Lamb Weston 3Q Sales Miss Estimates, EPS Beats; Narrows FY Gross Margin View to 19-20% from 18-20%

• (PLX AI) - Lamb Weston reported Q3 sales USD 955 million vs. estimate USD 969 million.
• • Reduced its estimate for cash used for capital expenditures, excluding acquisitions, to approximately $325 million from its previous estimate of $450 million, due to the projected timing of expenditures related to certain capacity expansion projects
• • Q3 net income USD 106.6 million
• • Q3 EPS USD 0.73
• • Q3 adjusted EPS USD 0.73 vs. estimate USD 0.44
• • Q3 adjusted EBITDA USD 219.6 million vs. estimate USD 161 million
• • Outlook FY gross margin now 19-20%, had forecast 18-20%
• • Continues to expect fiscal 2022 net sales growth will be above its long-term target of low-to-mid single digits