<p>兰威斯顿控股（Lamb Weston Holdings (LW)）已召开第二季度财报电话会议。以下是会议的主要亮点。</p>
<h3>享受 TipRanks Premium 50% 折扣，放心投资</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，帮助您做出更聪明、更精准的决策</li>
<li>通过最新的新闻和分析保持市场领先，使您的投资组合始终处于最大潜力的状态</li>
</ul>
<p>兰威斯顿在最新的财报电话会议中平衡了稳健的销量增长与国际市场的挑战</p>
<p>兰威斯顿控股的最新财报电话会议描绘了一幅谨慎乐观的画面。管理层强调了强劲的销量增长、健康的自由现金流和严格的成本控制，特别是在北美和亚洲。然而，这些积极因素受到价格组合压力、较高的投入成本以及国际和欧洲市场持续挑战的影响，使整体基调显得复杂但具有建设性。</p>
<h2>北美和亚洲的强劲销量增长</h2>
<p>一个关键亮点是销量增长，第二季度增长了 8%，上半年增长了 7%。这一表现得益于客户的胜利、市场份额的增加和强劲的客户保留，尤其是在北美和亚洲。管理层强调，这些地区的需求依然强劲，因为兰威斯顿继续深化与餐饮和零售客户的关系，表明消费者对冷冻土豆产品的需求依然健康。</p>
<h2>资本回报：股票回购和股息增加</h2>
<p>兰威斯顿继续向股东返还现金，在本季度回购了 4000 万美元的自家股票。公司还宣布季度股息增加 3%，显示出对其现金生成和财务状况的信心。对于投资者而言，这种股票回购与股息上升的结合突显了管理层在充满挑战的定价环境中对股东友好资本配置的承诺。</p>
<h2>成本节约计划支持利润率</h2>
<p>公司的成本节约举措仍在按计划进行，是其抵消利润率压力的核心战略。管理层强调了持续改进的文化，并报告称调整后的销售和管理费用与去年同期相比下降了 800 万美元。这些效率帮助兰威斯顿保护盈利能力，并支持在更艰难的定价和成本背景下对业务的投资。</p>
<h2>强劲的自由现金流生成</h2>
<p>兰威斯顿实现了强劲的现金生成，运营现金流达到了 5.3 亿美元，同比增加了 1.01 亿美元。自由现金流达到了 3.75 亿美元，为公司提供了显著的灵活性，以资助资本项目、追求战略举措并维持其资本回报计划。这一现金表现成为本季度的一个关键优势，并支持公司的长期增长议程。</p>
<h2>北美仍然是稳固的支柱</h2>
<p>北美继续是公司最可靠的业务板块，管理层形容其表现稳健，需求强劲。该地区绝大多数合同谈判已完成，提供了更好的定价和销量可见性。兰威斯顿在最大市场的这种稳定性有助于抵消其他业务组合中的波动，并为公司应对全球挑战提供了坚实的基础。</p>
<h2>国际业务面临压力</h2>
<p>与北美相比，国际业务仍然面临压力。净销售额在固定汇率下下降了 1%，受到较弱的价格组合和较高的制造成本的影响。公司指出，阿根廷的启动费用和欧洲设施的利用不足是影响盈利能力的关键因素。尽管销量受到早期胜利的支持，但成本通胀和运营效率低下的结合对国际业绩造成了拖累。</p>
<h2>价格组合下降对业绩造成影响</h2>
<p>在固定汇率下，价格组合下降了 8%，成为本季度的显著阻力。管理层将这一下降归因于为支持客户而采取的定价和贸易措施，以及向低利润销售的转变。尽管这些举措有助于维持客户关系和销量，但它们压缩了利润率，使净销售增长仅限于 1%，尽管销量增长强劲。销量与定价之间的权衡将是投资者需要关注的重要动态。</p>
<h2>欧洲市场的挑战加剧</h2>
<p>兰威斯顿强调了欧洲环境的挑战。餐厅客流量疲软抑制了需求，而强劲的土豆作物在供应充足的情况下对价格造成了压力。当地市场的额外加工能力也减少了出口机会，进一步压缩了利润率。这些条件导致一些欧洲工厂的利用不足，并突显了供需之间的区域不平衡。</p>
<h2>组合变化对利润率的影响</h2>
<p>产品和渠道组合在塑造利润率方面发挥着重要作用。在北美，公司看到零售市场从品牌产品转向自有品牌产品，以及从高利润客户转向低利润客户的趋势。这些变化支持了销量和客户关系，但对毛利率造成了压力。管理层对成本节约和效率的关注，部分旨在抵消这些结构性组合压力。</p>
<h2>较高的投入成本增加了利润压力</h2>
<p>除了原材料土豆外，兰威斯顿还面临多个类别的较高投入成本，包括关税、劳动力、燃料、电力和水、运输等。这些增加在价格组合已经承压的情况下进一步压缩了利润率。公司的成本节约计划和严格的资本支出是缓解这些上升成本的关键杠杆，但通货膨胀的背景仍然是一个显著的风险因素。</p>
<h2>指导和展望：现金和北美支持增长</h2>
<p>展望未来，蓝威斯顿重申了其 2026 财年的展望，预计将接近其 10 亿至 12 亿美元的调整后 EBITDA 指导区间的中点。预计销量增长将继续成为关键驱动因素，得益于客户的赢得和市场份额的提升，特别是在北美。资本支出预计将低于之前设定的 2026 财年 5 亿美元的目标，反映出投资步伐的放缓。尽管本季度的调整后 EBITDA 降至 2.86 亿美元，略低于去年，主要由于价格组合和国际制造成本，但强劲的自由现金流和韧性的北美业务使管理层对持续增长和资金回报股东充满信心。</p>
<p>总之，蓝威斯顿的财报电话会议揭示了公司如何利用强劲的需求、成本控制和稳健的现金生成能力来应对困难的定价和成本环境。北美和亚洲的销量增长令人印象深刻，而资本回报和成本节约则支持了股东价值。同时，国际和欧洲的逆风、不利的价格组合以及更高的投入成本仍然是重要挑战。对于投资者而言，这个故事是稳健基本面与地区和利润压力的结合，指导信号显示出稳步但并非没有风险的前进。</p>

蓝威斯顿

<p>Lamb Weston Holdings 第二季度的财报电话会议强调了强劲的销量增长，特别是在北美和亚洲，以及稳健的自由现金流。然而，公司面临着更高的投入成本、价格组合压力和国际市场的逆风。尽管存在这些问题，Lamb Weston 仍通过股票回购和增加股息向股东返还现金。成本节约措施有助于保护利润率，但国际业务由于价格组合疲软和更高的制造成本仍然承压</p>

