31, 2024, was 1.10 billion in 2023, reflecting a 3.1% increase[34]. - Adjusted net income for the twelve months ended December 31, 2024, was 253.1 million in 2023, a decrease of 3.2%[34]. - Diluted earnings per share, as adjusted, decreased to 3.19 in 2023, a decline of 3.8%[34]. - The net income margin for the three months ended December 31, 2024, was 21.1%, slightly lower than 21.3% in the previous quarter[39]. - Total operating income for the twelve months ended December 31, 2024, was 264,366,000 in the previous year[45]. Segment Performance - Pressure Control segment revenue decreased by 12.1 million, or 11.2%[10][11]. - Pressure Control segment revenue for the three months ended December 31, 2024, was 185,099,000 in the previous quarter[45]. - Spoolable Technologies segment revenue increased to 94,412,000 in the same period last year, representing a growth of approximately 1.8%[45]. - Adjusted Segment EBITDA margin for the Pressure Control segment was 34.8% for the three months ended December 31, 2024, compared to 33.5% in the previous quarter[45]. Cash Flow and Assets - Cash flow from operations for the fourth quarter was 342.8 million and no bank debt outstanding[7][13]. - Total assets as of December 31, 2024, reached 1.52 billion in 2023, indicating a 14.3% increase[30]. - Cash and cash equivalents significantly rose to 133.8 million in 2023, marking a 156.5% increase[31]. - The net cash provided by operating activities for the twelve months ended December 31, 2024, was 340.3 million in 2023, a decrease of 7.1%[31]. - Total current liabilities increased to 175.7 million in 2023, a rise of 1.2%[30]. Future Outlook - The company expects net capital expenditures for 2025 to be in the range of 55 million, focusing on supply chain diversification and efficiency improvements[14]. - The company anticipates U.S. land activity levels to remain unchanged in the first quarter of 2025, with expectations for Spoolable Technologies revenues to increase in the seasonally stronger second quarter[8]. - Cactus is implementing initiatives to grow its customer base and mitigate potential tariff impacts, including international sales growth and new product introductions[8]. Dividends and Expenses - In January 2025, the Board declared a quarterly cash dividend of 2,793,000 in the three months ended December 31, 2024, related to growth initiatives including the FlexSteel acquisition[40].