FGIインダストリーズ（FGI）2026年第2四半期決算説明会：利益率が拡大、業績予想を維持

主なポイント

• 2026年第2四半期の売上高は、衛生陶器およびシャワーシステム部門の成長が牽引し、前年同期比2.9%増の3,190万ドルとなりました。
• 売上総利益は主に貿易関連の戻入金の影響により前年同期比22.5%増の1,070万ドルとなり、売上総利益率は前年同期の28.1%から33.4%へ拡大しました。
• GAAP営業損益は前年同期の80万ドルの赤字から140万ドルの黒字に改善しました。株主に帰属するGAAP純損益は、前年同期の120万ドルの赤字に対し、130万ドルの黒字となりました。
• 営業費用は、販売・物流コストの削減および倉庫の最適化を反映し、前年同期の950万ドルから930万ドルに減少しました。
• FGIは売上高1億3,400万ドル〜1億4,100万ドルを含む2026年通期の業績予想（ガイダンス）を据え置きました。ただし、経営陣は市場環境の軟化により、業績が予想レンジの下限寄りに着地する可能性があることを示唆しました。
• 経営陣は、シャワーシステム事業の勢いが持続し、カバード・ブリッジ（Covered Bridge）ブランドのキャビネット事業が2026年後半に成長へと回帰すると見込んでいます。

主な財務データ

事業および業績動向

衛生陶器およびシャワーシステム部門は前年同期比で増収を記録しました。衛生陶器部門は、前年の関税関連の混乱に伴う顧客の購買動向の正常化や、最近導入された顧客向けプログラムが寄与しました。シャワーシステム部門は、新製品の投入や顧客流通網の拡大により好調に推移しました。

バス用家具およびその他の製品カテゴリーは、引き続きまちまちの市場環境に直面しました。経営陣によると、補修・リフォーム市場はほぼ横ばいで推移しており、追加売上や市場シェア獲得を牽引する手段として顧客プロモーションの重要性が高まっているとのことです。

FGIは物流ネットワークの最適化を進めており、2026年末までにヒューストンに新しい倉庫を開設する予定です。同施設は、米国南部の物流を支援し、同社の卸売契約ブランド事業のカバー地域を拡大することを目的としています。

地域別では、カナダ市場が引き続き最も厳しい環境にさらされました。カナダの卸売活動の回復は緩やかで、小売分野では競合および価格競争の圧力に直面しました。米国市場については、新しい顧客向けプログラムによる増加分を除けば、慎重かつほぼ横ばいと説明されました。欧州の受注ペースは安定しており、卸売拡大と市場シェア拡大が進展しました。

経営陣による業績予想（ガイダンス）

FGIは2026年通期の業績予想を据え置きました。

業績予想には貿易関連の戻入金が含まれていません。また、調整後営業利益には特定の非経常項目が含まれておらず、調整後純損益には特定の非経常項目が除外され、非支配株主損益の調整が含まれています。

経営陣は、顧客からの注文および出荷ペースは比較的安定しているものの、在庫に対する慎重姿勢や広範な市場の軟化により、業績がガイダンスレンジの下限寄りに押し下げられる可能性があると説明しました。下半期に開始予定の新しい顧客向けプログラムが、これを相殺する可能性があります。

リスクおよび注視点

• 経営陣は、当四半期の貿易関連の戻入金について、継続的な収益向上要因ではなく、前年以降に発生したコストを一時的に一部相殺するものとみなしています。
• FGIは、IEEPA（国際緊急経済権限法）に関連する戻入金のすべてまたは大部分を受け取ったと考えていますが、関税、その他の税金、サプライヤー関連の付加価値税（VAT）還付は引き続き経常的な費用として残ります。
• 経営陣は、2027年初頭から追加の関税が事業に影響を及ぼす可能性があると見込んでいます。
• 顧客は在庫の積み増しに対して引き続き慎重であり、米国市場は全体として横ばいです。
• カナダの小売事業は引き続き競争および価格の圧力に直面しています。
• 市場環境の影響により一部の新しい顧客プログラムの導入が遅れましたが、経営陣はこの遅れが売上実績に起因するものではないとしています。

アナリストQ&Aの要点

関税に関して、経営陣は具体的な還付金額が四半期報告書（Form 10-Q）に記載されると述べました。FGIはIEEPA関連の戻入金のすべてまたはほぼすべてを受け取ったと考えていますが、継続的な貿易コストは今後も発生すると強調しました。

プロモーションに関して、経営陣は当四半期中に衛生陶器のより大規模なプロモーションで顧客と協力したと述べました。比較的横ばい傾向にある補修・リフォーム市場において、追加の取引を獲得するために限定的な値引きが活用されています。

ブランド製品に関して、経営陣はシャワーシステム部門の継続的な進展を強調しました。計画中のヒューストン物流センターは、同社が顧客の自社ブランド製品やプライベートブランド製品のサポートを継続する一方で、FGIの契約ブランド卸売の存在感を拡大するための新たな経路となる見込みです。

下半期の見通しに関して、経営陣は安定した注文・出荷パターン、開始予定の顧客プログラム、シャワーシステムの継続的な勢い、およびカバード・ブリッジ（Covered Bridge）のキャビネット事業の回復予測を挙げました。それにもかかわらず、需要の軟化と慎重な在庫管理により、経営陣は据え置かれた売上高ガイダンスの下限を指し示しました。

決算説明会全文文字起こし

決算説明会の完全なトランスクリプト

経営陣による説明

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.

質疑応答

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.