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LW - Lamb Weston Holdings Inc News Story

$78.41 -0.5  -0.6%

Last Trade - 6:35pm

Sector
Consumer Defensives
Size
Large Cap
Market Cap £8.17bn
Enterprise Value £9.61bn
Revenue £2.49bn
Position in Universe 868th / 6853

BUZZ-Lamb Weston: Falls as COVID-19-led disruptions weigh on Q3 profit

Wed 7th April, 2021 4:28pm
** Shares in food processing co  LW.N  fall ~2% to $79.25
    ** Co reports Q3 profit of $0.45/shr vs estimate of
$0.51/shr as disruptions caused by the COVID-19 pandemic led to
higher costs - IBES Refinitiv data
    ** Says adjusted EBITDA including unconsolidated joint
ventures declined 27% to $167 mln  urn:newsml:reuters.com:*:nBw2J7R9xa
    ** Q3 volume down 6%, mainly due to lower demand for frozen
potato products as COVID-19 restrictions shut restaurants and
bars
    ** Says ongoing disruptive effects on supply chain will
continue to pressure near-term costs, but should also lessen
after vaccines become more widely available
    ** LW remains optimistic that overall demand in the U.S.
will steadily return to pre-pandemic levels around the end of
calendar 2021
    ** Jefferies says LW's Q3 sales beat estimates given 
better-than-expected full-service restaurant traffic recovery,
although gross profit and EBITDA missed by ~2% and ~5%,
respectively
    ** Shares up 2.8% YTD, as of last close

 (Reporting by Arundhati Sarkar in Bengaluru)
 ((Arundhati.Sarkar@thomsonreuters.com;
twitter.com/Arundhati_05; +1 646 223 8780 Ext: 2776))
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