Omega Flex, Inc. Announces Fourth Quarter 2024 Earnings

Core Insights - Omega Flex, Inc. reported a decrease in net sales for 2024, totaling $101.68 million, down from $111.47 million in 2023, representing an 8.8% decline [1][2] - The company's net income for 2024 was $18.01 million, a decrease of 13.2% from $20.76 million in 2023 [2] Financial Performance - Net Sales: $101,681,000 for 2024 vs. $111,465,000 for 2023, a decrease of $9,784,000 [1] - Net Income: $18,014,000 for 2024 vs. $20,763,000 for 2023, a decrease of $2,749,000 [2] - Earnings Per Share: Basic and diluted earnings per share were $1.78 for 2024 compared to $2.06 for 2023 [1] Quarterly Performance - Fourth Quarter Net Sales: $26,965,000 for 2024, down 4.2% from $28,147,000 in 2023 [1] - Fourth Quarter Net Income: $4,682,000 for 2024, a decrease of 4.2% from $4,889,000 in 2023 [2] Market Conditions - The decline in net sales is attributed to lower sales unit volumes, influenced by a decrease in housing starts and overall market suppression [1]