Why Lamb Weston Stock Jumped on Thursday
Shares of Lamb Weston Holdings (NYSE: LW) were up 8.6% as of 11:27 a.m. ET on Thursday after the company announced strong results for the fiscal first quarter ending Aug. 27.
The frozen potato supplier said net sales grew 48% year over year partly boosted by acquisitions. Moreover, adjusted earnings per share more than doubled from $0.78 a year ago to $1.63. The strong performance caused management to raise its full-year earnings forecast.
The company's sales got a boost from higher prices implemented last year. Excluding the favorable impact of acquisitions, organic (adjusted) sales volumes were still in line with management's expectations.
Source Fool.com
