Lifeway Foods, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 13, 2023 at 09:00 am EST
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Lifeway Foods, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 40.9 million compared to USD 38.14 million a year ago. Net income was USD 3.41 million compared to USD 0.983 million a year ago. Basic earnings per share from continuing operations was USD 0.23 compared to USD 0.06 a year ago. Diluted earnings per share from continuing operations was USD 0.23 compared to USD 0.06 a year ago.
For the nine months, sales was USD 118.03 million compared to USD 105.73 million a year ago. Net income was USD 7.4 million compared to USD 0.208 million a year ago. Basic earnings per share from continuing operations was USD 0.5 compared to USD 0.01 a year ago. Diluted earnings per share from continuing operations was USD 0.49 compared to USD 0.01 a year ago.
Lifeway Foods, Inc. is a producer and marketer of kefir in the United States. The Companyâs primary product is drinkable kefir, a cultured dairy product sold in a variety of organic and non-organic sizes, flavors and types. Lifeway kefir is tart and tangy, high in protein, calcium, and vitamin D. Its product categories also include European-style soft cheeses, including farmer cheese, white cheese, and Sweet Kiss; Cream and other, which consists primarily of cream, a byproduct of making its kefir; ProBugs, a line of kefir products designed for children, Drinkable yogurt, sold in a variety of sizes and flavors; and Other Dairy, which consists primarily of Fresh Made butter and sour cream. It manufactures (directly or through co-packers) and market products under the Lifeway, Fresh Made and Glen Oaks Farms brand names, as well as under private labels on behalf of certain customers. The Company sells its products primarily through its direct sales force, brokers, and distributors.