Lamb Weston Holdings, Inc. (NYSE:LW) Q3 2023 Earnings Call Transcript

Tom Werner: Yes. So, again, we — the business is on a much better trajectory than it has been over the last 12-months and that’s a testament to terrific management team we have that have implemented a number of different strategies to get that business back on track. I fully expect over the next 12-months that we will improve our run rate that we’ve indicated prior, and I’m not going to give a specific number, but I’m more confident now than ever that this — where that business is going and the trajectory that the team and has got that business on and the synergies and integration that we’re going to do over the next 12-months is going to well position EMEA better than it ever has. And we’re not going to give specific numbers, but I will tell you I’m confident that we will move that business in a direction that that I believe is much better than what we’ve indicated.

Rob Dickerson: Got it. super. And then just quickly, maybe a little bit more fun to talk about. I saw your — let’s say your ability to enter Domino’s with product, I guess, is not fried. It seems like it’s more baked. Maybe if you could just spend a minute, kind of, speaking, kind of, to the technology that maybe you have on a proprietary basis that allows you to do that? And then is that something that I would assume you would clearly try to attack with other customers that let’s say don’t have fryers? That’s it. Thanks.

Tom Werner: Yes. So I’m not going to get into all the product technology, but we’re super excited about that product. And how it’s performing, it’s performing better-than-expected. I’ve been talking about that for a long time in terms of getting into non-fry channels and that was a big first step. We’ve done that with other well-known chains also, and we’re going continue to monitor it, we’re going to work with non-fry channel customers. As we do today, we’ll continue to do that and we have a great innovation team working on non-fried potato products, but those are long lead time items. But I will tell you what is happening with that particular product is exciting and it’s performing amazingly. So, we’ll continue to monitor it. But it’s been a long time comment and hats off to the team that put a lot of years of work into getting that to market and it’s great to see it pay off and really do well in the marketplace.

Rob Dickerson: Got it, super. Thanks so much.

Operator: We’ll hear next from William Reuter from Bank of America.

William Reuter: Good morning. I just — I have two questions, the first is you mentioned M&A, you also are active in building a handful of new facilities. You’re going to be consolidating the JV and you talked about a lot of the operational changes you’re going to make there? I guess, do you feel like you’re at the point now where you still could be active? And I guess, what types of businesses or where within the supply chain do you expect that you would be more active?