Conferencia de resultados del 2T de 2026 de FGI Industries (FGI): el margen se amplía, se reafirman las proyecciones

Puntos clave

• Los ingresos del segundo trimestre de 2026 aumentaron un 2,9% interanual hasta los 31,9 millones de dólares, impulsados por el crecimiento en Sanitarios y Sistemas de Ducha.
• El beneficio bruto aumentó un 22,5% hasta los 10,7 millones de dólares, mientras que el margen bruto se amplió al 33,4% desde el 28,1%, principalmente debido a recuperaciones relacionadas con el comercio internacional.
• El resultado operativo GAAP mejoró a 1,4 millones de dólares frente a una pérdida de 0,8 millones de dólares. El beneficio neto GAAP atribuible a los accionistas alcanzó los 1,3 millones de dólares, en comparación con una pérdida de 1,2 millones de dólares un año antes.
• Los gastos operativos disminuyeron a 9,3 millones de dólares desde los 9,5 millones de dólares, lo que refleja menores costes de venta y distribución y la optimización de almacenes.
• FGI reafirmó sus previsiones para 2026, que incluyen ingresos de 134 millones a 141 millones de dólares. Sin embargo, la directiva indicó que unas condiciones de mercado más débiles podrían situar los resultados en el extremo inferior del rango.
• La directiva prevé que continúe el impulso de Sistemas de Ducha y que la línea de armarios Covered Bridge vuelva a crecer en la segunda mitad de 2026.

Datos financieros principales

Rendimiento empresarial y operativo

Sanitarios y Sistemas de Ducha generaron un crecimiento interanual de los ingresos. Sanitarios se benefició de la normalización de las compras de los clientes tras las perturbaciones relacionadas con los aranceles del año anterior, así como de los programas de clientes lanzados recientemente. Sistemas de Ducha ganó tracción gracias a nuevos productos y una distribución de clientes más amplia.

Muebles de Baño y otras categorías de productos siguieron enfrentándose a condiciones de mercado desiguales. La directiva señaló que el mercado de reparación y remodelación se mantuvo relativamente estable, lo que convierte a las promociones para clientes en una herramienta cada vez más importante para impulsar las ventas incrementales y ganar cuota de mercado.

FGI está optimizando su red de distribución y prevé abrir un nuevo almacén en Houston para finales de 2026. La instalación tiene como objetivo respaldar la distribución en el sur de Estados Unidos y ampliar el territorio atendido por el negocio mayorista de marcas por contrato de la empresa.

Geográficamente, Canadá siguió siendo el mercado con mayor presión. La actividad mayorista canadiense se estaba recuperando lentamente, mientras que el comercio minorista se enfrentaba a presiones competitivas y de precios. El mercado de Estados Unidos se describió como prudente y en general estable, aparte de las ganancias vinculadas a nuevos programas de clientes. El ritmo de pedidos en Europa se mantuvo constante, con avances en la expansión mayorista y ganancias de cuota de mercado.

Previsiones de la directiva

FGI mantuvo sus previsiones para todo el año 2026:

Las previsiones excluyen las recuperaciones relacionadas con el comercio internacional. El resultado operativo ajustado también excluye ciertos elementos no recurrentes, mientras que el beneficio neto ajustado excluye ciertos elementos no recurrentes e incluye un ajuste por participaciones minoritarias.

La directiva afirmó que los pedidos de los clientes y el ritmo de envíos se habían mantenido relativamente constantes, pero que la cautela en torno al inventario y una debilidad más generalizada del mercado podrían desplazar el rendimiento hacia el extremo inferior del rango de previsiones. Los nuevos programas de clientes que se prevé lanzar durante el segundo semestre ofrecen una compensación potencial.

