ERP transition and potato write-off hit Lamb Weston's Q3; FY2024 outlook slashed

Lamb Weston Holdings, Inc.

2024-Q3 EPS reported $4.09 revenue$4,855,700,000

Q3 GAAP EPS $1.01 (-17% YoY); adjusted EPS $1.20 (-18%); net sales $1,458M (+16% but organic -12%).
ERP transition cut Q3 sales ~$135M and Adj. EBITDA ~$95M; order fulfillment issues resolved by quarter-end.
$25M pre-tax charge for excess raw potato write-off in Q3; full-year charge $95.9M.
FY2024 guidance cut: net sales $6.54-6.60B (from $6.8-7.0B); adj. EPS $5.50-5.65 (from $5.70-6.15).
North America segment Adj. EBITDA down 14% to $285.9M; International up 88% to $101.7M on LW EMEA consolidation.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Lamb Weston Holdings, Inc. reported the fiscal third quarter 2024 results: revenue $1,458.3 million, net income $146.1 million, EPS $1.01. Guidance lowered.

Period: the fiscal third quarter 2024
Revenue: $1,458.3 million
Net income: $146.1 million
EPS: $1.01
Guidance: lowered
Result: reported results

Exact text from the filing

North America and a $25 million pre-tax charge (1) for the write-off of excess raw potatoes • GAAP Results as Compared to Third Quarter Fiscal 2023: ◦ Net sales increased 16% to $1,458 million, including $357 million of incremental sales attributable to the LW EMEA Acquisition ◦ Income from operations declined 16% to $224 million ◦ Net income declined 17% to $146

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Source: SEC EDGAR

accession 0001679273-24-000017

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