Frozen potato product maker reports net sales of $3.757 billion for fiscal year
Lamb Weston Holdings reported a 10% net sales increase to $3.757 billion — including a fourth-quarter of $1.003 billion — for the 2018-19 fiscal year. The information was released July 23.
The Eagle, Idaho-based potato-processing corporation also returned $145 million to stockholders through dividends and stock repurchases. The company is publicly traded on the New York Stock Exchange.
“In fiscal 2019, we delivered another year of record financial results, including sales growth of nearly 10%, as well as double-digit increases in earnings and cash flow from operations,” Tom Werner, president and CEO, said in a press release. “Our strong performance reflects our commercial, supply chain and support teams’ successful execution of our operational and strategic objectives to support our customers and drive sustainable, profitable growth. Specifically, this includes, our commitment to uphold high levels of service, drive product innovation and invest in additional manufacturing capacity.
“For fiscal 2020, we believe the overall operating environment will continue to be generally favorable. We expect continued solid demand growth in our markets and that new industry capacity in North America and Europe will allow processors to operate their factories at more normalized rates.”
Lamb Weston, along with its joint venture partners, is a leading supplier of frozen potato, sweet potato, appetizer and vegetable products to restaurants and retailers around the world.
The company announced the acquisition of Australia-based potato processor Harvest Choice in June to increase its global footprint.
