FGI Industries (FGI) 2026 年第二季法說會：利潤率擴大，重申財測指引

重點摘要

• 2026 財年第二季營收年增 2.9% 至 3,190 萬美元，主要由衛浴陶瓷與淋浴系統的成長帶動。
• 毛利成長 22.5% 至 1,070 萬美元，毛利率從 28.1% 提升至 33.4%，主因受惠於貿易相關追回款項。
• GAAP 營業利益由虧損 80 萬美元改善至獲利 140 萬美元。歸屬於股東之 GAAP 淨利達 130 萬美元，去年同期為虧損 120 萬美元。
• 營業費用自 950 萬美元降至 930 萬美元，反映銷售與分銷成本下降以及倉庫最佳化效益。
• FGI 重申其 2026 財年展望，預期營收介於 1.34 億至 1.41 億美元。然而，管理層指出，市場環境疲軟可能使業績趨向預測區間的下限。
• 管理層預期淋浴系統動能將持續，且 Covered Bridge 櫥櫃業務將於 2026 財年下半年恢復成長。

核心財務數據

業務與營運表現

衛浴陶瓷與淋浴系統實現營收年成長。衛浴陶瓷受惠於前一年關稅干擾消除後客戶採購回歸常態，以及近期啟動的客戶計畫；淋浴系統則透過新產品與更廣泛的客戶通路獲得成長動能。

衛浴家具及其他產品類別繼續面臨喜憂參半的市場環境。管理層表示，修繕與翻新市場保持相對平穩，使得客戶促銷活動成為帶動新增銷售與擴大市佔率日益重要的工具。

FGI 正持續優化其分銷網路，預計在 2026 年底前於休士頓開設新倉庫。該設施旨在支援美國南部地區的分銷，並擴大公司合約品牌批發業務的服務區域。

就地理區域而言，加拿大仍是壓力最大的市場。加拿大的批發活動復甦緩慢，而零售端則面臨競爭與價格壓力。美國市場被形容為謹慎且大致持平，僅有與新客戶計畫相關的增長。歐洲的訂單步調保持一致，在批發擴展與市佔率提升方面取得進展。

管理層財務展望

FGI 維持其 2026 財年全年展望：

該展望排除貿易相關追回款項。調整後營業利益亦排除若干非經常性項目；調整後淨利則排除若干非經常性項目並包含少數股權調整。

管理層表示，客戶訂單與出貨步調保持相對一致，但對庫存的謹慎態度以及整體市場疲軟可能推動業績走向展望區間的下限。預計於下半年啟動的新客戶計畫則提供潛在的抵消因素。

風險與關注焦點

• 管理層將本季貿易相關的追回款項視為對自前一年以來吸收成本的一次性部分抵消，而非常態性的獲利驅動力。
• FGI 認為已收到與《國際緊急經濟權力法》（IEEPA）相關的全數或絕大部分追回款項，而關稅、其他稅費及供應商相關的加值稅退稅仍屬於持續性費用。
• 管理層預計新增關稅徵收可能會從 2027 年初開始影響業務。
• 客戶對建立庫存仍持謹慎態度，且美國市場大致持平。
• 加拿大零售市場持續面臨競爭與價格壓力。
• 部分新客戶計畫因市場環境而延後啟動，但管理層表示延後與銷售表現無關。

分析師問答重點

在關稅方面，管理層表示具體的退款金額將包含在公司的 Form 10-Q 申報文件中。FGI 認為已收到全數或幾乎全數與 IEEPA 相關的追回款項，但強調持續性貿易成本仍將繼續存在。

在促銷方面，管理層表示 FGI 在本季與客戶合作推動規模較大的衛浴陶瓷促銷活動。公司正透過選擇性折扣，在相對平穩的修繕與翻新市場中帶動增量業務。

在品牌產品方面，管理層強調淋浴系統持續取得進展。預計規劃中的休士頓物流中心將提供另一途徑，以擴大 FGI 的合約品牌批發業務，同時公司持續支援客戶的自有品牌與私有品牌產品。

在下半年能見度方面，管理層提及穩定的訂單與出貨模式、預計推出的客戶計畫、淋浴系統的持續動能，以及 Covered Bridge 櫥櫃業務預期的復甦。儘管如此，需求疲軟與謹慎的庫存管理，使高層提示業績將趨向維持不變之營收展望區間的下限。

法說會完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.