Riesgos y aspectos a vigilar

• La directiva considera las recuperaciones del trimestre relacionadas con el comercio internacional como una compensación parcial y puntual de los costes absorbidos desde el año anterior, en lugar de un catalizador recurrente de las ganancias.
• FGI considera que ha recibido la totalidad o la gran mayoría de las recuperaciones relacionadas con la IEEPA, mientras que los aranceles, otros derechos aduaneros y la devolución del IVA a proveedores siguen siendo gastos continuos.
• La directiva prevé que los gravámenes arancelarios adicionales podrían afectar al negocio a partir de principios de 2027.
• Los clientes siguen siendo cautos en cuanto a la acumulación de inventario y el mercado de Estados Unidos se mantiene en general estable.
• El comercio minorista canadiense sigue enfrentándose a presiones competitivas y de precios.
• El lanzamiento de algunos programas para nuevos clientes se retrasó debido a las condiciones del mercado, aunque la directiva afirmó que los retrasos no estaban relacionados con el rendimiento de las ventas.

Puntos destacados de las preguntas y respuestas con analistas

En cuanto a los aranceles, la directiva señaló que el importe específico del reembolso se incluiría en el Formulario 10-Q de la empresa. FGI considera que ha recibido la totalidad o la casi totalidad de las recuperaciones vinculadas a la IEEPA, pero subrayó que los costes comerciales continuos proseguirán.

En relación con las promociones, la directiva indicó que FGI colaboró con los clientes en promociones más amplias de Sanitarios durante el trimestre. Se están aplicando descuentos selectivos para generar negocio incremental en un mercado de reparación y remodelación relativamente estable.

Respecto a los productos de marca, la directiva destacó los continuos avances en Sistemas de Ducha. Se prevé que el centro de distribución planificado en Houston proporcione otra vía para ampliar la presencia mayorista de marcas por contrato de FGI, al tiempo que la empresa sigue respaldando los productos de marca propia y de marca blanca de los clientes.

Sobre la visibilidad para el segundo semestre, la directiva citó pautas estables de pedidos y envíos, lanzamientos previstos de programas de clientes, el impulso continuo en Sistemas de Ducha y la recuperación prevista en la línea de armarios Covered Bridge. Sin embargo, una demanda más débil y una gestión prudente del inventario llevaron a los ejecutivos a apuntar hacia el extremo inferior de las previsiones de ingresos, que se mantuvieron sin cambios.

Transcripción completa de la conferencia de resultados

Transcripción completa de la conferencia de resultados

Comentarios de la dirección

Operator

Good day, and welcome to the FGI Industries, Inc. Second Quarter 2026 Results Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Jae Chung, Chief Financial Officer. Please go ahead.

Jae Chung

Thank you. Welcome to FGI Industries 2026 Second Quarter Results Conference Call. Leading the call today are Chief Executive Officer, David Bruce; and Chief Financial Officer, Jae Chung. We issued a press release after the market closed yesterday detailing our recent operational and financial results.

I would like to remind you that management's commentary and responses to questions on today's conference call may include forward-looking statements, which, by their nature, are uncertain and outside of the company's control.

Although these forward-looking statements are based on management's current expectations and beliefs, actual results may differ materially. For a discussion of some of the factors that could cause actual results to differ, please refer to the Risk Factors section of our latest filings with the SEC, including our Form 10-K for the year ended December 31, 2025.

Additionally, please note that you can find reconciliations of historical non-GAAP financial measures in the press release issued yesterday and in the appendix of this presentation, which is available on the company's website.

Today's call will begin with a performance review and strategic update from Dave Bruce, followed by a financial review from Jae Chung. At the conclusion of these prepared remarks, we will open the line for questions.

With that, I'll turn the call over to Dave.

David Bruce

Thank you, Jae. Good morning, everyone, and thank you for joining our call today. I am pleased to report another quarter of revenue growth and improved operating expense performance for FGI. Revenue increased 2.9% year-over-year in the second quarter, and we remain disciplined in managing our cost structure, delivering lower operating expenses while continuing to invest in our brands, products and channels, or BPC, growth strategy. These efforts continue to strengthen our market position and create new opportunities for long-term growth.

