EXTON, PA — Dean W. Rivest, CEO of Omega Flex, Inc. (Nasdaq: OFLX), reported that the company’s net sales for 2024 totaled $101,681,000, compared to $111,465,000 in 2023, reflecting a decrease of $9,784,000 or 8.8%.
Sales for the fourth quarter of 2024 declined by 4.2% compared to the same period in 2023. This reduction in net sales is attributed primarily to lower sales unit volumes, driven by a suppressed overall market, including a decline in housing starts.
Omega Flex’s net income for 2024 was $18,014,000, a 13.2% decline from $20,763,000 in 2023, marking a decrease of $2,749,000. Fourth-quarter net income for 2024 was also down by 4.2% compared to the same quarter in 2023.
The decline in annual net income is largely the result of reduced net sales, combined with increased salary-related expenses and travel costs.
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