FGI Industries reports Q3 EPS (1c) vs. 6c last year

Reports Q3 revenue $36.1M vs.$29.9M last year. CEO Dave Bruce stated, “FGI reported total revenue of $36.1M in the quarter, representing a year-over-year increase of 20.6%. Gross profit was a record $9.3M, reflecting growth of 18.9% compared to the prior year. The gross margin was 25.8%, a decline of 40 basis points compared to Q3 2023…The industry outlook remains relatively flat overall with our customers forecasting minimal growth in 2024 but FGI’s strategic investments in our brands, products and channels strategy is bearing fruit driving revenue growth well above the overall market. FGI’s Q3 revenue increased significantly compared to Q3 2023 due to growth across all our businesses and geographies…We are excited about our new product introductions and continue to invest in our brands and our future growth initiatives in our core businesses.” CFO Perry Lin commented, “Even as total revenue increased 20.6% year-over-year, operating expenses increased 27.6% year-over-year to $9.4M. The increase in operating expenses was due primarily to investing for future growth in our kitchen cabinet business…FGI ended Q3 with total available liquidity of $16.3M. We believe the best use of our capital is for internal investment and this will remain our priority in the near term.”