Q3 2020 Cactus Inc Earnings Call Transcript
(technical difficulty)
Steve Tadlock, our CFO, who will review our financial results. Following his remarks, I'll provide some thoughts on our outlook for the near term before opening the lines for Q&A.
Steve?
Thanks, Scott. In Q3, revenues of $60 million were 10% lower than the prior quarter, but ahead of expectations. Product revenues at $36 million were 12% lower sequentially, while the U.S. onshore rig count fell by 37% quarter-over-quarter. Product gross margins increased to 45% of revenues, up 810 basis points on a sequential basis due in part to $5.4 million in tariff-related benefits to product cost of goods sold during the quarter up from $3.1 million during the second quarter.
Rental revenues were approximately $10 million, down 14% from the second quarter. While revenue was higher than the latter months of the second quarter on average, it was significantly lower than the April run rate. Although gross margins declined on a sequential basis, we were able to
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
