Lamb Weston announced today its fiscal second quarter 2023 results and updated its fiscal 2023 outlook. “We delivered strong top and bottom-line results in the quarter,” said Tom Werner, President and CEO.
“Because of our financial performance in the first half of fiscal 2023 and our broad operating momentum, we have raised our annual sales, gross margin and earnings targets. We expect the continued implementation of pricing actions to counter higher input and potato costs to drive our financial results in the second half, while our volume performance will continue to be affected by supply chain constraints and inflationary pressures on consumers.
“In addition, we look forward to beginning to capture strategic, commercial and operational benefits from the acquisition of our partner’s interest in our European joint venture, which we currently expect to close during our fiscal fourth quarter.
“By leveraging a truly global production footprint, we believe Lamb Weston will be well-positioned to support customers in key markets around the world, and drive sustainable, profitable growth over the long term.”
Net sales increased $269.9 million to $1,276.5 million, up 27 percent versus the prior year quarter. Income from operations increased $157.4 million to $271.8 million, up 138 percent versus the prior year quarter. Net income was $103.1 million, up $70.6 million versus the prior year quarter.
Net sales for the Global segment, which is generally comprised of the top 100 North American-based quick-service (“QSR”) and full-service restaurant chain customers, as well as all of the Company’s international sales, increased $176.1 million to $692.8 million, up 34 percent versus the prior year quarter.
Source: Lamb Weston Holdings Inc. Read the full press release here
Photo: Credit Lamb Weston