Omega Flex, Inc. Announces Fourth Quarter 2024 Earnings
Rhea-AI Summary
Omega Flex (NASDAQ: OFLX) reported its fourth quarter and full-year 2024 financial results, showing declining performance across key metrics. Net sales for 2024 decreased by 8.8% to $101,681,000, compared to $111,465,000 in 2023. The fourth quarter of 2024 saw net sales decline by 4.2% compared to the same period in 2023.
The company's net income for 2024 fell by 13.2% to $18,014,000, down from $20,763,000 in 2023. Fourth quarter net income was 4.2% lower than the same period in 2023. The performance decline was primarily attributed to lower sales unit volumes in a suppressed market affected by declining housing starts, increased salary-related expenses, and higher travel costs.
Positive
- Maintained profitability with $18.01M net income despite market challenges
Negative
- Net sales declined 8.8% to $101.68M
- Net income dropped 13.2% to $18.01M
- Q4 2024 showed 4.2% decline in sales and income
- Higher operational costs (salary and travel expenses)
- Suppressed market conditions and declining housing starts
News Market Reaction
On the day this news was published, OFLX gained 2.01%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
| OMEGA FLEX, INC. (OFLX) | ||||||||||||||||||
| Twelve Months Ended December 31, | Three Months Ended December 31, | |||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Net Sales | $ | 101,681,000 | $ | 111,465,000 | $ | 26,965,000 | $ | 28,147,000 | ||||||||||
| Net Income attributable to Omega Flex, Inc. | $ | 18,014,000 | $ | 20,763,000 | $ | 4,682,000 | $ | 4,889,000 | ||||||||||
| Earnings Per Share – Basic and Diluted | $ | 1.78 | $ | 2.06 | $ | 0.46 | $ | 0.48 | ||||||||||
| Weighted Average Shares – Basic and Diluted | 10,094,322 | 10,094,322 | 10,094,322 | 10,094,322 | ||||||||||||||
EXTON, Pa., March 05, 2025 (GLOBE NEWSWIRE) -- Dean W. Rivest, CEO, announced that net sales of Omega Flex, Inc. (the “Company” or “Omega Flex”) (Nasdaq: OFLX) for 2024 and 2023 were
The Company’s net income for 2024 was
INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS – This press release contains forward-looking statements, which are subject to inherent uncertainties which are difficult to predict and may be beyond the ability of Omega Flex to control. Certain statements in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform act of 1995 that are not historical facts, but rather reflect Omega Flex’s current expectations concerning future results and events. The words “believes,” “expects,” “intends,” “plans,” “anticipates,” “hopes,” “likely,” “will,” and similar expressions identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance, or achievements of Omega Flex (or entities in which Omega Flex has interests) or industry results, to differ materially from future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s view only as of the date of this press release. Omega Flex undertakes no obligation to publicly release the result of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, conditions, or circumstances.
Contact: Dean W. Rivest
(610) 524-7272
FAQ
What was Omega Flex's (OFLX) revenue decline in 2024?
How much did OFLX's net income drop in 2024?
What caused the decline in Omega Flex's 2024 performance?
How did OFLX perform in Q4 2024 compared to Q4 2023?
