FGI Industries Q1 revenue down 37.7% to $27.2M; net loss of $0.3M; reiterates FY guidance

FGI Industries Ltd.

2023-Q1 EPS reported -$0.03 revenue$27,162,266

Total revenues $27.2M, down 37.7% YoY; gross margin improved 925 bps to 26.5%.
GAAP net loss ($0.3M) or ($0.03)/diluted share; adjusted net loss ($0.2M) or ($0.02)/share.
Sanitaryware revenue $15.4M (down 42.5%), bath furniture $5.0M (down 50.5%), shower systems $5.0M (down 16.7%), other $1.8M (up 157%).
Cash $7.4M, total liquidity $22.5M; total debt $8.4M.
Reiterates FY2023 guidance: revenue $145M-$163M, adj. operating income $6.0M-$6.8M, adj. net income $4.2M-$4.7M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FGI Industries Ltd. reported full-year 2023 results: revenue $145 million to $163 million, net income $4.2 million to $4.7 million. Guidance reaffirmed.

Period: full-year 2023
Revenue: $145 million to $163 million
Net income: $4.2 million to $4.7 million
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

we continue to expect full-year 2023 revenues of $145 million to $163 million, adjusted operating income of $6.0 million to $6.8 million and adjusted net income of $4.2 million to $4.7 million.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FGI Industries Ltd. reported first quarter ended March 31, 2023 results: revenue $27.2 million, net income ($0.3) million.

Period: first quarter ended March 31, 2023
Revenue: $27.2 million
Net income: ($0.3) million
Result: reported results

Exact text from the filing

▪ Total revenues of $27.2 million, (37.7%) y/y ▪ Gross profit of $7.2 million, (4.3%), Gross margin of 26.5%, +925 bps y/y ▪ Net loss of ($0.3) million

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Source: SEC EDGAR

accession 0001558370-23-009237

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