Lamb Weston Holdings, Inc. (LW) Q4 2023 Earnings Call Transcript

For the period ending May 28, 2023

July 25, 2023 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day and welcome to the Lamb Weston Fourth Quarter Earnings Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Dexter Congbalay. Please go ahead, sir.

Dexter Congbalay

Good morning and thank you for joining us for Lamb Weston's fourth quarter and fiscal 2023 earnings call. This morning, we issued our earnings press release, which is available on our website, lambweston.com.

Please note that during our remarks, we'll make some forward-looking statements about the company's expected performance that are based on how we see things today.

Actual results may differ materially due to risks and uncertainties. Please refer to the cautionary statements and risk factors contained in our SEC filings for more details on our forward-looking statements.

Some of today's remarks include non-GAAP financial measures. These non-GAAP financial measures should not be considered a replacement for and should be read together with our GAAP results. You can find the GAAP to non-GAAP reconciliations in our earnings release.

With me today are Tom Werner, our President and Chief Executive Officer; and Bernadette Madarieta, our Chief Financial Officer. Tom will provide some highlights from the past year as well as an overview of the current operating environment. Bernadette will then provide details on our fourth quarter results as well as our outlook for fiscal 2024.

With that, let me now turn the call over to Tom.

Tom Werner

Thank you, Dexter. Good morning and thank you for joining our call today. We delivered strong financial results in the fourth quarter and fiscal 2023.

I want to start by thanking the entire Lamb Weston team for driving these results and their incredible commitment to supporting our customers. I'm proud of the work we did and continue to do to grow our business and build momentum as we enter a new year.

Specifically, in fiscal 2023, we delivered record sales of nearly $5.4 billion and drove strong profit growth in each of our core business segments through a combination of pricing actions, mix improvement, and supply chain productivity.

We acquired the remaining interest in our European joint venture, which added 1,500 new colleagues, six processing facilities and nearly 2 billion pounds of capacity. The business integration is well underway, and we believe this strategic transaction strengthens our capabilities to serve customers as a unified global Lamb Weston.