2023-06-08 10:36:23 ET
Cactus Inc. ( NYSE: WHD ) +9.7% in Thursday's trading after the company authorized a $150M share repurchase program and forecast a substantial Q2 revenue gain in its spoolable technologies segment.
In a new investor presentation , Cactus ( WHD ) said it expects Q2 revenues in its pressure control unit to come in flat to slightly higher than Q1, citing better than expected custom activity relative to rig declines, while guiding Q2 revenues in spoolable technologies to $105M-$110M.
In Q1, Cactus ( WHD ) reported pressure control revenues of $194.6M and spoolable technologies revenues of $33.7M.
The company also guided for adjusted EBITDA margin of 34%-36% in pressure control and "in the upper 30% range" in spoolable tech due to stronger activity and improved cost performance.
Cactus ( WHD ) said it believes the U.S. onshore rig count at the end of Q2 will total ~650 as rig drops are expected to continue through the middle of this year.
More on Cactus Inc.:
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Cactus surges 10% on stock buyback program, strong Q2 guidance