Lifeway Foods® Announces Strong Fourth Quarter and Record-Breaking Full Year 2024 Results
Lifeway Foods (LWAY) reported record-breaking financial results for Q4 and full year 2024, with annual net sales reaching $186.8 million, marking a 17% year-over-year increase. The company achieved its 21st consecutive quarter of year-over-year growth, with Q4 net sales of $46.9 million.
Key financial highlights for FY2024 include:
- Gross profit margin of 26.0%
- SG&A expenses at 18.3% of net sales
- Net income of $9.0 million
- Earnings per share of $0.61 basic and $0.60 diluted
The company's growth was primarily driven by increased volumes of branded drinkable kefir products. Lifeway is expanding its production capabilities with upgrades at its Waukesha facility, which will nearly double production capacity and triple bottling speed. The company maintains its guidance for Adjusted EBITDA of $45-50 million by FY2027.
Lifeway Foods (LWAY) ha riportato risultati finanziari record per il quarto trimestre e per l'intero anno 2024, con vendite nette annuali che hanno raggiunto $186,8 milioni, segnando un incremento del 17% rispetto all'anno precedente. L'azienda ha raggiunto il suo 21° trimestre consecutivo di crescita anno su anno, con vendite nette nel quarto trimestre pari a $46,9 milioni.
I principali punti salienti finanziari per l'anno fiscale 2024 includono:
- Margine di profitto lordo del 26,0%
- Spese SG&A al 18,3% delle vendite nette
- Utile netto di $9,0 milioni
- Utili per azione di $0,61 base e $0,60 diluito
La crescita dell'azienda è stata principalmente guidata dall'aumento dei volumi di prodotti kefir bevibili a marchio. Lifeway sta espandendo le sue capacità produttive con aggiornamenti presso il suo stabilimento di Waukesha, che raddoppierà quasi la capacità produttiva e triplicherà la velocità di imbottigliamento. L'azienda mantiene le sue previsioni per un EBITDA rettificato di $45-50 milioni entro l'anno fiscale 2027.
Lifeway Foods (LWAY) reportó resultados financieros récord para el cuarto trimestre y el año completo 2024, con ventas netas anuales que alcanzaron $186.8 millones, marcando un aumento del 17% en comparación con el año anterior. La compañía logró su 21° trimestre consecutivo de crecimiento interanual, con ventas netas en el cuarto trimestre de $46.9 millones.
Los aspectos financieros clave para el año fiscal 2024 incluyen:
- Margen de utilidad bruta del 26.0%
- Gastos SG&A del 18.3% de las ventas netas
- Ingreso neto de $9.0 millones
- Ganancias por acción de $0.61 básico y $0.60 diluido
El crecimiento de la compañía fue impulsado principalmente por el aumento de volúmenes de productos de kefir bebibles de marca. Lifeway está expandiendo sus capacidades de producción con mejoras en su instalación de Waukesha, que casi duplicará la capacidad de producción y triplicará la velocidad de embotellado. La compañía mantiene su guía para un EBITDA ajustado de $45-50 millones para el año fiscal 2027.
라이프웨이 푸드 (LWAY)는 2024년 4분기 및 전체 연도에 대해 기록적인 재무 결과를 보고했으며, 연간 순매출은 $186.8백만에 달해 전년 대비 17% 증가했습니다. 이 회사는 21분기 연속으로 전년 대비 성장률을 기록했으며, 4분기 순매출은 $46.9백만에 달했습니다.
2024 회계연도의 주요 재무 하이라이트는 다음과 같습니다:
- 총 이익률 26.0%
- SG&A 비용은 순매출의 18.3%
- 순이익 $9.0백만
- 주당 순이익 $0.61 기본 및 $0.60 희석
회사의 성장은 주로 브랜드 음용 케피르 제품의 판매량 증가에 의해 주도되었습니다. 라이프웨이는 Waukesha 시설의 업그레이드를 통해 생산 능력을 확장하고 있으며, 이는 생산 능력을 거의 두 배로 늘리고 병입 속도를 세 배로 증가시킬 것입니다. 회사는 2027 회계연도까지 조정된 EBITDA가 $45-50백만에 이를 것으로 예상하고 있습니다.
