Lifeway Foods rises on Q1 profit vs year-ago loss

Lifeway Foods

15/05/2023 16:46

** Shares of Lifeway Foods Inc  LWAY.O , which makes kefir
and probiotic products, rise as much as 1.7% to $6.18
    ** Co posts Q1 profit vs a year-ago loss and higher Q1
sales, helped by strong demand for its drinkable kefir as well
as higher prices introduced in Q4
    ** Reports net income of $0.8 mln, or $0.06 per share, for
Q1, compared to net loss of $0.9 mln, or $0.06 per share, a year
earlier
    ** Q1 net sales rise 11.2% to $37.9 mln from a year ago
    ** Gross margin in Q1 rises 530 basis points, compared to
2022, helped by favorable impact of milk prices and easing
transportation costs
    ** Stock has risen 11.7% in 2023

 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))