<p>Lamb Weston Holdings ((LW)) has held its Q2 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>兰威斯顿控股（Lamb Weston Holdings (LW)）已召开第二季度财报电话会议。以下是会议的主要亮点。</p>
</div><h3>Claim 50% Off TipRanks Premium and Invest with Confidence</h3>
<div class="lb-trans"><h3>享受 TipRanks Premium 50% 折扣，放心投资</h3>
</div><ul>
<li>Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions</li>
<li>Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential</li>
</ul>
<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，帮助您做出更聪明、更精准的决策</li>
<li>通过最新的新闻和分析保持市场领先，使您的投资组合始终处于最大潜力的状态</li>
</ul>
</div><p>Lamb Weston Balances Solid Volume Gains With International Headwinds in Latest Earnings Call</p>
<div class="lb-trans"><p>兰威斯顿在最新的财报电话会议中平衡了稳健的销量增长与国际市场的挑战</p>
</div><p>The latest earnings call from Lamb Weston Holdings painted a picture of cautious optimism. Management emphasized strong volume growth, healthy free cash flow, and disciplined cost control, particularly in North America and Asia. However, these positives were tempered by price mix pressure, higher input costs, and ongoing challenges in the international and European markets, leaving the overall tone mixed but constructive.</p>
<div class="lb-trans"><p>兰威斯顿控股的最新财报电话会议描绘了一幅谨慎乐观的画面。管理层强调了强劲的销量增长、健康的自由现金流和严格的成本控制，特别是在北美和亚洲。然而，这些积极因素受到价格组合压力、较高的投入成本以及国际和欧洲市场持续挑战的影响，使整体基调显得复杂但具有建设性。</p>
</div><h2>Robust Volume Growth in North America and Asia</h2>
<div class="lb-trans"><h2>北美和亚洲的强劲销量增长</h2>
</div><p>A key highlight was volume growth, which rose 8% in the second quarter and 7% for the first half of the year. This performance was driven by customer wins, share gains, and strong retention, especially across North America and Asia. Management underscored that demand remains solid in these regions as Lamb Weston continues to deepen relationships with foodservice and retail customers, indicating that underlying consumer appetite for frozen potato products remains healthy.</p>
<div class="lb-trans"><p>一个关键亮点是销量增长，第二季度增长了 8%，上半年增长了 7%。这一表现得益于客户的胜利、市场份额的增加和强劲的客户保留，尤其是在北美和亚洲。管理层强调，这些地区的需求依然强劲，因为兰威斯顿继续深化与餐饮和零售客户的关系，表明消费者对冷冻土豆产品的需求依然健康。</p>
</div><h2>Capital Returns: Share Repurchases and Dividend Increase</h2>
<div class="lb-trans"><h2>资本回报：股票回购和股息增加</h2>
</div><p>Lamb Weston continued to return cash to shareholders, repurchasing $40 million of its own shares during the quarter. The company also announced a 3% increase in its quarterly dividend, signaling confidence in its cash generation and financial position. For investors, this combination of buybacks and a rising dividend underlines management’s commitment to shareholder-friendly capital allocation even amid a challenging pricing environment.</p>
