Lamb Weston raises FY24 adjusted EPS view to $5.70-$6.15 from $5.50-$5.95

Consensus $5.90. Backs FY24 revenue view $6.8B-$7B, consensus $6.89B. Backs FY24 adjusted EBITDA view $1.54B-$1.62B. The company said, “The Company raised its Adjusted Net Income(2) target to $830 million to $900 million and its Adjusted Diluted EPS(2) target to $5.70 to $6.15. The increases in these targets reflect the lower SG&A expense estimate as well as a lower interest expense estimate of $140 million to account for revised project-related capitalized interest. The Company previously estimated Adjusted Net Income(2) of $805 million to $875 million, Adjusted Diluted EPS(2) of $5.50 to $5.95, and interest expense of $155 million.”