Welcome to our dedicated page for Omega Flex news (Ticker: OFLX), a resource for investors and traders seeking the latest updates and insights on Omega Flex stock.
Omega Flex, Inc. (symbol: OFLX) is a leading manufacturer of flexible metal hoses, primarily used for carrying gases and liquids in various applications. The company's core business revolves around the production of these hoses, which are critical in handling liquefied gases in processing applications, fuel gases in residential and commercial buildings, and as vibration absorbers in high-vibration environments.
Omega Flex operates manufacturing facilities in Exton, Pennsylvania, and has minor manufacturing operations in Banbury, England. The company sells its products under well-recognized brand names like TracPipe, CounterStrike, DoubleTrac, DEF-Trac, and MediTrac. These products cater to various industries including construction, manufacturing, transportation, petrochemical, and pharmaceutical sectors.
Notably, Omega Flex’s flexible metal piping is also used for carrying gases or fluids under unique conditions, such as at high or low temperatures, or when a double containment system is needed. The company's distribution network includes distributors, wholesalers, and original equipment manufacturers (OEMs) throughout North America.
Omega Flex has recently undergone a successful transition to a new generation of management, which includes key figures such as Matthew F. Unger (Vice President – Finance & Chief Financial Officer and Treasurer), Robert Haines (Vice President – FGP Commercial Markets), Geraldine Glazer (Vice President – Human Resources), Daniel Hrynkow (Vice President – Materials Management), and James Upchurch (Vice President – Manufacturing). The seasoned team brings vast industry experience and a fresh perspective, poised to drive the company's continued growth.
The company's commitment to implementing best practices in organizational development and succession management has positioned it for future success. According to Dean Rivest, the current Chief Executive Officer, the management team is full of energy, optimism, and drive to fulfill both short-term and long-term business objectives.
Omega Flex reported net sales of $94.67 million for the first nine months of 2022, a slight increase of 0.1% from $94.55 million in 2021. However, Q3 sales decreased by 0.3% compared to the same period last year. Net income fell to $17.44 million, down 6.2% year-over-year, though Q3 income improved by 6.4%. Increased expenses from marketing efforts and product liability reserves were noted, partially balanced by reduced incentive compensation.
Omega Flex, Inc. (NASDAQ: OFLX) announced a quarterly dividend of $0.32 per share, payable on October 24, 2022, to shareholders recorded by October 12, 2022. Chairman Kevin R. Hoben emphasized the Company's commitment to shareholders and confidence in its future performance amidst economic challenges. Future dividends will be determined quarterly based on various factors, including financial condition and capital needs.
Omega Flex reported a slight increase in Net Sales for the first half of 2022, totaling $63,041,000, up by 0.3% from $62,829,000 in 2021. However, Net Income fell to $10,901,000, down 12.4% from $12,451,000 in the previous year, with the second quarter income also down by 11.9%. Factors impacting results include increased costs from resuming marketing activities and higher product liability reserves. The company noted that the prior year benefited from lower marketing expenses due to the pandemic.
Omega Flex announced a quarterly dividend of $0.32 per share, payable on July 5, 2022, for shareholders on record as of June 24, 2022. Chairman Kevin R. Hoben highlighted the company's sustained growth as a reason for the increase, expressing confidence in its ability to navigate economic challenges. The Board will evaluate cash needs and operational results when determining future dividends.
Omega Flex, Inc. (NASDAQ: OFLX) announced that Mark F. Albino, the chief operating officer, is retiring after 26 years of service, effective May 31, 2022. His tenure was marked by significant contributions, including the invention of the AutoFlare® fitting and the expansion into European markets. Additionally, he played a key role in introducing new products such as DoubleTrac® double-containment piping and MediTrac® flexible medical gas piping. Despite his retirement, Albino will remain involved with the company as a director.
Omega Flex reported Net Sales of $31.3 million for Q1 2022, marking a 1.4% increase from $30.9 million in Q1 2021. However, Net Income fell to $5.5 million, a 13% decline from $6.3 million the previous year. The performance was impacted by rising costs of raw materials and freight, although price increases are expected to mitigate this challenge over time.
Omega Flex announced that Bruce C. Klink, a Class 2 director, will not seek re-election to the board, completing his term after the 2022 annual meeting. His decision was not due to any disagreements regarding the Company’s operations, policies, or practices. The Company expressed gratitude for Mr. Klink’s 26 years of service. The announcement also includes forward-looking statements regarding uncertainties that may affect future results.
Omega Flex, Inc. (NASDAQ: OFLX) announced a quarterly dividend of $0.30 per share, payable on April 25, 2022, to shareholders of record on April 11, 2022. Chairman Kevin R. Hoben emphasized the Company's commitment to shareholders, expressing confidence in its financial resilience during challenging economic times. The Board will review the Company’s cash needs and operational results to determine future dividend amounts. The announcement includes forward-looking statements regarding potential risks and uncertainties affecting Company performance.
Omega Flex reported strong financial results for 2021, with net sales rising 22.9% to $130,011,000 compared to $105,796,000 in 2020. In the fourth quarter alone, sales grew 12.1% year-over-year. The net income also saw a significant increase of 31.6%, reaching $26,195,000 against $19,910,000 from the previous year. These impressive results were attributed to effective product delivery amid raw material challenges and a recovering US economy.
Omega Flex (NASDAQ: OFLX) announced leadership changes aimed at enhancing organizational effectiveness. Dean W. Rivest has been appointed President, reporting to COO Mark F. Albino. Edwin B. Moran takes on the role of Executive VP of Sales, while Matthew F. Unger becomes VP of Finance and CFO. These changes are intended to address immediate challenges and set the stage for long-term success. Kevin R. Hoben, CEO, emphasized the importance of this restructuring in focusing on critical business needs.
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