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Oilfield services provider Cactus sees Q2 net income slip YOY

Houston-based oilfield services company Cactus Inc. on July 31 reported a GAAP net income of $40.8 million in the second quarter, down from $41.5 million in the year-ago quarter.

Revenues for the quarter came in at $168.5 million, up from the $138.5 million posted a year ago.

Costs and expenses for the quarter totaled $117 million, up from the $92.1 million reported during the same quarter in 2018.

Product revenue came in at $94.5 million for the quarter compared to the $73.3 million noted during the same period in 2018. Rental revenue was pegged at $39.6 million, increasing from the $34.9 million seen a year prior. Field service and other revenue totaled $34.4 million for the quarter, also up from the $30.3 million posted a year ago.