Lamb Weston Misses Earnings Estimates Despite Sales Growth; Outlook Lowered Due to ERP Transition Issues

• Lamb Weston's net sales grew 16% year-over-year to $1.458B, but missed analyst estimates of $1.65B • Adjusted net income declined 18% to $175M, or $1.20 per share, below expected $1.45 per share • Transition to new ERP system reduced visibility into finished goods inventories, affecting order fulfillment
• Company implemented systems adjustments to improve fulfillment rates going forward • Full-year outlook lowered - net sales now $6.54B-$6.6B and adjusted EPS now $5.50-$5.65