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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