Omega Flex, Inc. Announces Third Quarter 2024 Earnings
Omega Flex (OFLX) reported declining financial results for Q3 2024. Net sales decreased by 10.3% to $74.7 million for the first nine months of 2024, compared to $83.3 million in 2023. Third-quarter net sales fell 9.5% year-over-year. Net income dropped 16% to $13.3 million for the nine-month period, with Q3 net income declining 17.2% compared to 2023. The company attributed these decreases to lower sales volumes amid suppressed market conditions and declining housing starts. Higher overhead expenses from newly leased facilities impacted profitability, though lower raw material costs helped partially offset the decline.
Omega Flex (OFLX) ha riportato risultati finanziari in calo per il terzo trimestre del 2024. Le vendite nette sono diminuite del 10,3% a 74,7 milioni di dollari per i primi nove mesi del 2024, rispetto a 83,3 milioni di dollari nel 2023. Le vendite nette del terzo trimestre sono scese del 9,5% rispetto all'anno precedente. Il reddito netto è calato del 16% a 13,3 milioni di dollari per il periodo di nove mesi, con una diminuzione del reddito netto del Q3 del 17,2% rispetto al 2023. L'azienda ha attribuito queste diminuzioni a volumi di vendita inferiori in un contesto di mercato sfavorevole e all'abbassamento delle nuove costruzioni. L'aumento delle spese generali dovute a strutture appena affittate ha inciso sulla redditività, sebbene i costi inferiori delle materie prime abbiano parzialmente compensato il declino.
Omega Flex (OFLX) reportó resultados financieros decrecientes para el tercer trimestre de 2024. Las ventas netas disminuyeron un 10.3% a 74.7 millones de dólares durante los primeros nueve meses de 2024, en comparación con 83.3 millones de dólares en 2023. Las ventas netas del tercer trimestre cayeron un 9.5% interanual. La utilidad neta se redujo un 16% a 13.3 millones de dólares para el período de nueve meses, con una caída del 17.2% en la utilidad neta del Q3 en comparación con 2023. La compañía atribuyó estas disminuciones a volúmenes de ventas más bajos en medio de condiciones de mercado deprimidas y una caída en el inicio de construcciones. Los mayores gastos generales de las instalaciones recientemente alquiladas impactaron la rentabilidad, aunque el descenso en los costos de las materias primas ayudó a compensar parcialmente la disminución.
오메가 플렉스 (OFLX)는 2024년 3분기 재무 결과가 감소했다고 보고했습니다. 2024년 첫 아홉 달 동안 순매출은 10.3% 감소한 7470만 달러로, 2023년의 8330만 달러와 비교됩니다. 3분기 순매출은 작년 대비 9.5% 감소했습니다. 9개월 동안의 순이익은 16% 감소한 1330만 달러이며, Q3의 순이익 또한 2023년 대비 17.2% 하락했습니다. 이 회사는 이러한 감소를 시장이 침체된 가운데 판매량 감소와 주택 착공의 감소에 기인한다고 설명했습니다. 새로 임대된 시설에서 발생한 높은 간접비는 수익성에 영향을 미쳤으나, 원자재 비용의 감소가 부분적으로 감소를 상쇄했습니다.
Omega Flex (OFLX) a signalé une baisse de ses résultats financiers pour le troisième trimestre 2024. Les ventes nettes ont diminué de 10,3 % pour atteindre 74,7 millions de dollars au cours des neuf premiers mois de 2024, contre 83,3 millions de dollars en 2023. Les ventes nettes du troisième trimestre ont chuté de 9,5 % par rapport à l'année précédente. Le bénéfice net a baissé de 16 % pour s'établir à 13,3 millions de dollars pour la période de neuf mois, le bénéfice net du T3 ayant diminué de 17,2 % par rapport à 2023. L'entreprise a attribué ces baisses à des volumes de ventes réduits dans un contexte de marché difficile et à une baisse des mises en chantier. Des frais généraux plus élevés dus à des installations récemment louées ont eu un impact sur la rentabilité, bien que la baisse des coûts des matières premières ait partiellement atténué la diminution.
Omega Flex (OFLX) meldete sinkende Finanzergebnisse für das dritte Quartal 2024. Der Nettoumsatz fiel um 10,3 % auf 74,7 Millionen Dollar in den ersten neun Monaten des Jahres 2024, verglichen mit 83,3 Millionen Dollar im Jahr 2023. Der Nettoumsatz im dritten Quartal sank im Jahresvergleich um 9,5 %. Der Nettogewinn fiel um 16 % auf 13,3 Millionen Dollar für den Neunmonatszeitraum, wobei der Nettogewinn des Q3 im Vergleich zu 2023 um 17,2 % zurückging. Das Unternehmen führte diese Rückgänge auf niedrigere Verkaufszahlen in einem schwachen Marktumfeld und den Rückgang bei Baustarts zurück. Höhere Gemeinkosten durch neu angemietete Einrichtungen beeinflussten die Rentabilität, während sinkende Rohstoffkosten teilweise zur Milderung des Rückgangs beitrugen.
- Lower raw material costs helped mitigate profit decline
- Net sales decreased 10.3% to $74.7M for first nine months of 2024
- Q3 net sales declined 9.5% year-over-year
- Net income fell 16% to $13.3M in first nine months
- Q3 net income dropped 17.2% compared to 2023
- Lower production volumes led to reduced factory cost absorption
- Higher overhead expenses from new facility leases
- Decreased sales unit volumes due to suppressed market conditions
Insights
The Q3 2024 results show concerning downward trends, with
| OMEGA FLEX, INC. (OFLX) | |||||||||||||
| Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Net Sales | |||||||||||||
| Net Income attributable to Omega Flex, Inc. | |||||||||||||
| Earnings Per Share – Basic and Diluted | |||||||||||||
| Weighted Average Shares – Basic and Diluted | 10,094,322 | 10,094,322 | 10,094,322 | 10,094,322 | |||||||||
EXTON, Pa., Oct. 30, 2024 (GLOBE NEWSWIRE) -- Dean W. Rivest, CEO, announced that net sales of Omega Flex, Inc. (the “Company”) for the first nine months of 2024 and 2023 were
The Company’s net income for the first nine months of 2024 was
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 |
FAQ
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