Lifeway Foods, Inc. (NASDAQ:LWAY) Q3 2024 Earnings Conference Call November 14, 2024 9:00 AM ET

Company Participants

Julie Smolyansky - President and Chief Executive Officer

Conference Call Participants

Operator

Good morning. Welcome to Lifeway Foods' Third 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, plan, will 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 during today's call except as required by law. 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 President and Chief Executive Officer, Julie Smolyansky.

Julie Smolyansky

Thank you, John, and good morning to everyone joining us. As always, we greatly appreciate your interest in Lifeway Foods. I'm pleased to be speaking with you today and happy to report that our strong momentum in 2024 has continued. We delivered another excellent quarter highlighted by our double-digit growth on the top-line and notably our second largest ever quarterly net sales result driven by volume growth of our flagship Lifeway drinkable kefir.

Before we go into the results, I want to express my thanks to the entire Lifeway team for their unwavering commitment and seamless execution. Your dedication allows us to consistently deliver the high level of service and quality our clients and customers have come to expect. We've navigated an unpredictable environment over recent years, yet our team has always risen to the occasion allowing us to deliver on our growth plan for Lifeway.

With that said, I will now review our results for the third quarter of 2024. Our net sales were $46.1 million for the period ended September 30, 2024, an increase of $5.2 million or 12.7% compared to the third quarter of 2023. This double-digit growth was primarily volume driven from our branded drinkable kefir. Notably, this was our 20th consecutive quarter of quarterly net sales growth, which marks an incredible milestone of five consecutive years worth of quarterly growth for Lifeway.