<p>Lamb Weston (NYSE: LW) results for the third quarter of 2020 have LW stocks falling on Wednesday afternoon. This comes after reporting revenue of $ 937.3 million, which is below Wall Street‘s estimate of $ 959.19 million. The company reported adjusted earnings per share (EPS) of 77 cents, while analysts expected an adjusted earnings per share of 93 cents for the quarter.
LW’s dividend had some other points worth mentioning, including the following:
Net profit decreased by 21% compared with the same period last year. Sales for the quarter increased by 1.13% compared to $ 926.8 million during the same period last year. Operating profit of $ 162.5 million is less than 16.15% compared to the previous year. SG&A (sales, general and administrative) increased by 8.3% annually. LW returned $ 110.6 million through share repurchases and cash dividends, but announced that it was canceling its repurchase plan.
Tom Werner, President and CEO, said this about the LW share income report:
“Our results during the third quarter were mixed … We increased solid growth in the Foodservice and Retail segments, but our global segment decreased due to the timing of sales of customized products and higher margins with time-limited offerings, as well as the initial effects of COVID-19 pandemic on restaurant traffic in China. ”
LW’s earnings report does not include the outlook for the 2020 financial year, but it is not very surprising at this time. Many companies are holding back their guidance in light of the new coronavirus.
The LW share fell 12.24% as of Wednesday afternoon.
Nick Clarkson is the web editor at InvestorPlace. At the time of writing, he had no position in any of the above-mentioned securities.
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