Shares of frozen potato, appetizer, and vegetable products provider Lamb Weston (NYSE:LW) are on the rise today after the company announced better-than-expected third-quarter numbers.
Revenue jumped 31% year-over-year to $1.25 billion, outpacing expectations by $90 million. EPS at $1.43 too came in ahead of expectations by $0.44.
During the quarter, the company benefitted from pricing actions and saw growth in shipments to large chain restaurants as well as retail channel customers in North America.
The company expects the positive business momentum to continue in 2023 and lay the groundwork for fiscal 2024. For fiscal 2023, LW expects net sales to hover between $5.25 billion and $5.35 billion. EPS is seen landing between $4.35 and $4.50.
Overall, the Street has a $109.20 consensus price target on LW implying a 4.8% potential upside in the stock. That’s on top of a nearly 73% climb in the share price over the past year.
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