Omega Flex, Inc. Reports Decrease in Net Sales and Income for 2024

Omega Flex reports decreased net sales and net income for 2024, attributed to lower sales volumes and higher expenses.

Quiver AI Summary

Omega Flex, Inc. announced a decrease in net sales for the year ended December 31, 2024, totaling $101.7 million, down 8.8% from $111.5 million in 2023. The decline in sales was attributed to lower sales unit volumes, strongly influenced by a downturn in housing starts. For 2024, the company’s net income was $18.0 million, a 13.2% decrease from $20.8 million the previous year. The fourth quarter of 2024 also saw a 4.2% drop in net sales and income compared to the same period in 2023, largely due to reduced sales and increased salary-related expenses. The press release further included forward-looking statements, emphasizing the unpredictability and risks involved in future projections.

Potential Positives

• Omega Flex reported net income of $18,014,000, indicating profitability despite a decrease in net sales.
• The company maintained a consistent weighted average share count, which could appeal to investors looking for stability.

Potential Negatives

• Net sales decreased by $9,784,000 (8.8%) year-over-year, indicating a significant decline in revenue.
• Net income dropped by $2,749,000 (13.2%) in 2024 compared to 2023, signaling potential profitability concerns.
• Both net sales and net income for the fourth quarter of 2024 were lower than the same period in 2023, reflecting ongoing challenges in the market.

FAQ

What were Omega Flex's net sales in 2024?

In 2024, Omega Flex's net sales were $101,681,000.

How did net income change from 2023 to 2024?

Net income decreased from $20,763,000 in 2023 to $18,014,000 in 2024.

What contributed to the decrease in net sales?

The decrease was mainly due to lower sales unit volumes and a decline in housing starts.

What was the earnings per share for 2024?

The earnings per share in 2024 were $1.78, compared to $2.06 in 2023.

Is Omega Flex issuing any forward-looking statements?

Yes, the press release contains forward-looking statements about future expectations and results.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$OFLX Hedge Fund Activity

We have seen 50 institutional investors add shares of $OFLX stock to their portfolio, and 51 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• NEUBERGER BERMAN GROUP LLC removed 85,875 shares (-43.0%) from their portfolio in Q4 2024, for an estimated $3,604,173
• CONESTOGA CAPITAL ADVISORS, LLC removed 41,700 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $2,081,664
• MILLENNIUM MANAGEMENT LLC removed 26,787 shares (-39.8%) from their portfolio in Q4 2024, for an estimated $1,124,250
• KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC added 24,466 shares (+2.3%) to their portfolio in Q4 2024, for an estimated $1,026,838
• VANGUARD GROUP INC added 22,833 shares (+7.7%) to their portfolio in Q4 2024, for an estimated $958,301
• MORGAN STANLEY added 21,188 shares (+37.6%) to their portfolio in Q4 2024, for an estimated $889,260
• BLACKROCK, INC. removed 16,969 shares (-6.4%) from their portfolio in Q4 2024, for an estimated $712,188

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

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

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.