Frozen vegetable distributor Lamb Weston (LW Quick QuoteLW - Free Report) is set to report fiscal first-quarter earnings results on Thursday before the bell. The stock has underperformed this year despite a positive string of earnings surprises. Lamb Weston, a Zacks Rank #2 (Buy) stock, has averaged a 44.8% earnings beat over the past four quarters.

Lamb Weston is expected to post a profit of $1.09/share, which would reflect growth of 45.3% versus the same quarter last year. Analysts covering LW have slightly decreased Q1 estimates over the past 60 days. Revenues are projected to have increased 41.6% to $1.59 billion during the quarter.

Investors should remain prudent heading into the earnings announcement given recent weakness in the consumer staples sector.