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McDonald's supplier Lamb Weston shares spike on improved full-year outlook

Investing.com -- Shares in Lamb Weston Holdings Inc (NYSE:LW) surged by more than 8% in early U.S. trading on Thursday after the supplier to fast food chain McDonald’s (NYSE:MCD) improved its annual forecasts for net sales and profit.

The Idaho-based group said it now projects full-year 2024 net sales of $6.8 billion-$7.0 billion and earnings per share (EPS) of $5.47 to $5.92.

The company, which had previously seen revenue at $6.7B-$6.9B and EPS of $4.95-$5.40, said the upgraded outlook was due to a jump in prices for its ready-made frozen potatoes, solid demand, and cooling cost pressures.

Lamb Weston's overall average selling prices have spiked by 23% over the past year, reflecting a move by the business to protect margins against rising input expenses. Volumes have also dropped by 8% partially due to destocking by retailers in the Asia-Pacific region.

In its fiscal first quarter, the firm reported adjusted EPS of $1.63, topping estimates of $1.07. Three-month net sales of $1.67B were better than anticipated as well.

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