FGI 인더스트리스(FGI) 2026년 2분기 실적 발표 콘퍼런스 콜: 마진 확대, 가이던스 재확인

핵심 요약

• 2026 회계연도 2분기 매출은 위생도기 및 샤워 시스템 부문의 성장에 힘입어 전년 동기 대비 2.9% 증가한 3,190만 달러를 기록했다.
• 매출총이익은 주로 무역 관련 환급금에 힘입어 22.5% 증가한 1,070만 달러를 기록했으며, 매출총이익률은 28.1%에서 33.4%로 확대되었다.
• GAAP 영업이익은 전년 동기 80만 달러 손실에서 140만 달러로 개선되었다. 주주 귀속 GAAP 순이익은 전년 동기 120만 달러 손실 대비 130만 달러를 기록했다.
• 영업비용은 판매 및 물류비 절감과 창고 최적화를 반영하여 950만 달러에서 930만 달러로 감소했다.
• FGI는 1억 3,400만~1억 4,100만 달러의 매출을 포함한 2026 회계연도 가이던스를 재확인했다. 그러나 경영진은 시장 여건 둔화로 인해 실적이 전망치 하단에 위치할 수 있음을 시사했다.
• 경영진은 샤워 시스템의 모멘텀이 지속되고 커버드 브리지(Covered Bridge) 캐비닛이 2026 회계연도 하반기에 성장세로 돌아설 것으로 예상한다.

핵심 재무 데이터

사업 및 영업 실적

위생도기 및 샤워 시스템 부문은 전년 동기 대비 매출 성장을 기록했다. 위생도기는 전년도 관세 관련 차질 이후 고객 구매가 정상화된 점과 최근 출시된 고객 프로그램에 힘입어 수혜를 입었다. 샤워 시스템은 신제품과 고객 유통망 확대를 통해 성장을 가속화했다.

욕실 가구 및 기타 제품 카테고리는 계속해서 엇갈린 시장 상황에 직면했다. 경영진은 수리 및 리모델링 시장이 비교적 정체된 상태를 유지함에 따라, 추가 매출 창출과 시장 점유율 확대를 위한 고객 프로모션의 중요성이 점점 더 커지고 있다고 밝혔다.

FGI는 유통 네트워크를 최적화하고 있으며 2026 회계연도 말까지 휴스턴에 새 창고를 개설할 것으로 예상한다. 이 시설은 미국 남부 유통을 지원하고 회사의 계약 브랜드 도매 사업이 커버하는 지역을 확장하기 위한 것이다.

지역별로는 캐나다가 가장 압박을 많이 받는 시장으로 남았다. 캐나다 도매 활동은 천천히 회복된 반면, 소매는 경쟁 및 가격 압박에 직면했다. 미국 시장은 신규 고객 프로그램과 관련된 증가분을 제외하면 신중하고 대체로 정체된 것으로 묘사되었다. 유럽의 주문 흐름은 도매 확장 및 시장 점유율 확대의 진전과 함께 일관되게 유지되었다.

경영진 가이던스

FGI는 2026 회계연도 연간 가이던스를 유지했다:

가이던스에는 무역 관련 환급금이 제외된다. 조정 영업이익 또한 특정 비경상이익/비용 항목을 제외하며, 조정 순이익은 특정 비경상 항목을 제외하고 소수주주지분에 대한 조정을 포함한다.

경영진은 고객 주문 및 출하 흐름이 비교적 일관되게 유지되었으나, 재고에 대한 신중함과 전반적인 시장 둔화로 인해 실적이 가이던스 범위 하단에 위치할 수 있다고 밝혔다. 하반기에 개시될 것으로 예상되는 신규 고객 프로그램은 이를 상쇄할 수 있는 잠재적 요인이다.

리스크 및 주요 관전 포인트

• 경영진은 이번 분기의 무역 관련 환급금을 반복적인 수익 동력이 아니라, 전년도부터 감내한 비용을 일회성으로 일부 상쇄하는 것으로 보고 있다.
• FGI는 IEEPA(국제긴급경제권한법) 관련 환급금의 전액 또는 대다수를 수령한 것으로 판단하고 있으나, 관세, 기타 관세 및 공급업체 관련 부가가치세 환급 문제는 계속되는 비용으로 남아 있다.
• 경영진은 추가 관세 부과가 2027년 초부터 사업에 영향을 미칠 수 있을 것으로 예상한다.
• 고객들은 재고 축적에 신중한 태도를 유지하고 있으며, 미국 시장은 대체로 정체 상태다.
• 캐나다 소매 부문은 계속해서 경쟁 및 가격 압박에 직면해 있다.
• 일부 신규 고객 프로그램 출시는 시장 여건으로 인해 지연되었으나, 경영진은 이러한 지연이 영업 성과와는 관련이 없다고 밝혔다.

애널리스트 Q&A 주요 내용

관세에 대해 경영진은 구체적인 환급 금액이 회사의 Form 10-Q에 포함될 것이라고 밝혔다. FGI는 IEEPA 관련 환급금을 모두 또는 거의 다 수령했다고 판단하지만, 지속적인 무역 비용이 계속될 것임을 강조했다.

프로모션에 대해 경영진은 FGI가 이번 분기 동안 더 큰 규모의 위생도기 프로모션을 진행하기 위해 고객들과 협력했다고 언급했다. 비교적 정체된 수리 및 리모델링 시장에서 추가적인 매출을 올리기 위해 선별적 할인을 활용하고 있다.

브랜드 제품과 관련해 경영진은 샤워 시스템의 지속적인 진전을 강조했다. 휴스턴에 계획 중인 물류센터는 회사가 고객의 전용 제품 및 자체 브랜드(PB) 제품을 계속 지원하면서 FGI의 계약 브랜드 도매 입지를 확장할 수 있는 또 다른 경로를 제공할 것으로 예상된다.

하반기 가시성과 관련해 경영진은 안정적인 주문 및 출하 패턴, 계획된 고객 프로그램 출시, 샤워 시스템의 지속적인 모멘텀 및 커버드 브리지(Covered Bridge) 캐비닛의 회복 전망 등을 꼽았다. 그럼에도 불구하고 수요 둔화와 신중한 재고 관리로 인해 경영진은 변경되지 않은 매출 가이던스의 하단부를 지목했다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.

질의응답

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.