12:21 PM EDT, 04/04/2024 (MT Newswires) -- (Updates to add stock move in the headline and the first paragraph.)

Lamb Weston ( LW ) shares fell almost 20% in recent Thursday trading after the company reported fiscal Q3 adjusted earnings of $1.20 per diluted share, down from $1.47 a year earlier.

Analysts polled by Capital IQ expected $1.45.

Total sales for the fiscal quarter ended Feb. 25 were $1.46 billion, up from $1.25 billion a year earlier.

Analysts surveyed by Capital IQ expected $1.65 billion.

For full-year fiscal 2024, the potato production and frozen food company lowered its guidance.

It now expects adjusted earnings of $5.50 to $5.65 per diluted share, down from $5.70 to $6.15, on net sales of $6.54 billion to $6.60 billion, down from $6.8 billion to $7.0 billion. Analysts polled by Capital IQ expect adjusted earnings of $6.27 per share on revenue of $7.08 billion.

Price: 81.00, Change: -20.12, Percent Change: -19.90