Start Time: 10:00 January 1, 0000 11:02 AM ET
Lamb Weston Holdings, Inc. (NYSE:LW)
Q4 2024 Earnings Conference Call
July 24, 2024, 10:00 PM ET
Company Participants
Tom Werner - President and CEO
Bernadette Madarieta - CFO
Dexter Congbalay - VP, IR and Strategy
Conference Call Participants
Andrew Lazar - Barclays
Ken Goldman - JPMorgan
Peter Galbo - Bank of America
Tom Palmer - Citi
Adam Samuelson - Goldman Sachs
Robert Moskow - TD Cowen
Rob Dickerson - Jefferies
Matt Smith - Stifel
Max Gumport - BNP Paribas
Operator
Good day, and welcome to the Lamb Weston Fourth Quarter and Full Year 2024 Earnings Call. Today's conference is being recorded.
At this time, I would like to turn the conference over to Dexter Congbalay, Vice President, Investor Relations and Strategy. Please go ahead, sir.
Dexter Congbalay
Good morning and thank you for joining us for Lamb Weston's fourth quarter and fiscal year 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'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 an overview of our strategies and priorities for the upcoming year, the current operating environment, and our initial thoughts on this year's potato crop. Bernadette will then provide details on our fourth quarter results as well as our outlook for fiscal '25.
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. Our financial results for the fourth quarter and for the year are disappointing, reflecting executional challenges both commercially and in our supply chain as well as soft global demand for fries. While Bernadette will cover our fourth quarter results in more detail later, our sales and earnings performance fell well short of our targets due to a combination of targeted investments in price, a decision to voluntarily withdraw our product to ensure we meet our quality standards and more importantly, those of our customers, higher than anticipated market share losses, an unfavorable mix and softer than expected restaurant traffic trends in both the U.S. and many of our key international markets.