<div class="lb-trans"><p>兰威斯顿继续向股东返还现金，在本季度回购了 4000 万美元的自家股票。公司还宣布季度股息增加 3%，显示出对其现金生成和财务状况的信心。对于投资者而言，这种股票回购与股息上升的结合突显了管理层在充满挑战的定价环境中对股东友好资本配置的承诺。</p>
</div><h2>Cost Savings Plan Supports Margins</h2>
<div class="lb-trans"><h2>成本节约计划支持利润率</h2>
</div><p>The company’s cost savings initiatives remain on track and are a core part of its strategy to offset margin pressure. Management highlighted a culture of continuous improvement and reported that adjusted SG&amp;A expenses declined by $8 million compared with the same period last year. These efficiencies are helping Lamb Weston protect profitability and support investment in the business despite a tougher pricing and cost backdrop.</p>
<div class="lb-trans"><p>公司的成本节约举措仍在按计划进行，是其抵消利润率压力的核心战略。管理层强调了持续改进的文化，并报告称调整后的销售和管理费用与去年同期相比下降了 800 万美元。这些效率帮助兰威斯顿保护盈利能力，并支持在更艰难的定价和成本背景下对业务的投资。</p>
</div><h2>Strong Free Cash Flow Generation</h2>
<div class="lb-trans"><h2>强劲的自由现金流生成</h2>
</div><p>Lamb Weston delivered strong cash generation, producing $530 million of cash from operations, an increase of $101 million year over year. Free cash flow reached $375 million, giving the company significant flexibility to fund capital projects, pursue strategic initiatives, and maintain its capital return program. This cash performance stands out as a key strength in the quarter and supports the company’s longer-term growth agenda.</p>
<div class="lb-trans"><p>兰威斯顿实现了强劲的现金生成，运营现金流达到了 5.3 亿美元，同比增加了 1.01 亿美元。自由现金流达到了 3.75 亿美元，为公司提供了显著的灵活性，以资助资本项目、追求战略举措并维持其资本回报计划。这一现金表现成为本季度的一个关键优势，并支持公司的长期增长议程。</p>
</div><h2>North America Remains a Solid Anchor</h2>
<div class="lb-trans"><h2>北美仍然是稳固的支柱</h2>
</div><p>North America continues to be the company’s most reliable segment, with management describing performance as solid and demand as strong. The vast majority of contract negotiations in the region have been completed, providing better visibility into pricing and volumes. This stability in Lamb Weston’s largest market is helping to offset volatility elsewhere in the portfolio and gives the company a sturdy base from which to navigate global challenges.</p>
<div class="lb-trans"><p>北美继续是公司最可靠的业务板块，管理层形容其表现稳健，需求强劲。该地区绝大多数合同谈判已完成，提供了更好的定价和销量可见性。兰威斯顿在最大市场的这种稳定性有助于抵消其他业务组合中的波动，并为公司应对全球挑战提供了坚实的基础。</p>
</div><h2>International Segment Faces Pressure</h2>
<div class="lb-trans"><h2>国际业务面临压力</h2>
