Why Frozen Potato Products Supplier Lamb Weston's Shares Are Jumping Today?
Portfolio Pulse from Shivani Kumaresan
Lamb Weston Holdings Inc (NYSE:LW) reported Q1 FY24 sales growth of 48% YoY to $1.67 billion, beating the analyst consensus estimate of $1.62 billion. The company's gross profit increased 82.7% YoY to $499.5 million, and the operating income for the quarter jumped 106% to $323 million. Lamb Weston returned $40.8 million to shareholders through cash dividends and $100.0 million through share repurchases. The company raised the FY24 sales outlook to $6.8 billion - $7 billion from $6.7 billion - $6.9 billion.
October 05, 2023 | 2:04 pm
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POSITIVE IMPACT
Lamb Weston's Q1 FY24 sales and profits exceeded expectations, and the company returned significant capital to shareholders. The company also raised its FY24 sales outlook.
Lamb Weston's strong Q1 FY24 results, capital return to shareholders, and raised FY24 sales outlook are all positive signals for investors. This could lead to increased investor confidence and a potential increase in the company's stock price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100