Lamb Weston Holdings, Inc. unveiled its latest strategic growth initiatives, updated long-term financial targets, and increased share repurchase authorization during its 2023 Investor Day.
The company emphasized its commitment to sustainable, profitable growth, leveraging its expanded global presence, advanced production capabilities, and innovation leadership. Key highlights include:
- Strategic Growth: Lamb Weston aims to drive sustainable growth through its expanded global footprint, advanced production capabilities, and innovation leadership. The company’s focus remains on the growing frozen potato category, with leading market positions both in North America and globally.
- Financial Targets: Lamb Weston has set long-term financial goals, including net sales growth in the low-to-mid-single digits and Adjusted EBITDA growth in the mid-to-high-single digits. The company also reaffirmed its fiscal 2024 outlook, projecting net sales between $6.8 billion to $7.0 billion and an Adjusted EBITDA of $1,540 million to $1,620 million.
- Share Repurchase Authorization: The Board of Directors has approved an increase in the company’s share repurchase authorization to $500 million. Since its inception as an independent public company in 2016, Lamb Weston has returned over $1.2 billion to shareholders through dividends and share repurchases.
Tom Werner, President and CEO of Lamb Weston, commented on the company’s achievements, stating, “Over the last several years, Lamb Weston has strengthened our position as a leading global producer, distributor, and marketer of frozen potato products.”
He further highlighted the company’s global supply chain optimization and capital allocation strategy, expressing confidence in Lamb Weston’s future growth.
Source: Lamb Weston. Read the full release here
Photo: Credit Lamb Weston