Lamb Weston Holdings, Inc. (LW) Q3 2023 Earnings Call Transcript

Lamb Weston Holdings, Inc. (NYSE:LW) Q3 2023 Earnings Conference Call April 6, 2023 10:00 AM ET

Company Participants

Dexter Congbalay - Vice President, Investor Relations

Tom Werner - President and Chief Executive Officer

Bernadette Madarieta - Chief Financial Officer

Conference Call Participants

Andrew Lazar - Barclays

Tom Palmer - JPMorgan

Adam Samuelson - Goldman Sachs

Peter Galbo - Bank of America

Rob Dickerson - Jefferies

William Reuter - Bank of America

Operator

Good day, everyone, and welcome to the Lamb Weston Third Quarter Earnings Conference Call. Today's conference is being recorded.

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

Dexter Congbalay

Good morning and thank you for joining us for Lamb Weston's third quarter 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 an overview of the current operating environment, while Bernadette will provide details on our second quarter results and our updated fiscal 2023 outlook.

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 results in our fiscal third quarter as we continued to build good operating momentum. Specifically, sales grew 31%, while gross margin expanded in each of our core business segments. This in turn drove strong EBITDA and earnings per share growth.

I want to thank the entire Lamb Weston team for their dedication and focus on serving our customers, so that together we delivered another great quarter and positioned us for a strong finish to the year. This thank you is also to our more than 1,500 colleagues in Europe, who are now officially members of the global Lamb Weston team after we've recently completed the purchase of the remaining interest in Lamb-Weston/Meijer.