Lifeway Foods has reported higher third-quarter earnings as rising sales and the lower cost of milk boosted the bottom line.

During the three-month period, operating income increased US$2.1m from $1.6m. Gross profit was up 18% to $7.5m, after a 20% decrease in the cost of conventional milk – the US company’s main raw material – boosted margins.

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Gross sales during the quarter rose 16% to $22.5bn. Net sales, minus the cost of marketing, were also up 16% to $2.9m.

The company said the increase in earnings, which outpaced sales growth, meant the group was able to strengthen its balance sheet and increase shareholder returns.

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