Lifeway Foods (LWAY) – Another Record Quarter; Moving to Outperform

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Tuesday, November 14, 2023

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.

3Q23 Revenue. Revenue increased 7.2% y-oy to $40.9 million and represents the 16th consecutive quarter of y-o-y revenue growth. We had forecasted $39.5 million. Revenue growth was driven by volume growth in drinkable kefir, up 9% y-o-y, and the impact of price increases taken last December. Significantly, there does not appear to be any significant trading down, even with the uncertain economy.

GM and EPS. Gross margin in the third quarter improved 730 basis points to 27.3% and was better than our 25.6% estimate. Net income totaled $3.4 million, or EPS of $0.23, up from $983,000, or $0.06/sh, last year. We were at $2.4 million, or $0.14/sh. Higher volumes and more favorable milk prices y-o-y drove the results.

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