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.
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