FGI Industries Reports 20.6% Revenue Growth in Q3 2024

Fgi Industries Ltd. ( (FGI) ) has released its Q3 earnings. Here is a breakdown of the information Fgi Industries Ltd. presented to its investors.

FGI Industries Ltd. is a global supplier in the kitchen and bath products industry, known for its product innovation and quality. The company recently released its third-quarter 2024 earnings report, highlighting a significant revenue increase of 20.6% year-over-year, reaching $36.1 million. However, despite the revenue growth, FGI posted a net loss attributable to shareholders of $0.6 million. Key financial metrics showed a gross profit of $9.3 million and an adjusted operating income of $0.1 million, though the gross margin slightly declined by 40 basis points. Revenue growth was fueled by strong performances in various segments, including a notable 93% growth in the Covered Bridge custom cabinet segment and a 45% increase in shower systems revenue, driven by steady demand and new product sales. Despite the positive revenue trends, the company faced a rise in operating expenses by 27.6%, impacting profitability. Looking ahead, FGI Industries remains focused on internal investments, particularly in its kitchen cabinet business and Canadian distribution, with an emphasis on brand growth and product innovation. The company’s revised fiscal 2024 guidance anticipates revenue between $127-131 million, reflecting its strategic initiatives and market positioning.