Lamb Weston Affirms FY22 Sales Growth Outlook; Q3 Results Top Estimates
While reporting financial results for the third quarter on Thursday, Lamb Weston Holdings, Inc. (LW) said it now continues to project net sales growth for the full-year 2022 to be above its long-term target range of low-to-mid single digits.
On average, seven analysts polled by Thomson Reuters expect the company to report a sales growth of 10.1 percent to $4.04 billion for the year.
The company also noted that net income and adjusted EBITDA, including unconsolidated joint ventures, are expected to be pressured through the remainder of fiscal 2022 due to higher potato, input and transportation costs.
The company added that it anticipates net sales growth in the fourth quarter to be driven largely by price/mix, reflecting the Company’s pricing actions to offset input and transportation cost inflation.
For the third quarter, the company reported net income of $106.6 million or $0.73 per share, up from $66.1 million or $0.45 per share in the prior-year quarter. Net sales for the quarter grew 7 percent to $955.0 million from $895.8 million in the same quarter last year.
The Street was looking for earnings of $0.44 per share on net sales of $968.52 million for the quarter.
Lamb Weston Holdings, Inc. Reveals Advance In Q3 Profit, Beats estimates
Lamb Weston Holdings, Inc. (LW) revealed earnings for its third quarter that increased from last year and beat the Street estimates.
The company’s earnings came in at $106.6 million, or $0.73 per share. This compares with $66.1 million, or $0.45 per share, in last year’s third quarter.
Analysts on average had expected the company to earn $0.44 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 6.6% to $955.0M from $895.8M last year.
Lamb Weston Holdings, Inc. earnings at a glance (GAAP) :
-Earnings (Q3): $106.6 Mln. vs. $66.1 Mln. last year.
-EPS (Q3): $0.73 vs. $0.45 last year.
-Analyst Estimate: $0.44
-Revenue (Q3): $955.0M vs. $895.8M last year.
Pelosi tests positive for COVID-19
What Pelosi and Biden say is utter nonsense: Sen. Mitch McConnell
Sen. Mitch McConnell criticizes Biden for blaming the oil industry for rising gas prices on ‘Fox News @ Night.’
House Speaker Nancy Pelosi has tested positive for COVID-19, according to her office, marking the first time the Democratic leader has contracted the virus after two years of touting strict coronavirus protocols at the House.
Her spokesman made the announcement Thursday just as Pelosi, 82, was scheduled to hold her weekly news conference at the Capitol.
“After testing negative this week, Speaker Pelosi received a positive test result for COVID-19 and is currently asymptomatic,” Drew Hammill tweeted. “The Speaker is fully vaccinated and boosted, and is thankful for the robust protection the vaccine has provided.”
He added: “The Speaker will quarantine consistent with CDC guidance, and encourages everyone to get vaccinated, boosted and test regularly.”
This is a breaking news story, check back for updates.
ECB president: Western measures have 'clipped the wings' of Russia's central bank
New York (CNN Business)Christine Lagarde, the president of the European Central Bank, disclosed Thursday that she has tested positive for Covid.
Lagarde, 66, announced her positive test in a tweet. She said that she is full vaccinated and has received a booster shot.
“My symptoms are thankfully reasonably mild,” she said. “I will work from home in Frankfurt until I am fully recovered. There is no impact on the ECB’s operations.”
The ECB is scheduled to hold its next policy meeting on Thursday, April 14, in Frankfurt.
Although variants of the Covid-19 virus have been causing breakthrough cases of the disease even among those who are vaccinated, vaccines are proving effective in preventing serious illness that can result in hospitalization or death, according to CDC data.
Among other high profile public officials who recently disclosed positive tests are US Speaker of the House Nancy Pelosi, US Attorney General Merrick Garland and Commerce Secretary Gina Raimondo, White House Press Secretary Jen Psaki and Irish Prime Minister Micheál Martin.
Treasury Reveals Details Of Long-Term Securities Auctions
The Treasury Department on Thursday announced the details of this month’s auctions of three-year and ten-year notes and thirty-year bonds.
The Treasury revealed it plans to sell $46 billion worth of three-year notes, $34 billion worth of ten-year notes and $20 billion worth of thirty-year bonds.
The results of the three-year note auction will be announced next Monday, the results of the ten-year note auction will be announced next Tuesday and the results of the thirty-year bond auction will be announced next Wednesday.
Last month, the Treasury sold $48 billion worth of three-year notes, $34 billion worth of ten-year notes and $20 billion worth of thirty-year bonds.
The three-year and ten-year note auctions attracted modestly below average demand, while the thirty-year bond auction attracted well above average demand.
Universal Security Instruments Recalls 2-in-1 Photoelectric Smoke & Carbon Monoxide Alarms
Universal Security Instruments has recalled about 8,000 2-in-1 Photoelectric Smoke & Carbon Monoxide alarms as the recalled products could fail to alert customers about hazardous levels of carbon monoxide.
According to Consumer Product Safety Commission, the alarms can fail to alert consumers to the presence of a hazardous level of carbon monoxide, posing a risk of carbon monoxide poisoning or death. Carbon monoxide (CO) is an odorless, colorless, poisonous gas.
The company said it received two reports of units that failed to alarm for the presence of carbon monoxide within the specified time requirement. No injuries have been reported.
The customers have been asked to immediately contact Universal Security Instruments for a free replacement alarm.
The recall involves two models and two date codes of Universal Security Instruments 2-in-1 Photoelectric Smoke & Fire + Carbon Monoxide alarms. Model MPC322S has 10-year sealed batteries and a manufacturing date code of 2017JUN09. Model MPC122S is a hardwired alarm with 10-year sealed battery backup and a manufacturing date code of 2017JUN02.
The products were sold at Electrical distributors nationwide and online at Walmart.com and other websites from June 2017 through December 2019 for between $50 and $80.