10:05 AM EST, 12/19/2024 (MT Newswires) -- (Update with additional details in the sixth and seventh paragraph along with the latest stock movement in the last paragraph.)

Lamb Weston Holdings ( LW ) reported fiscal Q2 adjusted earnings Thursday of $0.66 per diluted share, down from $1.45 a year earlier.

Analysts polled by FactSet expected $1.01.

Net sales for the fiscal quarter ended Nov. 24 were $1.60 billion, down from $1.73 billion a year earlier.

Analysts surveyed by FactSet expected $1.67 billion.

For fiscal 2025, the potato products maker lowered its adjusted diluted EPS target to $3.05 to $3.20 on net sales of $6.35 billion to $6.45 billion, compared with its previous guidance of $4.15 to $4.35 per share on net sales of $6.6 billion to $6.8 billion. Analysts polled by FactSet expect adjusted earnings of $4.21 per share on revenue of $6.60 billion.

Lamb Watson's board has approved $250 million in stock repurchases in addition to the already approved $500 million buyback program, the company said.

It raised its quarterly dividend to $0.37 per share, payable Feb. 28 to shareholders of record as of Jan. 31.

Shares of the company were down 17% in recent trading.

Price: 64.92, Change: -13.30, Percent Change: -17.00