Cactus, Inc. (NYSE:WHD) Q3 2023 Earnings Conference Call November 9, 2023 10:00 AM ET

Company Participants

Alan Boyd - Director of Corporate Development and Investor Relations

Scott Bender - Chairman and Chief Executive Officer

Steve Tadlock - Chief Financial Officer and Chief Executive Officer of FlexSteel

Conference Call Participants

Scott Gruber - Citigroup

David Anderson - Barclays

Kurt Hallead - Benchmark

Stephen Gengaro - Stifel

Operator

Good day, and thank you for standing by. Welcome to the Cactus, Inc. Quarter Three Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Alan Boyd, who is Director of Corporate Development and Investor Relations. Please stand by. Go ahead.

Alan Boyd

Thank you, and good morning. We appreciate you joining us on today's call.

Our speakers will be Scott Bender, our Chairman and Chief Executive Officer; and Steve Tadlock, our Chief Financial Officer and CEO of FlexSteel. Also joining us today are Joel Bender, President; Steven Bender, Chief Operating Officer; and Will Marsh, our General Counsel.

Please note that any comments we make on today's call regarding projections or expectations for future events are forward-looking statements covered by the Private Securities Litigation Reform Act. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. These risks and uncertainties can cause actual results to differ materially from our current expectations. We advise listeners to review our earnings release and the risk factors discussed in our filings with the SEC. Any forward-looking statements we make today are only as of today's date, and we undertake no obligation to publicly update or review any forward-looking statements.

In addition, during today's call, we will reference certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in our earnings release.

With that, I'll turn the call over to Scott.

Scott Bender

Thanks, Alan, and good morning to everyone.

We were pleased with the company's execution in the third quarter, and encouraged by October's preliminary results despite the declines in the U.S. land rig count during the period. As expected, Pressure Control revenues decreased quarter-over-quarter, while Spoolable Technologies revenues remained relatively flat. Both segment sales outperformed the reduced activity levels, once again, reflecting our value proposition.