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Sep 30, 2023
Omega Flex Q3 2023 Earnings Report
Net sales and net income decreased compared to the same period in 2022.
Key Takeaways
Omega Flex reported a decrease in net sales by 13.1% and a decrease in net income by 14.7% for the third quarter of 2023 compared to the same period in 2022. The decline in net income was less pronounced over the nine-month period due to lower product liability reserves and expenses, as well as higher interest income.
Net sales for the first nine months of 2023 decreased by 12.0% compared to 2022.
Net sales for the three months ended September 30, 2023, were 13.1% lower than the third quarter of 2022.
Net income through September 2023 decreased by 9.0% compared to the first nine months of 2022.
Income for the third quarter of 2023 was 14.7% below the same period in 2022.
Omega Flex
Omega Flex
Forward Guidance
This press release contains forward-looking statements that are subject to uncertainties and risks, and actual results may differ materially from expectations. Omega Flex undertakes no obligation to revise these statements to reflect future events or circumstances.