FGI Industries Ltd. (NASDAQ:FGI) Q1 2022 Results Earnings Conference Call May 12, 2022 8:00 AM ET

Company Participants

Paul Bartolai - Investor Relations

David Bruce - President and Chief Executive Officer

Perry Lin - Chief Financial Officer

Conference Call Participants

Reuben Gardner - The Benchmark Co.

Greg Gibas - Northland Securities

Operator

Greetings. Welcome to the FGI First Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.

I will now turn the conference over to your host, Paul Bartolai. You may begin.

Paul Bartolai

Thank you. Welcome to FGI Industries first quarter 2022 results conference call. Leading the call today are President and CEO, David Bruce; and Chief Financial Officer, Perry Lin. 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 the final prospectus from our initial public offering.

Additionally, please note that you can find reconciliations of the historical non-GAAP financial measures discussed during our call in the press release we issued yesterday. Today's call will begin with the performance review and strategic update from Dave Bruce, followed by a financial review from Perry Lin. 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

Thanks, Paul, and good morning to everyone. Our first full quarter as a public company got off to a solid start as we exceeded our initial expectations for both revenues and adjusted operating income, highlighting the strength of our overall business model and key strategic initiatives, including the strength of our product portfolio, our commitment to our channel partners and consumers, our ongoing margin recovery and the stability of our key end markets.

Our first quarter revenue increased by 20% on a year-over-year basis, driven by volume growth across both our Sanitaryware and Bath Furniture categories, as well as continued strong momentum in our newer product lines, such as our custom kitchen cabinetry and shower systems business.