Cactus (WHD) Q4 FY2023 earnings: revenue $275 million, up 46.4% on the year

Cactus, Inc. (WHD) reported revenue of $275 million for Q4 FY2023, the quarter ended 31 December 2023, up 46.4% on the same quarter a year earlier. Net income was $49 million, up 57.9% on the year, and diluted earnings per share $0.74. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue$275 millionup 46.4%

Net income$49 millionup 57.9%

Diluted EPS$0.74

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	275	288	n/a	n/a
Cost of revenue	165	176	n/a	n/a
Gross profit	110	112	n/a	n/a
Gross margin	40.0%	38.9%	n/a
Selling, general and administrative	29.6	29.5	n/a	n/a
Operating income	78.6	87.6	n/a	n/a
Operating margin	28.6%	30.4%	n/a
Pre-tax income	79.1	86.5	n/a	n/a
Income tax	17.0	18.5	n/a	n/a
Effective tax rate	21.5%	21.4%	n/a
Net income	48.9	52.6	n/a	n/a
Net margin	17.8%	18.3%	n/a
Diluted EPS	$0.74	$0.80	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	91.7	80.1	n/a	n/a
Cash from investing	-9.6	-5.7	n/a	n/a
Cash from financing	-13.4	-74.0	n/a	n/a
Depreciation and amortisation	14.9	15.2	n/a	n/a
Share-based compensation	4.6	4.4	n/a	n/a
Buybacks	0.7	0.0	n/a	n/a
Dividends paid	7.9	7.8	n/a	n/a
Dividend per share	n/a	$0.12	n/a	n/a
Diluted shares, weighted	n/a	65m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	866	821	n/a	n/a
Non-controlling interest	199	189	n/a	n/a
Debt	0.0	0.0	n/a	n/a
Operating lease liabilities	19.1	15.7	n/a	n/a
Finance lease liabilities	9.4	9.2	n/a	n/a
Other liabilities	429	429	n/a	n/a
Total liabilities and equity	1,523	1,464	n/a	n/a
Goodwill	203	201	n/a	n/a
Intangible assets	180	184	n/a	n/a
Cash and equivalents	134	63.7	n/a	n/a
Receivables	205	206	n/a	n/a
Other assets	800	809	n/a	n/a
Total assets	1,523	1,464	n/a	n/a

Questions

What was Cactus' revenue in Q4 FY2023?

Cactus (WHD) reported revenue of $275 million for Q4 FY2023, the quarter ended 31 December 2023, up 46.4% on the same quarter a year earlier.

How much did Cactus earn in Q4 FY2023?

Net income for Q4 FY2023 was $49 million, up 57.9% on the year, and diluted earnings per share $0.74.

When did Cactus report Q4 FY2023 results?

Cactus filed its 10-K for the year that ended with the quarter on 29 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	288	275	274	290	293	272	280	274	264	261	388	450
Cost of revenue	176	165	169	176	179	169	173	174	167	167	277	300
Gross profit	112	110	105	114	114	103	108	100.0	97.1	94.6	112	150
Gross margin	39%	40%	38%	39%	39%	38%	38%	37%	37%	36%	29%	33%
SG&A	29.5	29.6	29.4	31.2	37.4	32.4	39.1	39.2	35.9	34.7	62.1	66.1
Operating income	87.6	78.6	62.5	79.8	76.8	70.5	68.6	60.8	61.2	59.9	49.5	83.6
Operating margin	30%	29%	23%	27%	26%	26%	24%	22%	23%	23%	13%	19%
Pre-tax income	86.5	79.1	63.2	81.2	78.9	76.0	70.9	63.3	64.4	62.0	49.7	84.5
Tax rate	21%	21%	21%	22%	21%	24%	24%	23%	22%	22%	19%	27%
Net income	52.6	48.9	39.0	49.8	49.9	46.7	44.2	40.3	41.6	39.8	32.9	49.0
Net margin	18%	18%	14%	17%	17%	17%	16%	15%	16%	15%	8%	11%
Diluted EPS	$0.80	$0.74	$0.59	$0.75	$0.74	$0.68	$0.64	$0.59	$0.60	$0.57	-$0.70	$0.70
Operating cash flow	80.1	91.7	86.3	78.0	85.3	66.6	41.5	82.8	61.8	72.3	128	105
Buybacks	0.0	0.7	8.3	0.2	0.8	0.0	5.5	0.2	0.2	0.0	7.9	0.1
Dividends paid	7.8	7.9	8.1	8.0	8.7	8.9	9.2	8.9	9.6	9.6	10.2	9.8
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 29 February 2024, accession 0001699136-24-000007: the filing on EDGAR. All of Cactus, Inc.'s filings: EDGAR company page.

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