- Lamb Weston Holdings Inc (NYSE:LW) reported fourth-quarter FY22 sales growth of 14% year-on-year, to $1.15 billion, beating the consensus of $1.07 billion.
- Volume declined 1%, reflecting lower export volume due to limited shipping container availability and disruptions to ocean freight networks.
- Net sales from the Global segment rose 10% Y/Y, Foodservice increased 21%, and the Retail segment climbed 20%.
- Gross profit increased 28.4% Y/Y to $254.2 million, and the gross margin expanded 230 basis points to 22%.
- The operating margin was 11.8%, and operating income for the quarter rose 38% to $136 million.
- Adjusted EBITDA increased 21% Y/Y to $202 million.
- Adjusted EPS of $0.65 beat the analyst consensus of $0.51.
- Lamb Weston held $525 million in cash and equivalents as of May 29, 2022. Net cash from operating activities for the twelve months totaled $418.1 million.
- “We continue to be encouraged by the resiliency of U.S. restaurant traffic and french fry demand as consumers adjust to sharp inflation headwinds”, said CEO Tom Werner.
- Outlook: Lamb Weston expects FY23 EPS of $2.45 – $2.85, versus the consensus of $2.85.
- It sees FY23 sales of $4.7 billion – $4.8 billion, against the consensus of $4.41 billion.
- Price Action: LW shares are trading higher by 0.85% at $75.79 on the last check Wednesday.
Ventas Updates FY23 Normalized Per Share FFO Range From $2.96-$2.99 To $2.92-$3.02
Updated and Raised Full Year 2023 GuidanceVentas is updating its outlook for Attributable Net Income and Nareit FFO per share and raising its 2023 Normalized FFO per share guidance midpoint.The Company's guidance
