Lamb Weston, a leading global producer and distributor of value-added frozen potato products, reported a significant increase in net sales and earnings for the second quarter of fiscal 2024. Net sales surged by 36% to $1,732.1 million, driven by the consolidation of financial results from the LW EMEA acquisition and inflation-driven pricing actions. The North America segment saw a 10% increase in net sales, while the International segment experienced a 164% rise, largely due to the LW EMEA consolidation. Adjusted EBITDA grew by 15% to $376.9 million, despite a $70.9 million charge for excess raw potatoes. The company generated $455.2 million in net cash from operating activities, marking a $167.2 million increase from the previous year. Lamb Weston's strategic business developments included the operational commencement of a...Show More

Lamb Weston, a leading global producer and distributor of value-added frozen potato products, reported a significant increase in net sales and earnings for the second quarter of fiscal 2024. Net sales surged by 36% to $1,732.1 million, driven by the consolidation of financial results from the LW EMEA acquisition and inflation-driven pricing actions. The North America segment saw a 10% increase in net sales, while the International segment experienced a 164% rise, largely due to the LW EMEA consolidation. Adjusted EBITDA grew by 15% to $376.9 million, despite a $70.9 million charge for excess raw potatoes. The company generated $455.2 million in net cash from operating activities, marking a $167.2 million increase from the previous year. Lamb Weston's strategic business developments included the operational commencement of a new facility in China and ongoing expansion projects in Idaho, Argentina, and the Netherlands. The company also began transitioning to a new ERP system. Looking ahead, Lamb Weston anticipates net sales and earnings growth in fiscal 2024, with pricing actions expected to drive sales despite potential volume pressures from strategic customer and product mix management. The company remains confident in the long-term growth of the frozen potato category and its position to drive sustainable, profitable growth.