Lifeway Foods Records 16.6% Growth In Q2 Sales
- Lifeway Foods Inc (NASDAQ: LWAY) reported second-quarter FY21 sales growth of 16.6% year-on-year, to $29.2 million primarily driven by higher volumes of its branded drinkable kefir.
- Gross profit rose 10.8% Y/Y to $7.7 million, and the gross margin declined 140 basis points Y/Y to 26.3% due to the unfavorable impact of milk pricing.
- Operating expense fell 5.6% Y/Y to $5.2 million.
- The operating margin was 8.6%, and operating income for the quarter rose 73.4% to $2.5 million.
- The company held $10.4 million in cash and equivalents as of June 30, 2021.
- EPS of $0.10 increased 66.7% Y/Y.
- "Throughout the quarter, we remained focused on advertising and customer acquisition strategies with elevated digital engagement and marketing programs, including our first Spanish-language campaign," said CEO Julie Smolyansky.
- Price Action: LWAY shares closed higher by 2.05% at $5.96 on Monday.
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