Earnings Labs

Lifeway Foods, Inc. (LWAY)

Q3 2020 Earnings Call· Mon, Nov 16, 2020

$28.02

+0.88%

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Transcript

Operator

Operator

Good afternoon. Welcome to Lifeway Foods Third Quarter 2020 Earnings Conference Call. On the call with me today is Julie Smolyansky, 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.lifewaykefir.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, and management may make additional forward-looking statements in response to your questions. 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

Management

Thank you, John, and good afternoon to everyone joining us. Thank you, as always, for your interest in Lifeway Foods. And like to our last earnings call, the entire world is continuing to navigate through the COVID-19 pandemic. Despite the complicated operating environment the pandemic has presented us, at Lifeway, we have persevered and continued to deliver healthy probiotic products to our customers whenever they need them. While our first priority always will be the health and safety of our team, we have adapted and become flexible to this unpredictable environment in order to support our valued retail partners and customers as well as pursuing and executing on our long-term transformational plan to deliver growth and value for our shareholders. On behalf of the entire team here at Lifeway, I'd like to continue to express our deepest sympathies to all those who are affected by COVID-19. I'd also like to reiterate our endless gratitude to essential workers, first responders and the health care professionals working to keep people safe during this crisis. In times like these, we can all make a difference by supporting our local and national communities and supporting one another. In light of the current climate, Lifeway's mission to expand access to healthy, nutritious food is one we continue to take very seriously. Today, I will review our highlights for the quarter in addition to sharing our third quarter results. Exceeding the growth from our last quarter, Lifeway's third quarter sales were up 14.6% from a year ago. We have worked with our retailers and made necessary adjustments to our supply chain to accommodate this heightened demand. The increased demand has been driven by eat-at-home trends, the stronger-than-ever grocery sector and today's consumers' propensity to eat healthy and purchase larger-sized multiservice products. These factors have positioned Lifeway…