LW - Why Lamb Weston Stock Was Plummeting This Week
2024-07-26 07:49:30 ET
Earnings season is kind to some stocks, and merciless to others. Unfortunately for potato products supplier Lamb Weston (NYSE: LW) , it fell into the latter category following the release of its latest set of quarterly results on Wednesday. What didn't help was a series of analyst price target recommendation downgrades and price target cuts in the wake of those results.
The subsequent market rout pushed Lamb Weston's share price down a queasy 32% week-to-date as of early Friday morning, according to data compiled by S&P Global Market Intelligence .
Lamb Weston published its fourth quarter of fiscal 2024 numbers before market open that day, and it was greeted with a heavy investor sell-off once trading began. The company's net sales fell by 5% on a year-over-year basis to $1.6 billion, while its non-GAAP (adjusted) net income fell a great deal more steeply. That line item cratered by 40% to just under $114 million.
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Why Lamb Weston Stock Was Plummeting This Week