Lamb Weston Climbs 9% On Better Q3 Earnings Above Estimates

(RTTNews) - Shares of food processing company Lamb Weston Holdings, Inc. (LW) are up more than 9% Thursday morning after reporting better-than-expected third-quarter earnings.

Net income in the third quarter increased to $106.6 million or $0.73 per share in the third quarter, higher than 66.1 million or $0.45 per share in the same quarter a year ago.

Net sales for the quarter increased 7% year-over-year to $955 million.

On average, seven analysts polled by Thomson Reuters expect the company to report earnings of $0.44 per share on revenue of $968.52 million for the quarter.

Looking forward, the company sees full-year sales growth above long-term target range of low-to-mid single digits.

"We are managing through this challenging macro environment well and remain on track to deliver our financial targets for fiscal 2022....We plan to continue to execute on our pricing, productivity and cost management actions to mitigate the effect of inflation, and drive run-rate and throughput improvements in our factories," said Tom Werner, President and CEO.

LW, currently at $66.01, has been trading in the range of $49.71-$85.72 in the past 52 weeks.