Lifeway Foods Q3 sales up 32%, but still below the Street's estimate
Lifeway Foods, Inc. (Nasdaq: LWAY), makers of a probiotic dairy beverage called Kefir, said after the close Wednesday that total sales for the third quarter rose 32%, but clocked in below the average sales estimate on Wall Street.
For the three months ended Sept. 30, total consolidated sales increased 32% to approximately $9.8 million from $7.5 for the third quarter of 2006. The consensus of two analysts polled by Thomson Financial was for revenues of $10.18 million.
The company attributed the sales increase to a 28% increase in sales of its Kefir line and the remaining from sales of its Helios Kefir line and Pride of Main Street's milk line.
“This is a preliminary report that doesn’t tell the whole story,” said Longbow analyst Alton Stump who has a neutral rating on the stock.
Lifeway’s Helios brand Kefir line had sales of approximately $1.18 million in the third quarter and grew roughly 9% over the third quarter of 2006.
Shares of Lifeway Foods (LWAY) stumbled $0.07, or 0.36%, to $18.58 at 1:23 p.m. ET. Shares of Lifeway have been trading in the range $6.81 to $20.75 of for the past 52 weeks.
