Omega Flex, Inc. Announces Third Quarter Earnings

Rhea-AI Summary

Omega Flex reported impressive financial results for the nine months ending September 30, 2021, with Net Sales reaching $94,554,000, up 27.5% from $74,171,000 in 2020. The Net Income also saw a significant increase of 46.1% to $18,599,000 compared to $12,732,000 in the previous year. Similarly, the third quarter exhibited a 17.1% rise in sales and a 27.6% increase in income compared to Q3 2020. The company attributes these successes to effective product delivery amid supply chain challenges and a recovering economy.

Positive

• Net Sales increased by 27.5% to $94,554,000 for the first nine months of 2021.
• Net Income rose by 46.1% to $18,599,000 compared to the same period in 2020.
• The third quarter Net Sales were 17.1% higher than Q3 2020.

Negative

• None.

OMEGA FLEX, INC. (OFLX)
		Nine Months Ended September 30,							Three Months Ended September 30,
		2021				2020			2021			2020
Net Sales		$	94,554,000			$	74,171,000		$	31,725,000		$	27,087,000
Net Income attributable to Omega Flex, Inc.		$	18,599,000			$	12,732,000		$	6,148,000		$	4,817,000
Earnings Per Share – Basic and Diluted		$	1.84			$	1.26		$	0.61		$	0.48
Weighted Average Shares – Basic and Diluted			10,094,322				10,094,322			10,094,322			10,094,322

EXTON, Pa., Oct. 20, 2021 (GLOBE NEWSWIRE) -- Kevin R. Hoben, Chairman and CEO, announced that the Company’s Net Sales for the first nine months of 2021 and 2020 were $94,554,000 and $74,171,000, respectively, increasing $20,383,000 or 27.5%.  Net Sales for the three months ended September 30, 2021 were 17.1% higher than the third quarter of 2020.   

The Company’s Net Income through September 2021 was $18,599,000 compared to $12,732,000 through the first nine months of 2020, increasing $5,867,000 or 46.1%. Income for the third quarter of 2021 was 27.6% above the same period in 2020.  

Thus far in 2021, the Company has continued to achieve 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 net sales for the first nine months of 2021?

Omega Flex reported net sales of $94,554,000 for the first nine months of 2021.

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

Net income increased by 46.1% to $18,599,000 for the nine months ended September 30, 2021.

What was the growth percentage for Omega Flex's sales in the third quarter of 2021?

In the third quarter of 2021, Omega Flex's net sales increased by 17.1% compared to the same period in 2020.

What challenges did Omega Flex face in achieving its sales growth?

Omega Flex faced severe challenges in obtaining raw materials and maintaining a stable workforce but still achieved unprecedented sales levels.

Is there any forward-looking guidance from Omega Flex?

The press release contains forward-looking statements but does not provide specific guidance.