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Today's Most Active Stocks: Ford, Google, and More Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Thursday, April 4, 2024
Lamb Weston Falls on Q3 Figures
Lamb Weston Holdings, Inc. (NYSE: LW) shares tumbled Thursday, on releasing its results for the third quarter of fiscal 2024.
Net sales increased 16% to $1,458 million, including $357 million of incremental sales attributable to the LW EMEA Acquisition. Income from operations declined 16% to $224 million. Net income declined 17% to $146 million. Diluted EPS declined 17% to $1.01
“The transition to a new enterprise resource planning (ERP) system in North America negatively impacted our financial results in the quarter by more than we expected,” said CEO Tom Werner.
“The ERP transition temporarily reduced the visibility of finished goods inventories located at distribution centers, which affected our ability to fill customer orders. In turn, this pressured sales volume and margin performance. While we are disappointed with the magnitude of the ERP transition's effect on the quarter, after implementing systems adjustments and modifying processes, we believe the impact is behind us as our order fulfillment rates have normalized.”
In total, the Company estimates the ERP transition negatively impacted fiscal third quarter net income by approximately $72 million, and Adjusted EBITDA by approximately $95 million. With respect to the impact on Adjusted EBITDA, the Company estimates that approximately $55 million related to lower order fulfillment rates, and approximately $40 million related to incremental costs and expenses.
LW shares gave up $16.21, or 16%, to $84.91.
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