Lamb Weston Holdings, Inc. (NYSE:LW) Q1 2024 Earnings Call Transcript October 5, 2023 10:00 AM ET
Company Participants
Dexter Congbalay - VP of Investor Relations and Strategy
Tom Werner - President and Chief Executive Officer
Bernadette Madarieta - Chief Financial Officer
Conference Call Participants
Peter Galbo - Bank of America
Tom Palmer - JPMorgan
Adam Samuelson - Goldman Sachs
Matt Smith - Stifel
Robert Moskow - TD Cowen
Andrew Lazar - Barclays
Rob Dickerson - Jefferies
William Reuter - Bank of America
Operator
Good day, and welcome to the Lamb Weston First Quarter Earnings Call. Today's conference is being recorded. At this time, I would like to turn the presentation over to Mr. Dexter Congbalay, VP of Investor Relations and Strategy. Please go ahead, sir.
Dexter Congbalay
Good morning, and thank you for joining us for Lamb Weston's first quarter 2024 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 will 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 an overview of the current operating environment. Bernadette will then provide details on our first quarter results, as well as our updated 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 a strong start to the year as we continued to execute on our strategies to drive sustainable profitable growth. Our integration of our EMEA operations is progressing well. Our capacity expansion in China is now up and running and our other expansion and modernization efforts around the globe remain on track.
Our supply chain teams continued to drive productivity savings and our commercial teams remain focused on serving our customers and driving innovation across all channels. While our volume was down versus the prior year, it was in line with our expectations and was primarily driven by our decisions to exit lower-priced, lower-margin business. We should see our year-over-year volume trends improve as the year progresses as we begin to lap and backfill exited volumes with higher-margin business. Overall, we feel good about the health of the category, our first quarter financial results, and our operating momentum, and have raised our sales and earning targets for the year.