Our strongest performance came from our Sanitaryware and Shower Systems businesses, both of which delivered year-over-year revenue growth. Sanitaryware benefited from the normalization of customer purchasing activity following last year's tariff-related disruptions, along with contributions from recently launched customer programs. Our Shower Systems business also continued to gain traction as new products and expanded customer distribution contributed to growth.

While market conditions remain mixed, particularly within our Bath Furniture and other product categories, we continue to manage the business with discipline and remain focused on opportunities where we see the strongest long-term potential.

Looking ahead, we expect Covered Bridge cabinetry to resume growth in the second half of the year. We also expect continued momentum in our Shower Systems business as recently introduced products and customer programs continue to expand, providing additional opportunities for growth through the remainder of 2026.

Although the external environment continues to evolve, including ongoing trade and tariff developments, I am proud of how our team has remained focused on execution. Their ability to adapt to changing market conditions while continuing to serve our customers has positioned FGI well for the remainder of the year.

With that, I'll turn the call over to Jae for a more detailed review of our financial results.

Jae Chung

Thank you, Dave, and good morning, everyone. I will begin by providing additional details on the quarter, followed by an update on our current liquidity and balance sheet.

For the second quarter 2026, revenue totaled $31.9 million, an increase of 2.9% compared to the second quarter of 2025. Gross profit was $10.7 million in the quarter, an increase of 22.5% year-over-year. Our gross margin increased to 33.4% in the quarter compared to 28.1% in the prior year, driven by trade-related recoveries in the quarter.

Our operating expenses decreased to $9.3 million compared to $9.5 million in the prior year due primarily to lower selling and distribution costs and optimizing our warehouse operations. These efforts are part of our broader initiative to diversify our supply chain and reduce freight costs. We expect to begin operations at a new warehouse in Texas to support distribution across the Southern United States.

GAAP operating gain was $1.4 million, improving from an operating loss of $0.8 million in the prior-year period. The improvement in the operating loss was a result of trade-related recoveries, which were reflected in the cost of goods sold and a decrease in total operating expenses.

GAAP net income attributable to shareholders was $1.3 million compared to a loss of $1.2 million in the same period last year. Adjusted net income was $1.2 million compared to a loss of $1.2 million in the same period last year.

Moving to our balance sheet. At the end of the second quarter, FGI had $7.9 million in total liquidity. Our 2026 guidance remains unchanged and does not include trade-related recoveries. Our revenue guidance is $134 million to $141 million. The adjusted operating income guidance is $0.7 million to $2.5 million.

The adjusted net income guidance is a loss of $0.3 million to a gain of $1.1 million. Please note that the guidance for adjusted operating income excludes certain nonrecurring items. Adjusted net income excludes certain nonrecurring items and includes an adjustment for minority interest.

That concludes our prepared remarks. Operator, we are now ready for the question-and-answer portion of our call.

Operator

[Operator Instructions] The first question comes from Reuben Garner with Benchmark Company.

Preguntas y respuestas

Reuben Garner

You referenced tariffs a few times. I was wondering if you could offer some clarity on any refunds you may have received to date, what might be on the come? And then I guess, the net effect for you guys, I know there's been a [Technical Difficulty] years, but just kind of where it's all shaking out today?

Jae Chung

Yes. Reuben, we're in the process of finalizing our Q, and the specific information on the amount of the refund will be in the Q to be released tomorrow. As far as further recoveries specifically related to IEEPA, we believe we've received all or the vast majority of it. So you can see the actual numbers tomorrow. And Dave, do you want to comment?

David Bruce

Yes. I think that we view any of these recoveries is really it's just a partial offset to the impact that we had to absorb going all the way back to last year. And we still continue to pay various trade-related expenses, not only tariffs but also other duties and VAT tax drawbacks that some of our suppliers are impacted by. And we expect, quite frankly, some additional tariff levies to be impacted at the beginning of next year.

So this is not a -- it's an ongoing, I'll call it, saga with the tariffs. It's not something that we anticipate is going to go away. And we continue to support our customers as we have recently and in the past, right? So we're looking at the recoveries as a onetime thing here, but the impact of tariffs are going to continue.

