Shares of Lamb Weston Holdings (LW) plunged 20% in intraday trading Thursday as the potato proces🔴sor posted lower-than-expected quarterly profit and sales, and warned about full-year results because of problems with a new software system.

Lamb Weston reported third-quarter adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $1.20, with revenue up 16% to $1.46 billion. Both were short of forecasts.

澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Tom Werner blamed the shortfall on a slower-than-anticipated transition to a new enterprise resource planning (ERP) system in North America, which he said♛ “negatively impacted our financial results in the quarter𒀰 by more than we expected.” 

Werner explained that the ERP delay “temporarily reduced the visibility of finished goods inventories located at distribution centers, which affected our ability to fill customer orders. In turn, this pressured sales volume and margin perform🅰ance.”  He added that the company believes the issue has been mitigated and order fulfillment rates have normalized.

Despite that, Lamb Weston said the residual effects led the company to revise its outlook. It now sees full-year adjusted EPS in a range of $5.50 to $5.65, down from the previous estimate of $5.70 to $6.15. It predicts revenueꦰ of $6.54 billion to $6.60 billion, lowered from the earlier estimate of $6.80 billion to $7.00 billion. 

The news sent Lamb Westo⭕n shares tumbling 20% as of noon ET to $81.26. They earlier fell to $80.02, their lowest level since 2022.

Correction—April 4, 2024: This article was corrected to reflect the last time Lamb Weston's shares fell to $80.02.