Lamb Weston Boosts FY23 Outlook - Update
(RTTNews) - While reporting financial results for the second quarter on Thursday, Lamb Weston Holdings, Inc. (LW) raised its earnings, adjusted earnings and net sales guidance for the full-year 2023, based on its financial performance in the first half of fiscal 2023 and broad operating momentum.
For fiscal 2023, the company now projects earnings in a range of $4.03 to $4.28 per share and adjusted earnings in a range of $3.75 to $4.00 per share on net sales between $4.8 billion and $4.9 billion.
Previously, the company expected earnings in the range of $3.30 to $3.70 per share and adjusted earnings in the range of $2.45 to $2.85 per share on net sales between $4.7 billion and $4.8 billion.
On average, seven analysts polled by Thomson Reuters expect the company to report earnings of $2.98 per share on net sales of $4.73 billion for the year. Analysts' estimates typically exclude special items.
"We expect the continued implementation of pricing actions to counter higher input and potato costs to drive our financial results in the second half, while our volume performance will continue to be affected by supply chain constraints and inflationary pressures on consumers," said Tom Werner, President and CEO.
The company added that it looks forward to begin capturing strategic, commercial and operational benefits from the acquisition of its partner's interest in the European joint venture, which is currently expected to close during the fourth quarter.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
Lamb Weston Boosts FY24 Earnings Outlook - Update
Lamb Weston To Buy Remaining Stake In European JV From Meijer For EUR 700 Mln In Cash, Stock
Lamb Weston Guides FY23 Earnings In Line As Q4 Results Top Estimates
TSX Tumbles 2%; Technology, Financials Stocks Down Sharply
Swiss Market Ends Weak
European Stocks Retreat After Positive Start, Close Broadly Lower
Bay Street Likely To Open On Mixed Note
