If you like to see more ideas, please subscribe to the premium service "Value in Corporate Events" here and try the free trial. In this service we cover major earnings events, M&A, IPOs and other significant corporate events with actionable ideas. Furthermore, we provide coverage of situations and names on request!In the first days of 2023, I believed that Cactus (NYSE: WHD ) had seen an interesting start to the year. Solid earnings power and an interesting deal created an interesting set-up.As the leader o ...

纪要涉及的行业或者公司 - 行业：油田服务、石油设备制造 - 公司：Cactus（WHD）、Baker Hughes 纪要提到的核心观点和论据 收购的战略意义 - 核心观点：收购Baker Hughes Surface Pressure Control（SPC）业务将使Cactus成为卓越的全球轻资产油田设备公司，增强其在中东市场的影响力，提升财务状况和抗风险能力[6][7][9] - 论据： - SPC业务在中东地区有强大的市场地位和客户关系，与Cactus以北美为中心的业务形成互补，能立即在中东建立据点，中东是油田服务的主要增长市场[7][8][20] - 收购升级了Cactus的收入稳定性和客户质量，降低了美国关税不确定性对业务的影响[10] - SPC业务的大量积压订单和长期合同提供了更高的收入、盈利和现金流可见性，其轻资产和可变成本结构增强了财务状况[11] 交易详情 - 核心观点：Cactus将与Baker Hughes成立合资企业，收购SPC业务65%的控股权，交易预计在今年下半年完成[12] - 论据： - 初始收购价格约为3.445亿美元，对应企业总估值为5.3亿美元，相当于2024年调整后EBITDA的约6.7倍[12] - 交易完成两年后，Cactus有权购买剩余35%的股权，购买价格基于当时最近12个月SPC调整后EBITDA的6倍，企业总估值上限为6.6亿美元，下限为5.3亿美元（仅在Cactus行使购买权时适用）[13] - 收购资金将来自手头现金和未动用的2.25亿美元循环信贷额度，Cactus还计划在交易完成时向合资企业资产负债表注入7000万美元运营现金，Baker Hughes将贡献其中的35%，并在未来收回[13][14] SPC业务概况 - 核心观点：SPC是一家专注于井口和采油树设备的设计、制造和服务提供商，具有良好的财务表现和市场地位[16] - 论据： - 2024年，SPC业务收入近5亿美元，调整后EBITDA约为8700万美元，调整后EBITDA利润率为17%，年底积压订单超过6亿美元[17] - 售后市场服务占2024年总收入的30%以上，提供了稳定的经常性收入流[17] - SPC业务在中东地区有强大的市场地位，约85%的收入来自中东，与沙特阿拉伯、阿联酋等国家的主要石油公司有长期合作关系[16][20] 财务预期 - 核心观点：收购预计将为Cactus带来成本协同效应和财务增长[14] - 论据：初步预计交易完成后一年内可产生约1000万美元的年度成本协同效应，尽管短期内可能会因扩大公司基础设施而产生一些负协同效应，但长期来看，有望提高业务的财务回报[14][15] 其他重要但是可能被忽略的内容 - SPC业务的售后市场服务与美国市场的服务收入不同，主要涉及对大量已安装井口和采油树设备的升级和改造，与新钻井的关联较小[18] - SPC业务在全球拥有1100多名员工，总部位于阿布扎比，有三个主要制造地点，其中中国苏州和沙特阿拉伯达曼的制造设施最初由Cactus管理团队建立，阿联酋的新设施将于2025年开始大规模运营[19] - 收购完成后，Cactus计划将SPC的财务结果完全合并到其压力控制报告部门，但需经审计师最终确定[15] - 从地理角度看，收购将使Cactus的压力控制业务和合并后总收入中来自美国以外市场的比例大幅提高，分别从目前的5%和6%提升至44%和34%[21][22] - 关于国际市场与美国市场的利润率差异，国际市场是交易和项目导向型业务，利润率通常低于美国市场，但Cactus有信心通过应用自身知识和流程提高SPC业务的利润率[40][41] - Cactus在中东市场有很大的市场份额增长空间，沙特市场的领导者是Schlumberger，SPC业务在中东其他国家也有增长机会[48][49] - Cactus计划在有利润机会的地方拓展业务，今年中国以外地区将有低成本产能上线，因此会寻求其他地区的业务机会[53]

Non-GAAP Measures This presentation includes references to EBITDA, Adjusted EBITDA, Transaction Adjusted EBITDA and Adjusted EBITDA Margin with respect to Cactus and SPC (each of which is defined below), which are not measures calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Reconciliations of EBITDA, Adjusted EBITDA and Transaction Adjusted EBITDA to net income, the most directly comparable measure calculated in accordance with GAAP, and calcu ...

A month has gone by since the last earnings report for Cactus, Inc. (WHD) . Shares have added about 5.5% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Cactus due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.How Have Estimates Been Moving Since Then?It turns out, est ...

For the quarter ended March 2025, Cactus, Inc. (WHD) reported revenue of $280.32 million, up 2.3% over the same period last year. EPS came in at $0.73, compared to $0.75 in the year-ago quarter.The reported revenue represents a surprise of +4.67% over the Zacks Consensus Estimate of $267.82 million. With the consensus EPS estimate being $0.70, the EPS surprise was +4.29%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ex ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________________ FORM 10-Q ______________________________________________________________________________ (MARK ONE) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the trans ...

Cactus (WHD) Q1 2025 Earnings Call May 01, 2025 10:00 AM ET Company Participants Alan Boyd - Director of Corporate Development & Investor RelationsScott Bender - CEO & Chairman of the Board of DirectorsJay Nutt - CFO, Executive VP & TreasurerJ. David Anderson - Managing DirectorStephen Gengaro - Managing DirectorScott Gruber - Director - Oilfield Services & Equipment ResearchArun Jayaram - Vice PresidentJoel Bender - President & DirectorJeff LeBlanc - Director - Equity ResearchStephen Tadlock - Executive VP ...

Cactus (WHD) Q1 2025 Earnings Call May 01, 2025 10:00 AM ET Speaker0 Good day, everyone, and thank you for standing by. My name is RJ, and I will be your conference operator today. At this time, I would like to welcome everyone to the Cactus Q1 twenty twenty five Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. Thank you. I would now like to turn the call over to Alan Boyd, Director of Corporate Devel ...

Cactus, Inc. (WHD) reported first-quarter 2025 adjusted earnings of 73 cents per share, which beat the Zacks Consensus Estimate of 70 cents. However, the bottom line declined from the year-ago quarter’s figure of 75 cents. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)Total quarterly revenues of $280.3 million beat the Zacks Consensus Estimate of $268 million. The top line improved from the year-ago figure of $274 million.The better-than-expected quarterly earnings can be attribut ...

Cactus, Inc. (WHD) came out with quarterly earnings of $0.73 per share, beating the Zacks Consensus Estimate of $0.70 per share. This compares to earnings of $0.75 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 4.29%. A quarter ago, it was expected that this company would post earnings of $0.73 per share when it actually produced earnings of $0.71, delivering a surprise of -2.74%.Over the last four quarters, the company has s ...