Lifeway Foods (LWAY) a annoncé des résultats financiers record pour le quatrième trimestre et l'année entière 2024, avec un chiffre d'affaires net annuel atteignant $186,8 millions, marquant une augmentation de 17 % par rapport à l'année précédente. L'entreprise a atteint son 21e trimestre consécutif de croissance d'une année sur l'autre, avec un chiffre d'affaires net de 46,9 millions de dollars au quatrième trimestre.
Les points clés financiers pour l'exercice 2024 comprennent :
- Marge brute de 26,0 %
- Dépenses SG&A à 18,3 % du chiffre d'affaires net
- Bénéfice net de 9,0 millions de dollars
- Bénéfice par action de 0,61 $ de base et 0,60 $ dilué
La croissance de l'entreprise a été principalement tirée par l'augmentation des volumes de produits de kéfir à boire de marque. Lifeway étend ses capacités de production avec des améliorations dans son usine de Waukesha, ce qui va presque doubler la capacité de production et tripler la vitesse d'embouteillage. L'entreprise maintient ses prévisions pour un EBITDA ajusté de 45 à 50 millions de dollars d'ici l'exercice 2027.
Lifeway Foods (LWAY) hat für das 4. Quartal und das gesamte Jahr 2024 rekordverdächtige finanzielle Ergebnisse gemeldet, mit einem jährlichen Nettoumsatz von $186,8 Millionen, was einem Anstieg von 17% im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte sein 21. aufeinanderfolgendes Quartal mit Wachstum im Jahresvergleich, mit einem Nettoumsatz von $46,9 Millionen im 4. Quartal.
Wichtige finanzielle Höhepunkte für das Geschäftsjahr 2024 umfassen:
- Bruttogewinnmarge von 26,0%
- SG&A-Ausgaben von 18,3% des Nettoumsatzes
- Nettogewinn von $9,0 Millionen
- Gewinn pro Aktie von $0,61 unverwässert und $0,60 verwässert
Das Wachstum des Unternehmens wurde hauptsächlich durch die gestiegenen Verkaufszahlen von markenbezogenen trinkbaren Kefirprodukten vorangetrieben. Lifeway erweitert seine Produktionskapazitäten mit Verbesserungen in seiner Anlage in Waukesha, die die Produktionskapazität fast verdoppeln und die Abfüllgeschwindigkeit verdreifachen wird. Das Unternehmen hält an seiner Prognose für ein bereinigtes EBITDA von $45-50 Millionen bis zum Geschäftsjahr 2027 fest.
- Record net sales of $186.8M, up 17% YoY
- 21 consecutive quarters of year-over-year growth
- Strong Q4 performance with $46.9M in net sales
- Net income of $9.0M for FY2024
- Planned production capacity expansion at Waukesha facility
- SG&A expenses increased to 18.3% of net sales
- Gross profit margin at 26.0% indicates cost pressures
Insights
Lifeway Foods' Q4 and full-year 2024 results show exceptional momentum with record-breaking annual sales of
The company achieved net income of
The strategic expansion of their Waukesha facility represents a significant capacity enhancement that will nearly double production capacity and more than triple bottling speed. This proactive infrastructure investment positions them to support continued growth without supply constraints.
Management's confidence in maintaining their FY2027 Adjusted EBITDA target of
The consistent performance across 21 consecutive quarters through various economic conditions demonstrates that Lifeway has established significant brand loyalty in the probiotic food category, which continues to benefit from increasing consumer interest in functional nutrition.
Company achieves 2024 net sales of
21st consecutive quarter of year-over-year growth
Growing consumer interest in probiotic foods with bioavailable nutrients continues to drive strong demand for Lifeway products
"I am pleased to report another record year of net sales for Lifeway, spearheaded by the continued, strong volume growth of our flagship drinkable Lifeway Kefir," commented Julie Smolyansky, President and Chief Executive Officer of Lifeway. "After an extremely successful year in 2023 where we saw sales grow by more than
Ms. Smolyansky continued, "The consumer focus on health and wellness continues to grow, and we remain focused on capitalizing on that heightened interest. As we build for the future, I'd like to celebrate the remarkable achievements our team has made in developing a state-of-the-art facility in
Full Year 2024 Results
Net sales were
Gross profit as a percentage of net sales was
Selling, general and administrative expenses as a percentage of net sales were
The Company reported net income of
We remain confident that the Company is on track to deliver Adjusted EBITDA1 of
- Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA is defined as Operating Income, as reported, plus Depreciation and Amortization, plus Stock-Based Compensation.
