Lifeway Foods (LWAY) – Capping a Year of Growth in Sales and Margins

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Thursday, March 21, 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.

Fourth Quarter Results. The fourth quarter was another quarter of y-o-y revenue growth, making it the 17th consecutive quarter. The quarter also represented the highest ever quarterly net sales. Net sales were $42.1 million compared to $35.8 million last year and above our $40 million estimate. Gross margin was 28.0% versus 22.1% last year. Net income totaled $4.0 million, or $0.26 per diluted share, compared to $0.7 million or $0.05 last year. We estimated net income of $3.2 million or EPS of $0.21.

Fiscal Year Results. Net sales for the year were $160.1 million, a record-high annual top line result, an increase from $141.6 million in the prior year due to higher volumes of Lifeway’s drinkable kefir. Net income for the year was $11.4 million, or $0.75 per diluted share, compared to $0.9 million or $0.06.

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