Company Overview - FGI Industries Ltd. is a leading global supplier of kitchen and bath products with over 30 years of industry experience [3] - The company specializes in product categories such as sanitaryware, bath furniture, shower systems, kitchen cabinetry, and other accessories [3] - FGI's products are primarily sold for repair and remodel activities, with a smaller portion for new home or commercial construction [3] Financial Results Announcement - FGI Industries will issue its financial results for the fourth quarter and full-year 2024 after the market close on March 26, 2025 [1] - A conference call to discuss the quarterly results is scheduled for March 27, 2025, at 9:00 am Eastern Time [1] Investor Relations - A webcast of the conference call and presentation materials will be available on the company's Investor Relations website [2] - Details for participating in the live teleconference include toll-free and international numbers, as well as replay options available until April 10, 2025 [2]

Core Points - FGI Industries Ltd. will participate in the Benchmark Company's 13th Annual Discovery One-on-One Investor Conference on December 11, 2024, in New York City [1] - FGI executives will be available for one-on-one meetings with registered investors during the conference [2] Company Overview - FGI Industries Ltd. is a leading global supplier of kitchen and bath products with over 30 years of industry experience [3] - The company focuses on product categories including sanitaryware, bath furniture, shower systems, kitchen cabinetry, and accessory items, primarily for repair and remodel activities [3] - FGI sells its products through various channels, including mass retail centers, wholesale distributors, online retailers, and specialty stores [3]

Financial Data and Key Metrics Changes - FGI reported total revenue of $36.1 million in Q3 2024, representing a year-over-year increase of 20.6% [7] - Gross profit reached a record $9.3 million, growing 18.9% compared to the prior year [7] - Gross margin declined to 25.8% from 26.2%, a decrease of 40 basis points due to a higher mix of Sanitaryware and Bath Furniture and increased freight costs [7] - Operating expenses increased by 27.6% to $9.4 million from $7.3 million in the prior year, attributed to investments in growth initiatives [14] - GAAP operating income was negative $0.1 million, down from a positive $0.5 million in the prior year [15] - Total liquidity at the end of Q3 was $16.3 million, deemed sufficient to fund growth initiatives [16] Business Line Data and Key Metrics Changes - Revenue growth in the U.S., Canada, and Europe was 21%, 9%, and 39% respectively [9] - Sanitaryware revenue increased by 3% year-over-year, reversing a decline from the previous quarter [9] - Bath Furniture revenue surged by 64% year-over-year due to a shift towards lower-priced offerings [9] - Shower Systems business reported a revenue increase of 45%, driven by positive demand trends [10] - Covered Bridge revenue in custom kitchen cabinetry increased by 93%, supported by strong dealer and customer expansion [10] Market Data and Key Metrics Changes - The industry outlook remains relatively flat, with customers forecasting minimal growth in 2024 [8] - Despite a flat market, FGI's investments have driven revenue growth significantly above the market average [8] Company Strategy and Development Direction - FGI's strategy focuses on organic growth initiatives across brands, products, and channels, referred to as the BPC strategy [6] - The company is expanding geographically in Europe and India, which holds promise for future growth [11] - The digital custom kitchen joint venture, Isla Porter, is establishing relationships with the premium design community [11] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the industry outlook, with expectations of low single-digit growth for some customers [24] - The company is gaining market share in key categories, indicating that it is not solely reliant on overall market growth [24] - Management anticipates a return to gross margins above 27% as freight rates normalize and operational efficiencies improve [21][22] Other Important Information - The revised revenue guidance for 2024 is $127 million to $131 million, up from the previous range of $115 million to $128 million [16] - Adjusted operating income guidance has been revised to negative $1 million to breakeven, down from a previous range of $2.8 million to $3.8 million [16] Q&A Session Summary Question: Components of the growth year-over-year in the quarter - Management clarified that the growth was not a one-time event but a result of reengineering product assortments to meet market pricing trends [18] Question: Impact on gross profit margins - Management indicated that the lower gross margin was influenced by increased freight costs and promotional expenses related to new product launches, but they expect margins to improve [19][21] Question: Customer outlook for next year - Management described the outlook as cautiously optimistic, with expectations of muted growth in the industry but incremental sales growth for FGI [24]