Reuben Garner

How about at your customer, what have you seen in terms of discounting relative to I don't know, normal discounting this time of year? Has that been increased at all with the changes in the tariffs or inventory levels or anything else at the retail level?

David Bruce

Yes. I think discounting, I would call it more promotional opportunities. We've taken -- I shouldn't say taken, but we've worked closely with some of our customers on promotional opportunities. We drove some larger promotions with our sanitary ware in the quarter.

The market overall, as we've discussed before, continues to be relatively flat in the R&R space. Promoting products is becoming a viable way for us to drive continued growth in market share. And I think that's what we see more than anything is opportunities to reach out to our customers and offer some discounting to try to drive incremental business.

Reuben Garner

Okay. And then last one for me. Your -- the products that you guys -- the branded sort of FGI branded products that you've been trying to grow over the last couple of years, what's kind of next on that front? Any big opportunities on the come in terms of expanding those kind of higher-margin businesses for you?

David Bruce

Yes. I think that's a great question. We're really -- we've become really successful and continue to be successful with our branded products in our -- particularly in our Shower Systems business that would be across our doors spaces and balls.

And I think in the call, we mentioned -- it was just a quick blur, but we mentioned our new distribution center that we are going to open by the end of this year in Houston. We're entering that quite shortly. That is going to be another avenue for us to expand territories on our wholesale business with our contract brand. So we're very excited about that. We've been working on that for a long time.

So yes, that -- our BPC strategy, despite the fact that we also obviously are large supporters of our larger customers' proprietary and private label, we continue to expand our own brand presence strategically throughout the market.

Operator

The next question comes from Greg Gibas with Northland Securities.

Gregory Gibas

I wanted to maybe just ask more basically on just kind of your visibility on back half growth, given you reaffirmed guidance. And what kind of gives you confidence in how the back half will trend, whether it's kind of your discussions with customers or just overall demand you're seeing in the market? If anything has changed maybe since your last provided guidance?

David Bruce

Yes. I think things have held where we have expected. The market, like I mentioned just on the previous call, it's relatively soft. There's still a cautionary tone in the market when it comes to building up inventory. Order placements have been relatively consistent and cadence on shipping. But we didn't change guidance. So I would venture to say that we're probably based on the softer market, looking at maybe more lower end on the guidance levels.

But we're also optimistic because we still are implementing some of our -- some new programs to customers that will launch. Some of those were delayed just due to various market issues, not anything in particular to do with the sales.

But we would anticipate -- we've taken all that into account to understand would we have wanted to change the guide. And we want to keep the guide where it's at, but we would probably venture to say we're going to look towards more of the lower side just based on the cautionary tone right now in the marketplace and some of the pressures that exist.

Gregory Gibas

Great. That's helpful. And then maybe similarly, just if you could discuss kind of puts and takes of kind of the demand across your channels geographically, but also kind of customer type.

David Bruce

Sure. Yes. We've had a little more pressure in our Canadian sales. That's been the most pressured this year. Initially, in the first part of the year, it was across both of our wholesale and retail. Wholesale is recovering slowly. Retail has been a little bit of a struggle. There's been a lot of competitive and pricing pressures up in the market, which we're addressing.

And then in the U.S., it's been more of, like I said, sort of a cautionary, flat market other than where we're taking share on incremental gains on new programs. And then on our European business, very similar. They've been pretty strong and consistent. Order cadence has been good. We've been expanding into our wholesale trade in the European market.

But there hasn't been any outlying bigger wins outside of -- with the market pressure over there, obviously, that still exists. But we've been very proud of actually the progress we've been able to make in taking -- particularly taking share on the wholesale side, which has been very important over in Europe.

Operator

This concludes our question-and-answer session. I would like to turn the conference back over to David Bruce for any closing remarks.

David Bruce

Thank you for your time and interest today. We really appreciate your continued support of FGI. Stay well. And if we don't connect during the quarter, we look forward to speaking with you on our next call.

Operator

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.