The Company does not provide guidance for GAAP Operating Income, nor a reconciliation of any forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures on a forward-looking basis, because it is unable to predict certain items contained in the GAAP measures without unreasonable efforts. These forward-looking non-GAAP financial measures do not include certain items, which may be significant, including, without limitation, non-recurring or non-operational expenses such as stock-based compensation, gain/loss on sale of equipment, deferred revenue and gain/loss on investments prior to payment of bonuses to employees.
Conference Call and Webcast
A webcast with Lifeway's President and Chief Executive Officer discussing these results with additional comments and details is available through the "Investor Relations" section of the Company's website at https://lifewaykefir.com/webinars-reports/.
About Lifeway Foods, Inc.
Lifeway Foods, Inc., which has been recognized as one of Forbes' Best Small Companies, is America's leading supplier of the probiotic, fermented beverage known as kefir. In addition to its line of drinkable kefir, the company also produces a variety of cheeses and a ProBugs line for kids. Lifeway's tart and tangy fermented dairy products are now sold across
Forward-Looking Statements
This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, the drivers of demand for Lifeway's products, consumer trends, the anticipated effects of scheduled upgrades at the
Non-GAAP Financial Measures
This press release refers to Adjusted EBITDA, which is a financial measure that has not been prepared in accordance with
Perceptual Advisors
Dan Tarman
Email: dtarman@perceptualadvisors.com
Derek Miller
Vice President of Communications, Lifeway Foods
Email: derekm@lifeway.net
General inquiries:
Lifeway Foods, Inc.
Phone: 847-967-1010
Email: info@lifeway.net
LIFEWAY FOODS, INC. AND SUBSIDIARIES Unaudited Consolidated Balance Sheets December 31, 2024 and 2023 (In thousands) | ||||||||
December 31, | ||||||||
2024 | 2023 | |||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 16,728 | $ | 13,198 | ||||
Accounts receivable, net of allowance for credit losses and discounts & allowances of | 15,424 | 13,875 | ||||||
Inventories, net | 8,678 | 9,104 | ||||||
Prepaid expenses and other current assets | 2,144 | 2,019 | ||||||
Refundable income taxes | 631 | – | ||||||
Total current assets | 43,605 | 38,196 | ||||||
Property, plant and equipment, net | 26,862 | 22,764 | ||||||
Operating lease right-of use asset | 118 | 192 | ||||||
Goodwill | 11,704 | 11,704 | ||||||
Intangible assets, net | 6,358 | 6,898 | ||||||
Other assets | 1,900 | 1,900 | ||||||
Total assets | $ | 90,547 | $ | 81,654 | ||||
Current liabilities | ||||||||
Current portion of note payable | $ | – | $ | 1,250 | ||||
Accounts payable | 10,401 | 9,976 | ||||||
Accrued expenses | 5,103 | 4,916 | ||||||
Accrued income taxes | – | 474 | ||||||
Total current liabilities | 15,504 | 16,616 | ||||||
Note payable | – | 1,483 | ||||||
Operating lease liabilities | 70 | 118 | ||||||
Deferred income taxes, net | 3,062 | 3,001 | ||||||
Total liabilities | 18,636 | 21,218 | ||||||
Commitments and contingencies (Note 9) | – | – | ||||||
Stockholders' equity | ||||||||
Preferred stock, no par value; 2,500 shares authorized; none issued | – | – | ||||||
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 15,100 | 6,509 | 6,509 | ||||||
Paid-in capital | 4,632 | 4,825 | ||||||
Treasury stock, at cost | (14,052) | (16,695) | ||||||
Retained earnings | 74,822 | 65,797 | ||||||
Total stockholders' equity | 71,911 | 60,436 | ||||||
Total liabilities and stockholders' equity | $ | 90,547 | $ | 81,654 |
LIFEWAY FOODS, INC. AND SUBSIDIARIES Unaudited Consolidated Statements of Operations For the three months and twelve months ended December 31, 2024 and 2023 (In thousands, except per share data)
