Omega Flex, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting a decline in both revenue and profitability compared to the same periods in 2023.
For Q3 2024, net sales totaled $24.88 million, a decrease of 9.5% from $27.50 million in Q3 2023. Year-to-date sales also fell by 10.3%, from $83.32 million in 2023 to $74.72 million in 2024. The gross profit for Q3 2024 was $15.35 million, yielding a margin of 61.7%, slightly up from 61.6% in the prior year. However, operating profit decreased by 20.3% to $5.47 million, down from $6.86 million in Q3 2023. Year-to-date operating profit also declined from $19.69 million to $15.81 million.
Net income for Q3 2024 was $4.60 million, down from $5.57 million in Q3 2023, while year-to-date net income decreased from $15.87 million to $13.27 million. Basic and diluted earnings per share fell from $0.55 to $0.46 for Q3, and from $1.57 to $1.32 year-to-date.
The company’s total assets increased to $102.87 million as of September 30, 2024, from $100.23 million at the end of 2023. Total current liabilities decreased to $15.02 million from $18.08 million, contributing to a reduction in total liabilities from $21.38 million to $20.79 million. Shareholders’ equity rose to $82.09 million, up from $78.85 million, driven by an increase in retained earnings, which grew from $68.49 million to $71.63 million.
Operating expenses showed mixed results; selling expenses decreased slightly to $4.98 million, while general and administrative expenses fell to $3.85 million from $4.04 million. Engineering expenses increased to $1.06 million, reflecting higher consulting costs.
The company maintained a cash balance of $45.87 million, a slight decrease from $46.36 million at the end of 2023. Cash provided by operating activities was $11.10 million, down from $11.50 million in the prior year. Dividend payments increased to $10.10 million from $9.79 million.
Strategically, Omega Flex continues to focus on its core business of manufacturing flexible metal hoses, with significant applications in various industries, including construction and healthcare. The company operates manufacturing facilities in Pennsylvania, Texas, and the U.K., and sells primarily through distributors and OEMs in North America and select European markets.
About Omega Flex, Inc.
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