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Lifeway Foods (Nasdaq: LWAY) reported record financial results for Q1 2024, ending March 31. Net sales reached $44.6 million, up 17.8% year-over-year, driven by volume growth in Lifeway Kefir. This marks the 18th consecutive quarter of year-over-year growth and the 4th consecutive quarter of record net sales. Gross profit margin expanded by 410 basis points to 25.8%, attributed to higher volumes and lower transportation costs. Net income increased to $2.4 million or $0.17 per basic share, compared to $0.8 million or $0.06 per share in Q1 2023. Selling, general, and administrative expenses remained steady at 17.6% of net sales for both periods.
CEO Julie Smolyansky highlighted strong operational execution and strategic investments in sales and marketing as key drivers behind the company's performance. Lifeway is exploring additional brand marketing and distribution opportunities to sustain growth throughout 2024.
Lifeway Foods, Inc. (Nasdaq: LWAY) praises a recent study on the effects of probiotics in dairy kefir on the microbiome in children with ADHD. The study suggests that probiotics in kefir can positively impact the gut microbiome, potentially reducing ADHD symptoms and improving sleep. Lifeway Foods is encouraged by the findings and remains committed to providing probiotic products for better health.
Lifeway Foods, Inc. (Nasdaq: LWAY) will release its financial results for the first quarter of 2024 on May 14, 2024. The company specializes in kefir and probiotic products. The announcement includes a pre-recorded conference call and webcast with Julie Smolyansky, Lifeway's CEO, discussing the results.