Lifeway Foods, Inc. (NASDAQ:LWAY) Q2 2024 Earnings Conference Call August 13, 2024 9:00 AM ET

Company Participants

Julie Smolyansky - President and Chief Executive Officer

Conference Call Participants

Operator

Good morning. Welcome to Lifeway Foods' Second Quarter 2024 Conference Call. On the call with me today is Julie Smolyansky, President and Chief Executive Officer.

By now, everyone should have access to the press release that went out this morning. If you have not received the release, it is available on the Investor Relations portion of Lifeway's website at www.lifewayfoods.com. A recording of this call will be available on the company's website.

Before we begin, we would like to remind everyone that the prepared remarks contain forward-looking statements. The words believe, expect, anticipate and other similar expressions generally identify forward-looking statements. These statements do not guarantee future performance, and therefore, undue reliance should not be placed on them.

Actual results could differ materially from those projected in any forward-looking statements. Lifeway assumes no obligation to update any forward-looking projections that may be made in today's release or call. All of the forward-looking statements contained herein speak only as of the date of this call.

And with that, I would like to turn the call over to Lifeway's Chief Executive Officer, Julie Smolyansky.

Julie Smolyansky

Thanks, John, and good morning to everyone joining us today. As always, we greatly appreciate your interest in Lifeway Foods. It's a pleasure to speak with you today, and I'm excited to share that our business momentum continued strongly in the second quarter as we, once again, delivered monumental results, highlighted by robust topline growth.

Remarkably, for the fifth consecutive quarter, we surpassed the company record for quarterly net sales, growing more than 25% year-over-year, driven by volume growth of our flagship Lifeway drinkable kefir.

Before diving deeper into the results, I'd like to thank the whole team for their flawless execution as it has allowed us to offer superior service to our value customers and clients. Over the last few years, we have faced unprecedented times with a volatile macro environment and a global pandemic, yet through the hard work of our whole team, we haven't skipped a beat and consistently delivered stellar growth.

With that said, I will now review our extraordinary results for the second quarter of 2024. Our record high net sales were $49.2 million for the period ended June 30, 2024, an increase of $10 million or 25.3% compared to the second quarter of 2023. The strong growth was primarily driven by higher volumes of our branded drinkable kefir.