LW - Why Is Frozen Potato Products Supplier Lamb Weston Stock Plunging Today? | Benzinga
Lamb Weston Holdings Inc (NYSE:LW) shares are plunging after the company reported third-quarter FY24 sales growth of 16% year-on-year to $1.46 billion, missing the analyst consensus estimate of $1.645 billion.
Volume declined 16%, with approximately 8% of the decline related to unfilled customer orders resulting from the company’s transition to a new ERP system in North America.
Net sales in the North America segment fell 12% Y/Y and International climbed 179%.
Gross profit increased 1.5% Y/Y to $403.7 million, and the gross margin contracted 400 basis points to 27.7%.
The operating margin was 15.4%, and operating income for the ...