Lifeway Foods (LWAY) – 2Q22 Operating Results Released


Thursday, September 29, 2022

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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2Q22 Results. Lifeway reported mixed results in its delayed filing for the second quarter of 2022. Revenue of $33.5 million was up 14.8% y-o-y, but fell short of our $34.5 million estimate. Strong expense control, however, resulted in net income of $120,000, or $0.01 per share, compared to our forecast of a net loss of $340,000, or a loss of $0.02 per share.

GM Still Pressured. Unfavorable milk pricing continued to negatively impact gross margin in 2Q22. Combined with increased pricing of freight costs and other costs, gross margin in 2Q22 fell to 17.0% from 26.3% in 2Q21. We expect continued pressure in milk pricing in 2H22.


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