Summary by Moomoo AI
Lamb Weston, a leading global producer and distributor of value-added frozen potato products, reported a significant increase in net sales and earnings for the second quarter of fiscal 2024. Net sales surged by 36% to $1,732.1 million, driven by the consolidation of financial results from the LW EMEA acquisition and inflation-driven pricing actions. The North America segment saw a 10% increase in net sales, while the International segment experienced a 164% rise, largely due to the LW EMEA consolidation. Adjusted EBITDA grew by 15% to $376.9 million, despite a $70.9 million charge for excess raw potatoes. The company generated $455.2 million in net cash from operating activities, marking a $167.2 million increase from the previous year. Lamb Weston's strategic business developments included the operational commencement of a...Show More