StockNews.AI
OFLX
StockNews.AI
167 days

Omega Flex, Inc. Announces Fourth Quarter 2024 Earnings

1. OFLX reported net sales of $101.68 million for 2024, down 8.8%. 2. Net income for 2024 fell to $18.01 million, a 13.2% decline. 3. Fourth-quarter net sales decreased by 4.2% YoY due to market suppression. 4. Income drop attributed to higher salary costs and reduced sales volumes. 5. Forward-looking statements warn of uncertainties affecting future performance.

Earnings
+2.01%Current Return
VS
-1.77%S&P 500
$36.3503/05 04:34 PM EDTEvent Start
$37.0803/06 11:08 PM EDTLatest Updated
5m saved
Insight
Article

FAQ

Why Bearish?

The significant drop in sales and income signals weakened demand, impacting investor sentiment. Historical instances show that similar declines often lead to stock price dips, indicating investors may reconsider the viability of future growth prospects.

How important is it?

Declining sales and income are critical indicators of a company's health. Investors will react to these results, making them important for stock price movements.

Why Short Term?

The immediate impacts of declining sales and income will likely affect stock price quickly. However, if the company can improve performance or market conditions change, recovery might be possible in the coming quarters.

Related Companies

SHWDHILEN
March 05, 2025 16:28 ET  | Source: Omega Flex, Inc.  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 $101,681,000 and $111,465,000, respectively, decreasing $9,784,000 or 8.8%. Net Sales for the fourth quarter of 2024 were 4.2% lower than during the same period in 2023. The decrease in net sales was mainly due to lower sales unit volumes as the overall market continued to be suppressed because of, among other factors, a decline in housing starts. The Company’s net income for 2024 was $18,014,000, compared to $20,763,000 during 2023, decreasing $2,749,000 or 13.2%. Net income for the fourth quarter of 2024 was 4.2% below the same period in 2023. The decrease in net income for 2024 is mainly due to the decrease in net sales, higher salary related expenses and travel.  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

Related News