Financial Performance - Total revenue for Q3 2024 was $36.1 million, representing a year-over-year increase of 20.6%[1] - Gross profit reached $9.3 million, an 18.9% increase compared to the prior year, with a gross margin of 25.8%, down 40 basis points year-over-year[1][6] - Operating loss was ($0.1) million, compared to an operating income of $0.5 million in Q3 2023, with adjusted operating income at $0.1 million[7][8] - Net loss attributable to shareholders was ($0.6) million, or ($0.06) per diluted share, compared to net income of $0.4 million, or $0.04 per diluted share, in the same period last year[8] - Revenue for Q3 2024 reached $36,099,179, a 20.5% increase from $29,932,612 in Q3 2023[21] - Net loss attributable to FGI Industries Ltd. shareholders for Q3 2024 was $(550,137), compared to a profit of $409,535 in Q3 2023[21] - For the nine months ended September 30, 2024, FGI Industries reported a net loss of $1,259,522 compared to a net income of $128,598 for the same period in 2023[22] - Adjusted net loss income for the nine months ended September 30, 2024, was $(280,227), compared to an adjusted net income of $836,562 for the same period in 2023[25] Revenue Breakdown - Sanitaryware revenue was $21.5 million, up from $20.7 million in the prior-year period, while Bath Furniture revenue increased to $4.2 million from $2.5 million[3][4] - Shower Systems revenue grew to $7.1 million, up from $4.9 million last year, driven by steady demand and new customer programs[5] - Revenue for the nine months ended September 30, 2024, was $96,223,647, compared to $86,284,791 for the same period in 2023, reflecting a growth of approximately 11%[24] Guidance and Future Outlook - The company revised its fiscal 2024 revenue guidance to $127-131 million, up from the previous estimate of $115-128 million[10] - Adjusted net income guidance for fiscal 2024 was revised to a range of ($1.0) to $0.0 million, down from the prior estimate of $1.2 to $2.0 million[10] - The company continues to invest in its brands and future growth initiatives, particularly in the kitchen cabinet business and distribution for the Canadian market[2][8] Liquidity and Assets - Total liquidity at the end of Q3 2024 was $16.3 million, consisting of $3.0 million in cash and cash equivalents and $13.3 million available under credit facilities[9] - Total current assets increased to $52,399,579 as of September 30, 2024, compared to $46,114,670 as of December 31, 2023, representing a 13.4% growth[20] - Total assets increased to $74,664,926 as of September 30, 2024, compared to $65,744,930 as of December 31, 2023, a growth of 13.8%[20] - Cash decreased to $3,044,662 as of September 30, 2024, down from $7,777,241 as of December 31, 2023, a decline of 60.9%[20] Expenses - Operating expenses for Q3 2024 totaled $9,374,048, a 27.6% increase from $7,347,597 in Q3 2023[21] - Research and development expenses for Q3 2024 were $451,975, slightly up from $423,697 in Q3 2023[21] - The company experienced a significant increase in depreciation, totaling $324,683 for the nine months ended September 30, 2024, up from $135,256 in the prior year[22] - The company reported a net cash used in investing activities of $2,044,264 for the nine months ended September 30, 2024, compared to $883,054 in the prior year[22] - The company incurred $1,374,500 in capital expenditures for property and equipment during the nine months ended September 30, 2024, compared to $274,971 in the previous year[22] Cash Flow - Cash used in operating activities for the nine months ended September 30, 2024, was $8,042,745, a substantial increase from $1,986,964 in the same period of 2023[22] - FGI Industries had cash and cash equivalents of $3,044,662 at the end of the period, down from $5,369,947 at the end of September 30, 2023[22] - The net proceeds from the revolving credit facility amounted to $5,526,322 for the nine months ended September 30, 2024, compared to a net cash used of $(1,832,849) in the same period of 2023[22] Foreign Exchange - FGI Industries reported a foreign exchange transaction loss of $(225,317) for the nine months ended September 30, 2024, compared to a loss of $(23,875) in the prior year[22]

