FGI Industries .(FGI) Prnewswire·2024-11-11 21:30Company 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]