Lamb Weston hits over two-year low on downbeat annual sales forecast
Updates
** Frozen food supplier Lamb Weston's LW.N shares down as much as 24.8% to $62.79 - lowest since March 2022
** Company posts Q4 results below analysts' estimates, hurt by a decline in volumes across its North America and international markets
** Stock set for worst day ever, if losses hold
** Forecasts FY25 net sales between $6.6 bln and $6.8 bln, largely below LSEG est of $6.79 bln
** Forecasts FY EPS between $4.35 and $4.85 vs est $6.09
** "Market share losses and a slowdown in restaurant traffic in the U.S. and many of our key international markets were greater than we expected. We also incurred losses related to a voluntary product withdrawal" - CEO Tom Werner
** Company says softer global restaurant traffic and frozen potato demand due to menu price inflation also hit sales
** Lamb Weston counts McDonald's MCD.N and Yum Brands YUM.N as its customers
** Market share losses have been compounded by cooldown in global restaurant traffic, which points to a prolonged period of recovery for Lamb Weston - Blake Droesch, analyst with eMarketer
** Posts Q4 revenue of $1.61 bln vs est $1.70 bln; adj EPS of 78 cents vs est $1.26
** Including session moves, LW down ~42% YTD
Reporting by Savyata Mishra and Anuja Bharat Mistry in Bengaluru
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