Lamb Weston Holdings Inc. posted a 14% rise in sales and above-consensus earnings for its fiscal fourth quarter, as significantly higher prices across its business segments offset rising overhead costs.

The potato-products company posted net income of $32 million, or 22 cents a share, for the quarter ended May 29, down from $65.5 million, or 44 cents a share, in the same period a year ago.

Stripping out one-time items, adjusted earnings were 65 cents a share. Analysts surveyed by FactSet had been expecting 51 cents a share.

Sales rose to $1.15 billion from $1.01 billion last year, topping Wall Street expectations of $1.07 billion, according to FactSet.

The Eagle, Idaho-based company said prices increased 15%, while volumes declined 1% during the quarter as exports were affected by limited shipping container availability and disruptions to ocean freight networks.

Total volume in North America increased on shipments to large chain restaurant customers, which offset lower shipments to food service and retail channels as supply-chain constraints hampered its ability to meet customer demand.

Write to Dean Seal at dean.seal@wsj.com

The Federal Reserve's monetary policy committee starts its two-day meeting, which is expected to culminate in another 75 basis-point interest-rate hike.

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