Lamb Weston raises FY23 adjusted EPS view to $4.35-$4.50 from $3.75-$4.00

Consensus $3.92. Raises FY23 revenue view to $5.25B-$5.35B from $4.8B-$4.9B, consensus $5.02B. The company said, "The Company estimates the consolidation of LW EMEA will contribute an incremental $10 million to $15 million of Adjusted EBITDA including unconsolidated joint ventures(1). The Company previously expected to deliver Adjusted Net Income(1) of $540 million to $580 million, Adjusted Diluted EPS(1) range of $3.75 to $4.00, and Adjusted EBITDA including unconsolidated joint ventures(1) range of $1,050 million to $1,100 million. Gross margins including the consolidation of LW EMEA of 27 percent to 27.5 percent. Excluding the consolidation of LW EMEA, the Company raised its gross margin estimate to 28 percent to 28.5 percent, which is above the Company’s previous target of 27 percent to 28 percent. SG&A, excluding items impacting comparability, of $550 million to $570 million, up from the Company’s previous estimate of $525 million to $550 million, largely reflecting the consolidation of LW EMEA."