Business
FGI INDUSTRIES ANNOUNCES FIRST QUARTER 2022 RESULTS
EAST HANOVER, N.J., May 11, 2022 /PRNewswire/ -- FGI Industries Ltd. (Nasdaq: FGI) ("FGI" or the "Company"), a leading global supplier of kitchen and bath
About this update from Fgi Industries Ltd.
[{"type":"text","content":"EAST HANOVER, N.J., May 11, 2022 /PRNewswire/ -- FGI Industries Ltd. (Nasdaq: FGI) (\"FGI\" or the \"Company\"), a leading global supplier of kitchen and bath products, today announced results for the first quarter of 2022.\n\n \n \n \n \n \n \n\n \nFIRST QUARTER 2022 HIGHLIGHTS(As compared to the First Quarter of 2021)\nTotal Revenues of $43.6 million, +19.8% y/yOperating Income of $0.7 million, (63.3%) y/yNet Income of $0.5 million, (82.1%) y/yAdjusted Operating Income of $0.9 million, (53.8%) y/yAdjusted Net Income of $0.7 million, (57.1%) y/yReaffirmed full-year 2022 financial guidanceTotal revenue increased by 20% on a year-over-year basis in the first quarter of 2022, driven primarily by growth in the Sanitaryware and Other product categories, partially offset by declines in Bath Furniture. Revenues were strong across the United States and Canada, while Europe declined modestly. \nThe Company reported operating income of $0.7 million in the first quarter of 2022, a decline of $1.2 million versus the prior-year period, primarily driven by supply chain disruptions, marketing investments, and public company costs, partially offset by strong organic revenue growth. Excluding non-recurring IPO-related compensation and stock-based compensation expense of $0.2 million, adjusted operating income was $0.9 million during the first quarter of 2022, as compared to $2.0 million for the prior-year period. For the three months ended March 31, 2022, the Company reported GAAP net income of $0.5 million, or $0.05 per diluted share, versus net income of $3.0 million, or $0.42 per diluted share, in the first quarter of 2021. Excluding non-recurring items and the related tax impact, the Company reported first quarter 2022 adjusted net income of $0.7 million, or $0.07 per diluted share.\nMANAGEMENT COMMENTARY\n\"First quarter 2022 results exceeded our expectations, with total revenue increasing by 20% on a year-over-year basis, driven by strong demand in the pro channel for sanitaryware within our U.S. and Canadian markets,\" stated David Bruce, President and Chief Executive Officer of FGI. \"Although higher freight costs and inflationary pressures remain a near-term challenge across the industry, we've taken pricing actions to offset these margin headwinds, which together with our Brands-Products-Channels (BPC) strategy, resulted in nearly 300...