Cactus, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2021
February 28, 2022 at 11:30 am
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Cactus, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2021. For the fourth quarter, the company reported sales was USD 19.23 million compared to USD 8.59 million a year ago. Revenue was USD 129.92 million compared to USD 68.09 million a year ago. Net income was USD 15.02 million compared to USD 3.2 million a year ago. Basic earnings per share from continuing operations was USD 0.25 compared to USD 0.07 a year ago. Diluted earnings per share from continuing operations was USD 0.25 compared to USD 0.07 a year ago.
For the full year, sales was USD 61.63 million compared to USD 66.17 million a year ago. Revenue was USD 438.59 million compared to USD 348.57 million a year ago. Net income was USD 49.59 million compared to USD 34.45 million a year ago. Basic earnings per share from continuing operations was USD 0.9 compared to USD 0.73 a year ago. Diluted earnings per share from continuing operations was USD 0.83 compared to USD 0.72 a year ago.
Cactus, Inc. is a holding company. The Company operates through two segments. The Pressure Control segment designs, manufactures, sells and rents a range of wellheads and pressure control equipment under the Cactus Wellhead brand. The segmentâs products are sold and rented principally' for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of its customers' wells. In addition, it provides field services for all of its products and rental items to assist with the installation, maintenance and handling of the equipment. The Spoolable Technologies segment designs, manufactures and sells spoolable pipe and associated end fittings under the FlexSteel brand. Its customers use these products primarily as production, gathering and takeaway pipelines to transport oil, gas or other liquids. In addition, it also provides field services and rental items to assist its customers with the installation of these products.