Lamb Weston Raises FY23 Financial Targets

(RTTNews) - Lamb Weston Holdings, Inc. (LW) updated its financial targets for fiscal 2023, which now include the consolidation of LW EMEA. Net sales is projected in a range of $5.25 billion to $5.35 billion, including $300 million to $325 million of sales attributable to the consolidation of LW EMEA's results in the fourth quarter. The company previously expected to deliver net sales of $4.8 billion to $4.9 billion, which did not include the expected contribution from LW EMEA. Net income is projected in a range of $639 million to $664 million and EPS of $4.42 to $4.57. The company previously expected to deliver net income of $580 million to $620 million and EPS range of $4.03 to $4.28.

Excluding items impacting comparability, the company now expects fiscal 2023 adjusted net income of $630 million to $655 million, and adjusted EPS of $4.35 to $4.50. The company previously expected to deliver adjusted net income of $540 million to $580 million, adjusted EPS range of $3.75 to $4.00.

Third quarter net income increased 64% year-over-year to $175 million. EPS increased 66% to $1.21. Adjusted EPS increased 127% to $1.43. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.99, for the quarter. Analysts' estimates typically exclude special items.

Third quarter net sales increased 31% to $1.25 billion. Analysts on average had estimated $1.16 billion in revenue.

Shares of Lamb Weston are up 3% in pre-market trade on Thursday.

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