Omega Flex sales up 22.9 percent
Omega Flex Inc. announced that its 2021 annual sales of $130.01 million increased 22.9 percent from $105.796 million in 2020.
The Pennsylvania-based manufacturer of flexible metal hose, braid products, and highly engineered assemblies reported net income of $26.2 million for the year, or $2.60 per diluted share, compared to $19.9 million, or $1.97, the previous year.
Fourth-quarter sales of $35.5 million increased 12.0 percent from $31.6 million in the same quarter last year. Net income in the quarter was $7.6 million, or 75 cents per diluted share, compared to $7.2 million, or 71 cents, in last year's fourth quarter.
"For 2021, the Company achieved unprecedented sales and income levels, due in part to our ability to make and deliver product amidst severe challenges in obtaining raw materials and maintaining a stable work force, and in part due to the resurgence of the overall economy in the United States," said Kevin R. Hoben, chairman and CEO.
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