Volume Growth in North America and Asia
Volume growth was up 8% in the second quarter and 7% for the first half of the year, driven by customer wins, share gains, and strong retention, especially in North America and Asia.
Share Repurchase and Dividend Increase
Lamb Weston repurchased $40 million of shares during the second quarter and announced a 3% increase to the quarterly dividend.
Cost Savings Initiatives
The cost savings plan is on track, delivering strong free cash flow and a culture of continuous improvement. Adjusted SG&A expenses declined $8 million versus the prior year quarter.
Strong Free Cash Flow
Generated $530 million of cash from operations, up $101 million versus last year, with free cash flow at $375 million.
North America's Solid Performance
North America remains a solid segment with strong demand and a vast majority of contract negotiations completed.