Lamb Weston Holdings, Inc. LW reported fourth-quarter net sales of $1.695 billion, up 47% year over year. Net sales beat the analyst consensus of $1.660 billion.
Adjusted EPS increased 91% to $1.22 from $0.64, beating the analyst consensus of $1.05.
The company's adjusted income from operations increased 78% to $242 million, while adjusted net income increased 90% to $178 million.
Gross profit increased $125.2 million versus the prior year quarter to $379.4 million.
At the end of fiscal 2023, the company had $304.8 million of cash and equivalents, with no borrowings outstanding under its $1 billion U.S. revolving credit facility.
Outlook:
For FY24, the company expects net sales of $6.7 billion-$6.9 billion (consensus: $6.79 billion).
The company expects EPS of $4.95-$5.40 (consensus: $5.01).
"For fiscal 2024, in addition to the incremental sales from the recently-acquired European operations, we expect to deliver solid sales growth, largely driven by pricing actions and favorable mix, and earnings growth that reflects expected improvements in performance in both our legacy Lamb Weston and European operations," said Tom Werner, President and CEO.
Price Action: LW shares are trading lower by 6.79% to $105.04 on the last check Tuesday.
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