Lamb Weston Holdings, Inc. (LW) said the company delivered solid sales and earnings growth in the first quarter, driven by the carryover benefit of pricing actions initiated last year as well as improved customer and product mix. Looking forward, the company raised financial targets for fiscal 2024 to reflect performance in the quarter, as well as the current solid demand and pricing environment.
For fiscal 3024, net income is projected in a range of $800 million to $870 million and EPS of $5.47 to $5.92. The company previously expected to deliver net income of $725 million to $790 million and EPS of $4.95 to $5.40. Adjusted EPS is anticipated in a range of $5.50 to $5.95. Net sales are now expected in the range of $6.8 billion to $7.0 billion. The company previously expected to deliver net sales of $6.7 billion to $6.9 billion. The company is continuing to target net sales, excluding incremental sales attributable to the LW EMEA Acquisition, to grow 6.5 percent to 8.5 percent, and to be largely driven by pricing actions.
First quarter net income was $234.8 million, an increase of 1% from last year. EPS was $1.60, flat with a year ago. Adjusted EPS was $1.63, up 109% from prior year. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $1.08, for the quarter. Analysts' estimates typically exclude special items.
First quarter net sales was $1.67 billion, up 48 percent versus the prior year quarter. Net sales, excluding the incremental sales attributable to the Acquisitions, grew 15 percent. Analysts on average had estimated $1.62 billion in revenue.
Tom Werner, President and CEO. "Organic sales volumes were in line with expectations, and shipment trends improved as the quarter progressed."
Shares of Lamb Weston are up 13% in pre-market trade on Thursday.
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