| ||||||||||||||||
Three Months Ended December 31, | Twelve months Ended December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net sales | $ | 46,934 | $ | 42,093 | $ | 186,820 | $ | 160,123 | ||||||||
Cost of goods sold | 34,273 | 29,632 | 135,400 | 115,060 | ||||||||||||
Depreciation expense | 764 | 669 | 2,846 | 2,622 | ||||||||||||
Total cost of goods sold | 35,037 | 30,301 | 138,246 | 117,682 | ||||||||||||
Gross profit | 11,897 | 11,792 | 48,574 | 42,441 | ||||||||||||
Selling expenses | 3,487 | 2,802 | 14,743 | 11,776 | ||||||||||||
General and administrative | 7,562 | 3,102 | 19,439 | 13,130 | ||||||||||||
Amortization expense | 135 | 135 | 540 | 540 | ||||||||||||
Total operating expenses | 11,184 | 6,039 | 34,722 | 25,446 | ||||||||||||
Income from operations | 713 | 5,753 | 13,852 | 16,995 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (3) | (62) | (105) | (384) | ||||||||||||
Gain (loss) on sale of property and equipment | (11) | 1 | (8) | 34 | ||||||||||||
Other income | 77 | 5 | 230 | 4 | ||||||||||||
Total other income (expense) | 63 | (56) | 117 | (346) | ||||||||||||
Income before provision for income taxes | 776 | 5,697 | 13,969 | 16,649 | ||||||||||||
Provision for income taxes | 936 | 1,728 | 4,944 | 5,282 | ||||||||||||
Net income (loss) | $ | (160) | $ | 3,969 | $ | 9,025 | $ | 11,367 | ||||||||
Net earnings (loss) per common share: | ||||||||||||||||
Basic | $ | (0.01) | $ | 0.27 | $ | 0.61 | $ | 0.77 | ||||||||
Diluted | $ | (0.01) | $ | 0.26 | $ | 0.60 | $ | 0.75 | ||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 14,857 | 14,691 | 14,769 | 14,667 | ||||||||||||
Diluted | 15,060 | 15,174 | 14,956 | 15,103 |
LIFEWAY FOODS, INC. AND SUBSIDIARIES Unaudited Consolidated Statements of Cash Flows For the Years Ended December 31, 2024 and 2023 (In thousands) | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 9,025 | $ | 11,367 | ||||
Adjustments to reconcile net income to operating cash flow: | ||||||||
Depreciation and amortization | 3,386 | 3,162 | ||||||
Non-cash interest expense | 17 | 6 | ||||||
Bad debt expense | – | 2 | ||||||
Stock-based compensation | 2,446 | 1,497 | ||||||
Deferred income taxes | 61 | (28) | ||||||
Loss (gain) on sale of property and equipment | 8 | (34) | ||||||
(Increase) decrease in operating assets: | ||||||||
Accounts receivable | (1,550) | (2,463) | ||||||
Inventories | 426 | 527 | ||||||
Prepaid expenses and other current assets | (125) | (574) | ||||||
Refundable income taxes | (631) | 44 | ||||||
Increase (decrease) in operating liabilities: | ||||||||
Accounts payable | 156 | 1,859 | ||||||
Accrued expenses | 217 | 1,102 | ||||||
Accrued income taxes | (474) | 474 | ||||||
Net cash provided by operating activities | 12,962 | 16,941 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | (6,697) | (4,351) | ||||||
Proceeds from sale of equipment | 15 | 41 | ||||||
Purchase of investments | – | (100) | ||||||
Net cash used in investing activities | (6,682) | (4,410) | ||||||
Cash flows from financing activities: | ||||||||
Repayment of line of credit | – | (2,777) | ||||||
Repayment of note payable | (2,750) | (1,000) | ||||||
Net cash used in financing activities | (2,750) | (3,777) | ||||||
Net increase in cash and cash equivalents | 3,530 | 8,754 | ||||||
Cash and cash equivalents at the beginning of the period | 13,198 | 4,444 | ||||||
Cash and cash equivalents at the end of the period | $ | 16,728 | $ | 13,198 | ||||
Supplemental cash flow information: | ||||||||
Cash paid for income taxes, net of (refunds) | $ | 5,987 | $ | 4,792 | ||||
Cash paid for interest | $ | 98 | $ | 415 | ||||
Non-cash investing activities | ||||||||
Accrued purchase of property and equipment | $ | 407 | $ | 137 | ||||
Right-of-use assets obtained in exchange for lease obligations | $ | – | $ | 94 |
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SOURCE Lifeway Foods, Inc.