FGI Industries Q4 revenue up 47% to $52.2M; operating income down 39.7% to $0.7M

FGI Industries Ltd.

Q4 revenue $52.2M (+47% YoY) driven by Sanitaryware (+56.8%) and Bath Furniture (+20.3%); Other revenue up 71.7%.
Q4 GAAP net income $1.0M ($0.15 diluted EPS) vs $0.7M in prior year; adjusted net income $0.7M ($0.10 diluted).
FY2021 revenue $181.9M (+34.9%), operating income $7.7M (+23%), net income $7.9M (+67.1%).
FY2022 guidance: revenue $182-189M, operating income $6.5-7.5M, net income $5-6M; expects margin expansion in H2 2022.
Gross margin compressed to 14.5% (down from 20%) due to supply chain disruptions and inflation; pricing actions expected to offset.

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