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FGI Industries just reported results for the second quarter of 2024.
InvestorPlace Earnings is a project that leverages data from TradeSmith to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at editor@investorplace.com.
More from InvestorPlace
FGI Industries Ltd. came out with quarterly earnings of $0.01 per share, missing the Zacks Consensus Estimate of $0.03 per share. This compares to earnings of $0.02 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -66.67%. A quarter ago, it was expected that this company would post a loss of $0.02 per share when it actually produced a loss of $0.04, delivering a surprise of -100%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
FGI Industries, which belongs to the Zacks Retail - Home Furnishings industry, posted revenues of $29.37 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 6.16%. This compares to year-ago revenues of $29.19 million. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
FGI Industries shares have lost about 39.4% since the beginning of the year versus the S&P 500's gain of 9.9%.
What's Next for FGI Industries?
While FGI Industries has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for FGI Industries: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.01 on $30.5 million in revenues for the coming quarter and $0.04 on $123.6 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Retail - Home Furnishings is currently in the bottom 15% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Williams-Sonoma , has yet to report results for the quarter ended July 2024.
This seller of cookware and home furnishings is expected to post quarterly earnings of $1.46 per share in its upcoming report, which represents a year-over-year change of -6.4%. The consensus EPS estimate for the quarter has been revised 6.7% lower over the last 30 days to the current level.
Williams-Sonoma's revenues are expected to be $1.82 billion, down 2.5% from the year-ago quarter.
Zacks Investment Research
FGI Industries Ltd., a leading global supplier of kitchen and bath products, has released its financial results for the second quarter of 2024. The company reported a slight increase in total revenue and significant improvements in gross profit and gross margin, despite facing operational challenges.
Financial Highlights
For the second quarter of 2024, FGI Industries reported:
Business and Operational Highlights
FGI Industries experienced mixed results across its product segments:
Strategic Initiatives and Corporate Developments
FGI Industries has been actively investing in its future growth, including the opening of a new office in India. The company continues to focus on new product introductions and brand investments. Additionally, FGI ended the second quarter with total available liquidity of $17.4 million, despite increased operating expenses due to inflation and higher freight rates.
Management's Perspective
Dave Bruce, President and CEO of FGI, highlighted the company's steady revenue and significant improvement in gross profit and margin. He acknowledged the challenges faced due to the transition to SAP enterprise software and overseas logistics issues but expressed optimism about the company's growth initiatives and new product introductions.
Perry Lin, Chief Financial Officer, emphasized the company's focus on internal investment and careful monitoring of freight costs. He expects operating expenses to decline in the second half of the year as certain non-recurring expenses will not recur.
Future Outlook
FGI Industries reiterated its fiscal 2024 guidance:
The company remains focused on its growth strategies and is optimistic about its future performance.
SEC Filing: FGI Industries Ltd. [ FGI ] - 8-K - Aug. 07, 2024
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