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Omega Flex, Inc. (OFLX) delivers specialized flexible metal hose solutions for critical industrial applications. This news hub provides investors and industry professionals with authoritative updates on corporate developments, operational milestones, and market positioning.
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Omega Flex, Inc. (OFLX) reported its second quarter 2024 earnings, showing a decline in both net sales and net income. Net sales for the first six months of 2024 decreased by 10.7% to $49,836,000 compared to the same period in 2023. The second quarter of 2024 saw a 4.7% decrease in net sales compared to Q2 2023. Net income for the first half of 2024 fell by 15.4% to $8,715,000.
The company attributed the decrease in net sales primarily to lower sales unit volumes, citing a suppressed overall market due to factors including a decline in housing starts. The decrease in net income was mainly due to lower net sales and reduced production, resulting in lower absorption of factory labor and overhead costs. However, these negative impacts were partially offset by lower raw material costs, reduced executive compensation, lower product liability reserves, and higher interest income.
Omega Flex, a leading provider of flexible metal hose, announced a regular quarterly dividend of $0.34 per share for Q2 2024. The dividend will be paid on July 10, 2024, to shareholders of record by June 26, 2024. Future dividends will be determined based on the company's cash needs, operational results, financial condition, capital expenditure plans, and potential acquisitions.
Omega Flex, Inc. announced a decrease in net sales for the first quarter of 2024 compared to the same period in 2023, with a 15.9% decrease in sales. Net income also decreased by 26.5% during this period. The lower sales were attributed to factors such as a decline in housing starts. Despite the decrease, the company implemented measures to mitigate the impact, including reducing certain expenses and increasing interest income.
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