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Lamb Weston Guides FY23 Earnings In Line As Q4 Results Top Estimates
(RTTNews) - While reporting financial results for the fourth quarter on Wednesday, Lamb Weston Holdings, Inc. (LW) initiated its earnings and net sales guidance for the full-year 2023.
For fiscal 2023, the company now projects earnings in a 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 $2.85 per share on net sales of $4.41 billion for the year. Analysts' estimates typically exclude special items.
"We enter this new fiscal year with strong underlying fundamentals and business momentum, and believe our financial targets of strong sales growth and continued improvement in profitability in fiscal 2023 are prudent in light of the current challenging operating and inflationary environment," said Tom Werner, President and CEO.
For the fourth quarter, the company reported net income of $32.0 million or $0.22 per share, down from $65.5 million or $0.44 per share in the prior-year quarter. Excluding a write-off of net investment in Russia, adjusted earnings for the quarter was $0.65 per share. Net sales for the quarter grew 14 percent to $1.15 billion from $1.01 billion in the same quarter last year.
The Street was looking for earnings of $0.51 per share on net sales of $1.07 billion for the quarter.
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