Omega Flex, Inc. Announces Fourth Quarter 2023 Earnings
EXTON, Pa., March 06, 2024 (GLOBE NEWSWIRE) -- Dean W. Rivest, CEO, announced that net sales of Omega Flex, Inc. (the “Company” or “Omega Flex”) for 2023 and 2022 were $111,465,000 and $125,487,000, respectively, decreasing 11.2%. Net sales for the fourth quarter of 2023 were 8.7% lower than during the same period in 2022. The decrease in net sales was mainly due to lower sales unit volumes as a result of the overall market continuing to be suppressed because of, among other factors, a decline in housing starts.
- EXTON, Pa., March 06, 2024 (GLOBE NEWSWIRE) -- Dean W. Rivest, CEO, announced that net sales of Omega Flex, Inc. (the “Company” or “Omega Flex”) for 2023 and 2022 were $111,465,000 and $125,487,000, respectively, decreasing 11.2%.
- Net sales for the fourth quarter of 2023 were 8.7% lower than during the same period in 2022.
- The Company’s net income for 2023 was $20,763,000 compared to $23,622,000 during 2022, decreasing $2,859,000 or 12.1%, mainly due to the decrease in net sales.
- The words “believes,” “expects,” “intends,” “plans,” “anticipates,” “hopes,” “likely,” “will,” and similar expressions identify such forward-looking statements.