Cactus reports Q4 adjusted EPS 81c, consensus 69c

Reports Q4 revenue $274.9M, consensus $270.06M. CEO Scott Bender commented, “I am proud of our company’s continued focus on execution as well as its integration of FlexSteel. In Q4, Adjusted EBITDA margins in both segments exceeded expectations, and we generated substantial free cash flow. In Q1 2024, we anticipate that U.S. land activity levels will be approximately flat from Q4 2023…We have made substantial progress in integrating FlexSteel, our first acquisition as a public company, which has enhanced margins and diversified our revenue further downstream of the wellhead, providing growth opportunities both inside and outside of upstream oil and gas. Although current industry expectations for 2024 U.S. land drilling and completion activity are modest, we have several initiatives underway to further enhance margins and remain focused on diversifying our international revenue streams through growth in both of our segments.”