Flexible Solutions International, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 14, 2022 at 04:08 pm EST
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Flexible Solutions International, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported sales was USD 11.69 million compared to USD 9.21 million a year ago. Net income was USD 1.11 million compared to USD 1.16 million a year ago. Basic earnings per share from continuing operations was USD 0.09 compared to USD 0.09 a year ago. Diluted earnings per share from continuing operations was USD 0.09 compared to USD 0.09 a year ago.
For the nine months, sales was USD 33.63 million compared to USD 25.37 million a year ago. Net income was USD 4.3 million compared to USD 3.79 million a year ago. Basic earnings per share from continuing operations was USD 0.35 compared to USD 0.31 a year ago. Diluted earnings per share from continuing operations was USD 0.34 compared to USD 0.3 a year ago.
Flexible Solutions International, Inc. is engaged in manufacturing and marketing biodegradable polymers which are used in the oil, gas and agricultural industries. The Company also develops, manufactures and markets specialty chemicals that slow the evaporation of water. Its products include HEATSAVR and WATERSAVR. Its segments include Energy and water conservation products (EWCP), and Biodegradable polymers (TPAs). Its EWCP segment consists of liquid swimming pool blankets which save energy and water by inhibiting evaporation from the pool surface, and a food-safe powdered form of the active ingredient within the liquid blankets and which are designed to be used in still or slow-moving drinking water sources. Its TPA segment is used by the petroleum, chemical, utility and mining industries to prevent corrosion and scaling in water piping. This product can also be used in detergents to increase biodegradability and in agriculture to increase crop yields by enhancing fertilizer uptake.