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FGI Industries Ltd. (Nasdaq: FGI) is a global leader in the supply of kitchen and bath products. Founded in 1987 in Newark, New Jersey, FGI started off as an importer of wood cabinetry and bathroom fixtures for the retail market. Over the last three decades, the company has built a formidable reputation grounded in its commitment to innovation, quality, and service.
FGI's product portfolio is extensive, including sanitaryware (toilets, sinks, pedestals, and toilet seats), bath furniture (vanities, mirrors, and cabinets), shower systems, and custom kitchen cabinetry and accessory items. These products primarily serve the repair and remodel markets, with a smaller segment catering to new home or commercial construction. The company operates through various channels, such as mass retail centers, wholesale and commercial distributors, online retailers, and specialty stores, ensuring global reach and diverse market penetration.
FGI's strategic focus is encapsulated in its Brands, Products, and Channels (BPC) strategy. This strategy aims to drive organic growth, enhance financial performance, and deploy capital efficiently. Despite facing challenging market conditions, including inventory de-stocking and demand headwinds, FGI has continued to prioritize higher-margin products and improved operating leverage. This focus has yielded significant gross margin improvements, with record figures being reported in recent quarters.
Financially, FGI has shown resilience. In the second quarter of 2023, for instance, the company reported a gross margin of 27.4%, up nearly 1,000 basis points from the previous year. Though revenue dropped by 38.9% due to inventory de-stocking, gross profit declined by less than 5%. The company ended the second quarter with a cash balance of nearly $7.0 million and total liquidity of $22.6 million.
FGI's recent initiatives include new licensing agreements and sales programs designed to expand its footprint into new markets such as India and Eastern Europe. The company is also making strategic investments in higher-margin product categories like shower systems and kitchen cabinetry, which are expected to drive future growth. Despite a difficult 2023, the company remains optimistic about its long-term prospects and has announced several major product launches and expansions, including a new digital custom kitchen cabinetry venture and the introduction of a new overflow toilet technology.
FGI's commitment to innovation and customer satisfaction remains unwavering, and the company continues to navigate the current economic landscape with a focus on strategic growth and margin improvement.
FGI Industries (Nasdaq: FGI), a leading global supplier of kitchen and bath products, has scheduled its third quarter 2024 financial results announcement for Monday, November 11, 2024, after market close. The company will host a conference call on Tuesday, November 12, 2024, at 9:00 am Eastern Time to discuss the results. A webcast and presentation materials will be available on the company's investor relations website. Interested parties can participate via telephone using toll-free and international numbers, with a replay available through November 26, 2024.
FGI Industries (Nasdaq: FGI) reported its Q2 2024 results with total revenue of $29.4 million, up 0.6% year-over-year. Gross profit increased 11.9% to $9.0 million, with gross margin improving by 310 basis points to 30.5%. The company reported an operating loss of ($0.5) million and a net loss of ($0.0) million. Adjusted net income was $0.1 million or $0.01 per diluted share.
Shower Systems revenue grew 37% year-over-year, while Sanitaryware and Bath Furniture declined 8% and 16% respectively. The company ended Q2 with total available liquidity of $17.4 million. FGI reiterated its fiscal 2024 guidance, projecting total revenue between $115 million and $128 million, and adjusted net income between $1.2 million to $2.0 million.
FGI Industries (Nasdaq: FGI), a leading global supplier of kitchen and bath products, has announced the date for its second quarter 2024 results conference call. The company will release its financial results after the market close on Wednesday, August 7, 2024. A conference call to discuss the quarterly results will be held on Thursday, August 8, 2024, at 9:00 am Eastern Time.
Investors can access the webcast and presentation materials through the company's Investor Relations website. To participate in the live teleconference, toll-free and international numbers are provided. A replay of the call will be available until August 22, 2024.
FGI Industries announced its first quarter 2024 results, showcasing strong growth in revenues and gross profit. Despite a flat industry outlook, FGI outperformed expectations due to volume growth in new products. Management remains optimistic about future growth initiatives and strategic M&A opportunities. The company reported total revenues of $30.8 million, a 13.2% increase year-over-year, with a gross profit of $8.4 million, up 16.8% year-over-year. Adjusted net loss attributable to FGI shareholders was ($0.4) million, while adjusted operating loss stood at ($0.2) million. FGI ended the quarter with total available liquidity of $17.8 million. The company reiterates its fiscal 2024 guidance with total revenue expected to range between $115 million and $128 million.
FGI Industries (Nasdaq: FGI) will release its first quarter 2024 financial results on May 8, 2024, followed by a conference call on May 9, 2024, to discuss the results. The webcast and presentation materials will be available on the Investor Relations section of the company's website.
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