Lamb Weston Holdings, Inc. updated earnings guidance for the fiscal year 2024. The company updated its annual net sales target range to $6.54 billion to $6.60 billion, which includes $1.1 billion of incremental sales attributable to the consolidation of the financial results of LW EMEA during the first three quarters of the fiscal year. The Company reduced its annual net sales target from its previous range of $6.8 billion to $7.0 billion to reflect the higher-than-expected impact on customer order fulfillment rates from the transition to a new ERP system during the Company?s fiscal third quarter, as well as soft near-term restaurant traffic and retail trends in North America and other key international markets.

The Company updated its target ranges for net income to $770 million to $790 million and Diluted EPS of $5.30 to $5.45, including a net loss from foreign currency exchange and unrealized mark-to-market derivative gains and losses and items impacting comparability of $40.8 million ($30.4 million after-tax, or $0.20 per share) during the first three quarters of fiscal 2024. The Company previously targeted a net income range of $830 million to $900 million and a Diluted EPS range of $5.70 to $6.15.