Omega Flex, Inc. Announces Second Quarter Earnings

Rhea-AI Summary

Omega Flex, Inc. (OFLX) reported net sales of $62,829,000 for the first half of 2021, marking a 33.4% increase from $47,084,000 in 2020. The second quarter sales rose by 46.5% year-over-year. Net income for the first six months was $12,451,000, up 57.3% from $7,915,000 in 2020, with a 73.2% increase in Q2. This growth is attributed to effective product delivery amidst raw material challenges and economic recovery.

Positive

• Net sales increased to $62,829,000, up 33.4% year-over-year.
• Net income rose to $12,451,000, a 57.3% increase.

Negative

• None.

EXTON, Pa., July 16, 2021 (GLOBE NEWSWIRE) --

		OMEGA FLEX, INC. (OFLX)
		Six Months Ended June 30,							Three Months Ended June 30,
			2021				2020			2021			2020
Net Sales		$62,829,000				$47,084,000			$31,966,000			$21,818,000
Net Income attributable to Omega Flex, Inc.		$12,451,000				$7,915,000			$6,184,000			$3,571,000
Earnings Per Share – Basic and Diluted		$1.23				$0.78			$0.61			$0.35
Weighted Average Shares – Basic and Diluted			10,094,322				10,094,322			10,094,322			10,094,322

Kevin R. Hoben, Chairman and CEO, announced that the Company’s Net Sales for the first six months of 2021 and 2020 were $62,829,000 and $47,084,000, respectively, increasing $15,745,000 or 33.4%.  Net Sales for the three months ended June 30, 2021 were 46.5% higher than the second quarter of 2020.   

The Company’s Net Income through June 2021 was $12,451,000 compared to $7,915,000 through the first six months of 2020, increasing $4,536,000 or 57.3%. Income for the second quarter of 2021 was 73.2% above the same period in 2020.  

Thus far in 2021, the Company has achieved unprecedented sales and income levels, due in part to our ability to make and deliver product amidst severe challenges in obtaining raw materials and maintaining a stable work force, and also in part due to the resurgence of the overall economy in the United States.

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 were Omega Flex's sales figures for the first half of 2021?

Omega Flex reported net sales of $62,829,000 for the first half of 2021, a 33.4% increase compared to the same period in 2020.

How much did Omega Flex's net income increase in the second quarter of 2021?

Net income for the second quarter of 2021 increased by 73.2% compared to the second quarter of 2020.

What were the earnings per share for Omega Flex in Q2 2021?

Earnings per share for Omega Flex in Q2 2021 were $1.23.