EXTON, PA — Kevin R. Hoben, Chairman and CEO, announced that Omega Flex’s net sales for 2022 and 2021 were $125,487,000 and $130,011,000, respectively, decreasing 3.5%. Net Sales for the three months ended December 31, 2022, were 13.1% lower than the fourth quarter of 2021. While net sales are lower than the previous periods, sales unit volumes decreased at a higher rate. The effect of the lower sales volumes was largely offset by pricing actions to offset material cost pressure and to protect margins.
The Company’s net income for 2022 was $23,622,000 compared to $26,195,000 during 2021, decreasing $2,573,000 or 9.8%.
In contrast to last year, the 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. These increased costs were offset partly by reduced incentive compensation to align with the changes in the executive management team.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and Microsoft Start.