Posted October 21, 2022

OmegaFlex 3Q sales relatively flat

OmegaFlex said its third-quarter sales of $31.6 million declined 0.3% from $31.7 million in the same quarter last year.

OmegaFlexFor the first nine months of the year, sales of $94.7 million increased 0.1% from $94.6 million last year.

Net income of $6.5 million in the third quarter, or 65 cents per diluted share, increased from $6.1 million, or 61 cents, in last year's third quarter.

For the nine-month period, net income of $17.4 million, or $1.73 per share, declined from $18.6 million, or $1.84, the same period in 2021.

"Although net sales are consistent with the previous periods, sales unit volumes were lower," said Kevin R. Hoben, chairman and CEO. "The effect of the lower sales volumes was largely offset by pricing actions to offset material cost pressure and to protect margins."

He added that in contrast to the first nine months of last year, the current nine month and quarterly results were impacted by costs for resumption of travel and other marketing efforts, which were lower in the 2021 period due to the pandemic as well as higher product liability reserves and expenses.