Fgi Industries Ltd Up 6.67% To $1.54 After Earnings Miss

FGI Industries Ltd (FGI) reported less than expected earnings this afternoon for Q4 2023.

Analyst expectations for Fgi Industries Ltd earnings per share (EPS) were at $0.07, with the company missing those estimates with a reported EPS of $0.06, leading to a negative surprise of $0.01 per share (-14%). Fgi Industries Ltd's earnings were down 45% year-over-year as the firm reported an EPS of $0.11 in its year-ago quarter. The negative annual growth shows the Consumer Cyclical company isn't performing well amid current economic conditions.

Consensus analyst estimates were at $30.4 million. The Consumer Cyclical company managed to surpass those expectations for its fourth quarter with revenue of $31 million, a positive revenue surprise of $557 thousand (2%). The firm managed negative 3% growth year-over-year due to Fgi Industries Ltd reporting quarterly revenue of $31.8 million in its year-ago quarter. Fgi Industries Ltd achieved a lower earnings growth rate than revenue, signaling that the business has not been able to improve its profit margin.

The stock is up 6.67% to $1.54 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

InvestorsObserver gives the stock a Neutral Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 46. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

FGI Industries Ltd is a global supplier of kitchen and bath products. It offers sanitaryware, bath furniture, shower systems, customer kitchen cabinetry and other accessory items.