Cactus Q3 Revenue $430.9M, EPS $0.87; Backlog Up $150M, Middle East Plant Approved
WHD sits 64% above its 52-week low of $39.16.
Summary
Cactus posted Q3 revenue of $430.9 million and diluted EPS of $0.87, with Spoolable Technologies up 20% sequentially and backlog rising more than $150 million. The board also approved a Middle East Spoolable manufacturing facility for 2029 startup and declared a $0.15 quarterly dividend.
Key Events · Earnings and Guidance · WHD
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Q3 Revenue $430.9M, EPS $0.87
Revenue of $430.9 million and net income of $74.1 million, or $0.87 per diluted Class A share; adjusted EPS was $0.96 on adjusted net income of $78.0 million.
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Spoolable Grows, Pressure Control Slips
Spoolable Technologies revenue rose 20.2% sequentially to $126.9 million with a 41.0% adjusted segment EBITDA margin, while Pressure Control fell 11.4% to $304.8 million on lower Middle East shipments.
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Backlog Up More Than $150M
Remaining performance obligations closed the quarter at $615.6 million, with backlog nearly doubling in Spoolable Technologies; the majority sits in the Cactus International business.
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Middle East Spoolable Plant Approved
The board approved construction of a Spoolable Technologies manufacturing facility in the Middle East, expected to commence operations in 2029, alongside the previously announced Baytown expansion.
Analysis · WHD · Energy & Transportation
The forward-looking pieces matter more than the quarter itself. Revenue fell 4.1% sequentially to $430.9 million as Pressure Control dropped 11.4% on lower Middle East product shipments, yet margins held up better than expected and Spoolable Technologies grew 20.2% to $126.9 million. Backlog rose more than $150 million to $615.6 million, nearly doubling in Spoolable, and the board approved a Middle East Spoolable plant expected to start up in 2029. Management guided Q4 consolidated revenue to modestly increase, with Pressure Control up modestly and Spoolable up slightly. With $354.2 million of cash and no bank debt, the $0.15 quarterly dividend is easily covered.
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At the time of this filing, WHD was trading at $64.34 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $5.2B. The 52-week trading range was $39.16 to $74.07. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.