Lamb Weston's Earnings Surge Past Expectations

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EAGLE, Idaho (AP) — Lamb Weston Holdings Inc. on Wednesday reported a fiscal fourth-quarter profit of $32 million.

The Eagle, Idaho-based company said it had profit of $0.22 per share. Earnings, adjusted for asset impairment costs, were $0.65 per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $0.51 per share.

The frozen foods supplier posted revenue of $1.15 billion in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $1.07 billion.

For the year, the company reported profit of $200.9 million, or $1.38 per share. Revenue was reported as $4.1 billion.

Lamb Weston expects full-year earnings to be $2.45 to $2.85 per share with revenue in the range of $4.7 billion to $4.8 billion.

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