Shares of food processing company Lamb Weston Holdings, Inc. (LW) are rising more than 10% Thursday morning after reporting better-than-expected second-quarter results. The company also provide full-year outlook above analysts’ view.<\/p>\n
Profit for the second quarter increased more than 200% to $103.1 million or $0.71 per share, driven by gain related to acquisition and lower interest expenses.<\/p>\n
Results in the current quarter included an after-tax gain of $19.2 million or $0.13 per share related to actions taken to tame the currency fluctuations rates on the pending buyout of Lamb-Weston\/Meijer, the company said. <\/p>\n
Excluding one-time items, earnings were $185 million or $1.28 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.74 per share.<\/p>\n
Net sales increased 27% year-on-year to $1.277 billion. Te consensus estimate was for $1.15 billion.<\/p>\n
Looking forward, the company expects full-year sales to be in the range of $4.8 billion to $4.9 billion<\/p>\n
Adjusted EPS for the year is expected between $3.75 and $4.00.<\/p>\n
Analysts expect the company to report earnings of $2.98 per share on revenue of $4.73 billion.<\/p>\n
LW, currently at $96.29, has touched a new high of $96.59 this morning. <\/p>\n