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Lamb Weston | 8-K: Lamb Weston Reports Fiscal Second Quarter 2024 Results; Updates Fiscal Year 2024 Outlook

SEC announcement ·  Jan 4 00:00
Summary by Moomoo AI
On January 4, 2024, Lamb Weston Holdings, Inc. (NYSE: LW) reported its financial results for the fiscal second quarter of 2024, including a significant increase in net sales and net income compared to the same period in the previous year. The company's net sales rose by 36% to $1,732 million, with $376 million of this increase attributed to the LW EMEA Acquisition. Net income soared by 109% to $215 million, and diluted EPS increased by 108% to $1.48. Despite a $71 million pre-tax charge for the write-off of excess raw potatoes, the company's adjusted income from operations grew by 22% to $301 million, and adjusted EBITDA increased by 15% to $377 million. Lamb Weston also announced a 29% increase in its quarterly dividend to $0.36 per share and updated its fiscal 2024 outlook, reaffirming its net sales target of $6.8 billion to $7.0 billion and raising its GAAP net income target to $830 million to $900 million, with a diluted EPS target of $5.70 to $6.15. The company's CEO, Tom Werner, expressed confidence in the company's performance and its position to drive sustainable, profitable growth over the long term.
On January 4, 2024, Lamb Weston Holdings, Inc. (NYSE: LW) reported its financial results for the fiscal second quarter of 2024, including a significant increase in net sales and net income compared to the same period in the previous year. The company's net sales rose by 36% to $1,732 million, with $376 million of this increase attributed to the LW EMEA Acquisition. Net income soared by 109% to $215 million, and diluted EPS increased by 108% to $1.48. Despite a $71 million pre-tax charge for the write-off of excess raw potatoes, the company's adjusted income from operations grew by 22% to $301 million, and adjusted EBITDA increased by 15% to $377 million. Lamb Weston also announced a 29% increase in its quarterly dividend to $0.36 per share and updated its fiscal 2024 outlook, reaffirming its net sales target of $6.8 billion to $7.0 billion and raising its GAAP net income target to $830 million to $900 million, with a diluted EPS target of $5.70 to $6.15. The company's CEO, Tom Werner, expressed confidence in the company's performance and its position to drive sustainable, profitable growth over the long term.
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