Lifeway Foods' earnings increase
Lifeway Foods Inc. reported financial results for the second quarter ended June 30, 2024. Net sales were $49.2 million for the second quarter ended June 30, 2024, an increase of $10 million or 25.3% from the same period in 2023. The net sales increase was primarily driven by higher volumes of our branded drinkable kefir.
"Our incredible momentum continued in the second quarter as we delivered our 19th consecutive quarter of net sales growth and our fifth consecutive quarter breaking the Lifeway record on the topline," commented Julie Smolyansky, president and CEO of Lifeway Foods. "Our record net sales of $49.2 million were up more than 25% year-over-year, driven by continued volume growth in our flagship Lifeway drinkable kefir. Demand for bioavailable foods like Lifeway Kefir and Farmer Cheese is soaring and our customers further demonstrated their loyalty to our premium, healthy offerings.
"Notably, we delivered nearly $50 million in net sales, a remarkable milestone that we look forward to surpassing, and we also outperformed our previous quarterly sales record by more than 10%. Our amazing results on the topline demonstrate the effectiveness of our sales and marketing investments at driving trial, capturing new customers and accelerating velocities of our core products," she added.
The company reported net income of $3.8 million or $0.26 per basic and $0.25 per diluted common share for the second quarter ended June 30, 2024 compared to net income of $3.2 million or $0.22 per basic and $0.21 per diluted common share during the same period in 2023.
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