Cactus, Inc. WHD shares have gained 5.2% after reporting strong earnings for the second quarter of 2022.The company reported second-quarter adjusted earnings of 44 cents per share, beating the Zacks Consensus Estimate of 36 cents. The bottom line rose from the year-ago quarter’s 16 cents.Total quarterly revenues of $170.2 million outpaced the Zacks Consensus Estimate of $161 million. The top line also improved from the year-ago quarter’s $108.9 million.The strong quarterly results were driven by higher sales of wellhead and production-related equipment, resulting from improved U.S. drilling activities.Cactus, Inc. Price, Consensus and EPS Surprise Cactus, Inc. price-consensus-eps-surprise-chart | Cactus, Inc. QuoteBusiness SegmentsFrom the Product business, Cactus generated revenues of $112.2 million, increasing from $70.3 million in the June-end quarter of 2021. Gross profit from the business unit was $43.1 million, up from the year-ago quarter’s $22.2 million. The segment was supported by increased U.S. drilling activity, which triggered sales of wellhead and production-related equipment.Cactus’ Rental revenues were $23.7 million, up from $14.6 million in the year-ago quarter. Gross income from the Rental unit was $8.4 million, which increased from the year-ago quarter’s $0.2 million. The segment was supported by higher customer completion activity.From the Field Service and Other business segment, Cactus generated revenues of $34.3 million, up from $23.9 million in the year-ago quarter. Gross profit from the business unit was $7.6 million, up 21.6% year over year due to increased customer activities, resulting in higher billable hours.ExpensesThe cost of product revenues was $69.2 million, which jumped from $48.1 million in the year-ago quarter. Also, the cost of rental revenues was reported at $15.3 million, up from $14.4 million in the June-end quarter of 2021. The cost of field service and other revenues increased to $26.7 million from $17.7 million a year ago. As such, total expenses jumped to $126 million from the year-ago level of $91.6 million.Capex and Cash FlowCactus’ second-quarter 2022 cash investment amount was $5.6 million. For the reported quarter, operating cash flow was $31 million.Balance SheetAt the second-quarter end, Cactus had cash and cash equivalents of $311.7 million. It had no bank debt outstanding as of Jun 30, 2022.GuidanceFor 2022, Cactus reiterated its capital expenditure guidance of $20-$30 million.Being a manufacturer and designer of highly engineered wellhead and pressure-control equipment, Cactus expects revenue growth to continue across all of its business lines in the September-end quarter of this year.Zacks Rank & Stocks to ConsiderCactus currently carries a Zacks Rank #3 (Hold).Investors interested in the energy sector might look at the following stocks that reported solid second-quarter earnings numbers and presently sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Liberty Energy Inc. LBRT announced second-quarter 2022 earnings per share of 55 cents, which handily beat the Zacks Consensus Estimate of 18 cents. The outperformance reflects the impact of strong execution, higher activity and increased service pricing.Liberty Energy has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company currently has a Zacks Style Score of A for Growth, and B for Value and Momentum. LBRT is expected to see earnings growth of 266.7% in 2022.PBF Energy Inc. PBF reported second-quarter earnings of $10.58 per share, comfortably beating the Zacks Consensus Estimate of earnings of $7.36. The strong quarterly results were driven by increased contributions from the Refining segment.PBF Energy has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company currently has a Zacks Style Score of A for Value and Growth. PBF is expected to see earnings growth of 819.6% in 2022.RPC, Inc. RES reported adjusted earnings of 22 cents per share in the second quarter, beating the Zacks Consensus Estimate of 10 cents. The strong quarterly earnings were backed by higher activity levels in all the service lines and improved pricing.RPC has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company currently has a Zacks Style Score of A for Growth, and B for Value and Momentum. RES is expected to see earnings growth of 1733.3% for 2022. How to Profit from the Hot Electric Vehicle Industry Global electric car sales in 2021 more than doubled their 2020 numbers. And today, the electric vehicle (EV) technology and very nature of the business is changing quickly. The next push for future technologies is happening now and investors who get in early could see exceptional profits. See Zacks' Top Stocks to Profit from the EV Revolution >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report RPC, Inc. (RES): Free Stock Analysis Report PBF Energy Inc. (PBF): Free Stock Analysis Report Liberty Energy Inc. (LBRT): Free Stock Analysis Report Cactus, Inc. (WHD): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research