Cactus, Inc. reported a total revenue of $1.13 billion for the fiscal year ending December 31, 2024, reflecting a 3% increase from $1.10 billion in 2023. The company's net income rose to $232.8 million, an 8.3% increase compared to $214.8 million in the previous year. This growth was primarily driven by a significant increase in the Spoolable Technologies segment, which saw revenues rise by 19.6% to $407 million, largely due to the full-year impact of the FlexSteel acquisition completed in February 2023. Conversely, the Pressure Control segment experienced a decline in revenue, falling 4.3% to $724 million, attributed to decreased sales of wellhead and production-related equipment amid lower drilling and completion activity.
The acquisition of FlexSteel for $658.6 million was a pivotal strategic move for Cactus, enhancing its product offerings in the spoolable pipe market. The integration of FlexSteel's operations is expected to yield long-term benefits, although the company acknowledged potential challenges in realizing these anticipated gains. The internal reorganization preceding the acquisition streamlined operations, positioning Cactus for improved efficiency and market responsiveness.
Operationally, Cactus reported a total employee headcount of approximately 1,600 as of December 31, 2024, with over 100 employees based outside the United States. The company serves over 300 customers, primarily in the oil and gas exploration and production sectors, with a notable concentration of revenue from a single customer, which accounted for 15% of total revenues in 2024. The company continues to focus on expanding its geographic footprint, particularly in international markets, while maintaining a strong presence in the U.S.
Looking ahead, Cactus anticipates continued revenue growth driven by the recovery in oil and gas prices and increased drilling activity. However, the company remains cautious about potential market volatility and the impact of geopolitical tensions on its operations. Cactus plans to invest between $45 million and $55 million in capital expenditures for 2025, primarily aimed at enhancing its rental fleet and expanding its manufacturing capabilities. The company also intends to maintain its quarterly dividend, which has increased to $0.50 per share, reflecting its commitment to returning value to shareholders while supporting growth initiatives.
About Cactus, Inc.
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