Lamb Weston Holdings announced its results for the first quarter of fiscal 2025 and updated its full-year earnings targets for fiscal 2025.
"We delivered first quarter financial results that were generally in line with our expectations, driven by sequentially improved volume performance, solid price/mix, and strict management of operating costs," said Tom Werner, President and CEO. "However, restaurant traffic and frozen potato demand, relative to supply, continue to be soft, and we believe it will remain soft through the remainder of fiscal 2025."
"To drive operational and cost efficiencies, we are taking actions that include the permanent closure of an older, higher-cost processing facility and the temporary curtailment of certain production lines and schedules in our manufacturing network. Together, we expect these actions will help us better manage our factory utilization rates and ease some of the current supply-demand imbalance in North America. We are also taking actions to reduce operating expenses, including reducing headcount and eliminating certain unfilled job positions, as well as reducing capital expenditures. The combined estimated savings from these actions are reflected in our updated fiscal 2025 targets."
"These actions are proactive steps designed to improve our operating efficiency, profitability, and cash flows, while also positioning us to continue to make strategic investments to support our customers and create value for our stakeholders over the long term."
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For more information:
Dexter Congbalay
Lamb Weston Holdings, Inc.
Tel: +1 224-306-1535
Email: [email protected]
Email: [email protected]
Website: www.news.lambweston.com