Lamb Weston 4Q26: North America on the right track, now pivoting to fixing the overseas business

研报英文原文证据摘录

Lamb Weston 4Q26: North America on the right track, now pivoting to fixing the overseas business

28 July 2026

Alexia Howard

+1 917 344 8453

U.S. Food alexia.howard@bernsteinsg.com

Lamb Weston Holdings Inc Cinnie Lin

+1 917 344 8567

Rating cinnie.lin@bernsteinsg.com

Market-Perform

Price Target

LW 57.00 USD (42.00 OLD)

Lamb Weston 4Q:26: North America on the right track, now

pivoting to fixing the overseas business

Lamb Weston’s 4Q26 results came through better than expected, particularly in Close Date 27 Jul 2026

North America, and guidance for FY27 was modestly ahead of consensus estimates:

LW Close Price (USD) 53.11

9.3% sales growth and 18.3% EBITDA growth in North America was clearly well ahead

Price Target (USD) 57.00

of estimates (5.4% and 2.4% ahead on sales and EBITDA, respectively), although the

Upside/(Downside) 7%

International numbers were weak based on the conflict in the Middle East and operational

52-Week Range 67.07/37.62

deleveraging based on market conditions in EMEA. Cost savings initiatives and better

SPX 7,413.18

execution in North America seem to be enabling the company to deliver meaningful profit

FYE May

growth despite a challenging consumer and QSR environment.

Div Yield 2.9%

In FY27, management expects performance in International markets to improve: Market Cap (USD) (M) 7,302

The start up costs associated with the new plant in Argentina are now largely behind us and EV (USD) (M) 11,271

potato inventory write offs are not expected to repeat this year. Moreover, the company is Performance YTD 1M 6M 12M

closing a plant and temporarily curtailing products at a second plant in the Neitherlands, Absolute (%) 26.8 17.6 17.9 (12.7)

which will reduce capacity by ~10% in EMEA and enable better matching of supply and SPX (%) 8.3 0.8 6.2 16.0