FGI Industries Reports Revenue Growth Amid Challenges

Fgi Industries Ltd. ( (FGI) ) has released its Q4 earnings. Here is a breakdown of the information Fgi Industries Ltd. presented to its investors.

FGI Industries Ltd., a prominent global supplier of kitchen and bath products, has released its financial results for the fourth quarter and full year of 2024. The company, known for its innovative and high-quality offerings, operates primarily in the repair and remodel sector, with a focus on sanitaryware, bath furniture, and kitchen cabinetry.

In its latest earnings report, FGI Industries announced a 15% year-over-year increase in fourth-quarter revenue, totaling $35.6 million. However, the company experienced a decline in gross profit by 3.2% to $8.7 million, with a gross margin decrease of 460 basis points. The company reported an operating loss of $1.3 million and a net loss of $0.4 million for the quarter. For the full year, revenue rose by 12.4% to $131.8 million, while gross profit increased by 10.4% to $35.4 million, despite a decrease in gross margin by 50 basis points.

Key highlights from the report include significant revenue growth across various segments and geographies. The U.S., Canada, and Europe markets saw revenue increases of 14.7%, 9.9%, and 23.3%, respectively. Notably, the Bath Furniture segment grew by 40.2%, and the Shower Systems segment increased by 17%. The Other segment, including Kitchen Cabinets, showed remarkable growth of 68.3% due to expanded geographies and higher dealer counts.

Looking ahead, FGI Industries remains optimistic about its strategic investments in brand and product development, which are expected to drive future growth. Despite challenges such as a fluid tariff environment, the company is confident in its ability to navigate these dynamics through strong supplier and customer relationships. The company has set a revenue guidance range of $135-145 million for fiscal 2025, with adjusted operating income projected between $(2.0)-1.5 million.