Omega Flex, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 04, 2023 at 03:00 pm EDT
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Omega Flex, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 25.84 million compared to USD 31.75 million a year ago. Net income was USD 4.56 million compared to USD 5.45 million a year ago. Basic earnings per share from continuing operations was USD 0.45 compared to USD 0.54 a year ago.
For the six months, sales was USD 55.82 million compared to USD 63.04 million a year ago. Net income was USD 10.3 million compared to USD 10.9 million a year ago. Basic earnings per share from continuing operations was USD 1.02 compared to USD 1.08 a year ago.
Omega Flex, Inc. is a manufacturer of flexible metal hoses. The Companyâs flexible metal hose is used in a variety of applications to carry gases and liquids within their particular applications. These applications include carrying fuel gases within residential and commercial buildings; gasoline and diesel gasoline products (both above and below the ground) in a double containment piping to contain any possible leaks, which is used in automotive and marina refueling, and fueling for back-up generation; and medical gases in health care facilities. The Company's flexible gas piping products are sold under TracPipe and CounterStrike trademarks. Its products also include MediTrac corrugated medical gas tubing, DoubleTrac double-containment piping, and DEF-Trac flexible piping. The Company primarily sells its products through distributors, wholesalers and to original equipment manufacturers (OEMs) throughout North America and Europe, and other global markets.