Lamb Weston Holdings, Inc. (NYSE: LW), a leading supplier of frozen potato products to restaurants and retailers, reported lower adjusted earnings for the third quarter of 2024, despite a double-digit increase in net sales.
Third-quarter earnings, adjusted for special items, decreased to $1.20 per share from $1.47 per share a year earlier. Net income, including one-off items, was $146.1 million or $1.01 per share in Q3, down 17% from the prior-year quarter.
Meanwhile, net sales increased 16% annually to $1.46 billion during the three months. The top line included $357 million of incremental sales attributable to the LW EMEA Acquisition.