FGI Industries Ltd. (NASDAQ:FGI) Q2 2024 Earnings Conference Call August 8, 2024 9:00 AM ET

Company Participants

Jae Chung - Vice President, Investor Relations
David Bruce - President and Chief Executive Officer
Perry Lin - Chief Financial Officer

Conference Call Participants

Reuben Garner - Benchmark
Gregory Gibas - Northland Securities

Operator

Good morning, ladies and gentlemen, and welcome to the FGI Industries, Inc. Second Quarter 2024 Results Conference Call. [Operator Instructions] This call is being recorded on Thursday, August 8, 2024.

I would now like to turn the conference over to Jae Chung, Vice President of Investor Relations at FGI Industries. Please go ahead.

Jae Chung

Thank you. Welcome to FGI Industries' 2024 Second Quarter 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. 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 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

Thank you, Jae. Good morning, everyone, and thank you for joining our call today. I am pleased to share our second quarter results reflected the strategic investments we've made in our organic growth initiatives across our brands, products and channels, or BPC strategy. FGI reported total revenue of $29.4 million in the quarter, representing a year-over-year increase of 0.6%. Gross profit was $9 million, reflecting growth of 11.9% compared to our prior year. Gross margin improved to 30.5%, an increase of 310 basis points compared to the second quarter of 2023. The industry outlook remains relatively flat overall with our customers forecasting minimal growth in 2024.