Lamb Weston Trims FY22 Sales Growth Outlook As Q1 Results Miss Estimates - Quick Facts

(RTTNews) - While reporting financial results for the first quarter on Thursday, Lamb Weston Holdings, Inc. (LW) said it now projects net sales growth for the full-year 2022 to be above its long-term target range of low-single digits.

Previously, net sales growth was expected to be above its long-term target of low-to-mid single digits.

On average, seven analysts polled by Thomson Reuters expect the company to report a sales growth of 12.4 percent to $4.13 billion for the year.

For the first quarter, the company reported net income of $29.8 million or $0.20 per share, down from $89.3 million or $0.61 per share in the prior-year quarter. Net sales for the quarter grew 13 percent to $984.2 million from $871.5 million in the same quarter last year.

The Street was looking for earnings of $0.38 per share on net sales of $1.0 billion for the quarter.