FGI Industries reported total revenue of $36.1 million for the third quarter of 2024, representing a 20.6% increase compared to the prior-year period. This growth was observed across all businesses and geographies, with U.S. revenue up 21%, Canada up 9%, and Europe up 39%.
Gross profit reached $9.3 million, an 18.9% increase year-over-year, though the gross margin slightly compressed to 25.8%, down 40 basis points from Q3 2023. The company experienced an operating loss of $0.1 million, a decline from an operating income of $0.5 million in the prior-year quarter.
GAAP net loss attributable to shareholders was $0.6 million, or $0.06 per diluted share, compared to net income of $0.4 million, or $0.04 per diluted share, in Q3 2023. Operating expenses increased by 27.6% to $9.4 million, primarily due to investments in the kitchen cabinet business and Canada distribution.
As of September 30, 2024, FGI had $3.0 million in cash and cash equivalents, total debt of $12.5 million, and total liquidity of $16.3 million. The company revised its fiscal 2024 guidance, forecasting revenue between $130 million and $135 million, adjusted operating income between $0.5 million and $2.0 million, and adjusted net income between $0.4 million and $1.5 million.
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