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Lifeway Foods (LWAY) – Record Results for the Third Quarter; Raising to Outperform

Consumer
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Wednesday, November 16, 2022

Joe Gomes, Senior Research Analyst, 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.

3Q22 Results. Lifeway reported record top line for the third quarter with sales up 29.1% y-o-y to $38.1 million. Price and volume in the core kefir product drove the top line results. Kefir unit volumes increased double digits in the quarter. Net income for the quarter totaled $983,000, or $0.06 per share, compared to $480,000, or $0.03 per share last year. We had forecast revenue of $33.5 million and net income of $215,000, or EPS of $0.01.

New Distribution. Management continues to pick up new accounts. Most recently convincing Food Lion to switch to Lifeway branded kefir from an unbranded product, and adding the 975 store Wawa convenience chain in the mid-Atlantic states and the 106 location Plaid Pantry convenience chain serving the Pacific Northwest. These new accounts should help Lifeway to continue to post top line growth.


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

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