Company Performance - FGI Industries Ltd. reported a quarterly loss of $0.01 per share, better than the Zacks Consensus Estimate of a loss of $0.03, and compared to earnings of $0.05 per share a year ago, indicating an earnings surprise of 66.67% [1] - The company posted revenues of $36.1 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 17.21%, and up from $29.93 million in the same quarter last year [2] - Over the last four quarters, FGI Industries has exceeded consensus EPS estimates two times and topped consensus revenue estimates twice [2] Stock Performance - FGI Industries shares have declined approximately 40.9% since the beginning of the year, contrasting with the S&P 500's gain of 25.7% [3] - The current consensus EPS estimate for the upcoming quarter is $0.05 on revenues of $31.6 million, while for the current fiscal year, the estimate is -$0.01 on revenues of $122.5 million [7] Industry Outlook - The Retail - Home Furnishings industry, to which FGI Industries belongs, is currently ranked in the bottom 13% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact FGI Industries' stock performance [5]

Company Performance - FGI Industries Ltd. reported total revenue of $36.1 million for Q3 2024, representing a year-over-year increase of 20.6% [1][2] - Gross profit reached a record $9.3 million, reflecting an 18.9% growth compared to the prior year, although gross margin decreased to 25.8%, down 40 basis points year-over-year [1][5] - The company experienced an operating loss of $0.1 million and a net loss attributable to shareholders of $0.6 million for the quarter [1][7] Revenue Breakdown - Revenue from Sanitaryware was $21.5 million, up from $20.7 million in the prior-year period [3] - Bath Furniture revenue increased to $4.2 million from $2.5 million year-over-year, while Shower Systems revenue rose to $7.1 million from $4.9 million [4][5] - Other revenue, primarily from Kitchen Cabinets, was $3.3 million, up from $1.7 million in the prior year [5] Operating Expenses and Losses - Operating expenses increased by 27.6% year-over-year to $9.4 million, primarily due to investments in growth initiatives [2][6] - Adjusted operating income was $0.1 million, with adjusted net loss attributable to shareholders of $0.1 million [1][6] Financial Guidance - The company revised its fiscal 2024 guidance, projecting total revenue of $127-131 million, up from a previous estimate of $115-128 million [9] - Adjusted operating income guidance was revised to a loss of $1.0 to $0.0 million, down from a previous estimate of $2.8 to $3.8 million [9] Liquidity and Financial Resources - As of September 30, 2024, FGI had total available liquidity of $16.3 million, including $3.0 million in cash and cash equivalents [8]

Company Overview - FGI Industries Ltd. is a leading global supplier of kitchen and bath products with over 30 years of industry experience [3] - The company specializes in product categories such as sanitaryware, bath furniture, shower systems, kitchen cabinetry, and accessory items [3] - FGI's products are primarily sold for repair and remodel activities, with a smaller portion for new home or commercial construction [3] Financial Results Announcement - FGI Industries will release its financial results for the third quarter of 2024 after market close on November 11, 2024 [1] - A conference call to discuss the quarterly results is scheduled for November 12, 2024, at 9:00 am Eastern Time [1] Conference Call Details - A webcast of the conference call and presentation materials will be available on the company's Investor Relations website [2] - Participants can join the live teleconference using the provided toll-free and international numbers [2] - A replay of the teleconference will be available until November 26, 2024 [2]

FGI Industries Ltd. (FGI) came out with quarterly earnings of $0.01 per share, missing the Zacks Consensus Estimate of $0.03 per share. This compares to earnings of $0.02 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -66.67%. A quarter ago, it was expected that this company would post a loss of $0.02 per share when it actually produced a loss of $0.04, delivering a surprise of -100%. Over the last four quarters, the company ...

EAST HANOVER, N.J., Aug. 7, 2024 /PRNewswire/ -- FGI Industries Ltd. (Nasdaq: FGI) ("FGI" or the "Company"), a leading global supplier of kitchen and bath products, today announced results for the second quarter 2024. SECOND QUARTER 2024 HIGHLIGHTS (As compared to the second quarter of 2023) Total revenue of $29.4 million, +0.6% y/y Gross profit of $9.0 million, +11.9% y/y Gross margin of 30.5%, +310 bps y/y Operating loss of ($0.5) million and net loss of ($0.0) million Adjusted operating loss of ($0.3) mi ...

EAST HANOVER, N.J., July 26, 2024 /PRNewswire/ -- FGI Industries Ltd. (Nasdaq: FGI) ("FGI" or the "Company"), a leading global supplier of kitchen and bath products, today announced that it will issue financial results for the second quarter 2024 after the market close on Wednesday, August 7, 2024. Management will conduct a conference call on Thursday, August 8, 2024, at 9:00 am Eastern Time to discuss the quarterly results. To participate in the live teleconference: To listen to a replay of the teleconfere ...