Wednesday, May 15, 2024
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Continued Growth. The first quarter marked another quarter of net sales growth for Lifeway, the 18th consecutive quarter to do so. The quarter was also the 4th in a row of recording record net sales. The record quarter is coupled with an improved gross margin from the prior year, flowing through to an improved net income. We believe the continued growth is a testament to management’s strategy in marketing its products and investments made towards production efficiency.
Another Record. Net sales were $44.6 million, a new record for Lifeway, from $38.9 million in the previous year and above our estimate of $43 million. Gross margin was 25.8% from 21.7% last year. Net income totaled $2.4 million, or $0.16 per diluted share, compared to $0.8 million, or $0.06, in the prior year. We estimated net income of $3.6 million, or $0.24 per diluted share.
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