Omega Flex, Inc. Announces First Quarter 2021 Earnings

Rhea-AI Summary

Omega Flex announced strong financial results for Q1 2021, with net sales reaching $30.86 million, a 22.2% increase from $25.27 million in Q1 2020. The net income rose to $6.27 million, up 44.3% from $4.34 million year-over-year. This marks the company's best first quarter on record, reflecting a recovery following pandemic-related challenges.

Positive

• Net sales increased by 22.2%, totaling $30.86 million.
• Net income rose by 44.3%, amounting to $6.27 million.
• Achieved the best first quarter on record, indicating strong recovery.

Negative

• None.

EXTON, Pa., April 21, 2021 (GLOBE NEWSWIRE) --

		OMEGA FLEX, INC. (OFLX)
		Three Months Ended March 31,
			2021			2020
Net Sales		$	30,863,000		$	25,266,000
Net Income attributable to Omega Flex, Inc.		$	6,267,000		$	4,344,000
Earnings Per Share - Basic and Diluted		$	0.62		$	0.43
Weighted Average Shares - Basic and Diluted			10,094,322			10,094,322

Kevin R. Hoben, Chairman and CEO, announced that the Company’s Net Sales for the first quarter of 2021 were $30,863,000 compared to $25,266,000 during the first quarter of last year, increasing $5,597,000 or 22.2%. Net Income was $6,267,000 for the first three months of 2021 versus $4,344,000 during the same period last year, increasing $1,923,000 or 44.3%.   In contrast to the first quarter of last year which was impeded by the pandemic, the first quarter of 2021 reflects the Company’s best first quarter on record.

INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS – This news 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 news release constitute forward-looking statements with 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 news 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:	Kevin R. Hoben
	(610) 524-7272

FAQ

What are Omega Flex's Q1 2021 net sales figures?

Omega Flex reported Q1 2021 net sales of $30.86 million.

How much did Omega Flex's net income grow in Q1 2021?

Net income increased by 44.3%, reaching $6.27 million.

What was the year-over-year sales growth for Omega Flex?

Omega Flex experienced a year-over-year sales growth of 22.2% in Q1 2021.

Is Omega Flex's Q1 2021 performance better than Q1 2020?

Yes, Omega Flex's Q1 2021 performance is better, marking the best first quarter on record.