</div><p>In contrast to North America, the international segment remained under pressure. Net sales declined 1% at constant currency, hurt by weaker price mix and higher manufacturing costs. The company cited start-up expenses in Argentina and underutilization in European facilities as key factors weighing on profitability. While volumes are being supported by earlier wins, the combination of cost inflation and operational inefficiencies has created a drag on international results.</p>
<div class="lb-trans"><p>与北美相比，国际业务仍然面临压力。净销售额在固定汇率下下降了 1%，受到较弱的价格组合和较高的制造成本的影响。公司指出，阿根廷的启动费用和欧洲设施的利用不足是影响盈利能力的关键因素。尽管销量受到早期胜利的支持，但成本通胀和运营效率低下的结合对国际业绩造成了拖累。</p>
</div><h2>Price Mix Decline Weighs on Results</h2>
<div class="lb-trans"><h2>价格组合下降对业绩造成影响</h2>
</div><p>Price mix fell 8% at constant currency, a notable headwind during the quarter. Management tied this decline to pricing and trade actions taken to support customers, as well as a shift toward lower-margin sales. While these moves help maintain relationships and volumes, they compress margins and limited net sales growth to just 1%, despite robust volume gains. This trade-off between volume and pricing will be an important dynamic for investors to watch.</p>
<div class="lb-trans"><p>在固定汇率下，价格组合下降了 8%，成为本季度的显著阻力。管理层将这一下降归因于为支持客户而采取的定价和贸易措施，以及向低利润销售的转变。尽管这些举措有助于维持客户关系和销量，但它们压缩了利润率，使净销售增长仅限于 1%，尽管销量增长强劲。销量与定价之间的权衡将是投资者需要关注的重要动态。</p>
</div><h2>European Market Headwinds Intensify</h2>
<div class="lb-trans"><h2>欧洲市场的挑战加剧</h2>
</div><p>Lamb Weston highlighted a challenging environment in Europe. Soft restaurant traffic is dampening demand, while a strong potato crop has pressured pricing amid abundant supply. Additional processing capacity in local markets is also reducing export opportunities, further squeezing margins. These conditions have contributed to underutilization at some European plants and underscore the regional imbalance between supply and demand.</p>
<div class="lb-trans"><p>兰威斯顿强调了欧洲环境的挑战。餐厅客流量疲软抑制了需求，而强劲的土豆作物在供应充足的情况下对价格造成了压力。当地市场的额外加工能力也减少了出口机会，进一步压缩了利润率。这些条件导致一些欧洲工厂的利用不足，并突显了供需之间的区域不平衡。</p>
</div><h2>Margin Impact of Mix Shifts</h2>
<div class="lb-trans"><h2>组合变化对利润率的影响</h2>
</div><p>Product and channel mix are playing an important role in shaping margins. In North America, the company is seeing a shift from branded to private label products in retail and from higher- to lower-margin customers more broadly. These shifts support volume and customer relationships but weigh on gross margins. Management’s focus on cost savings and efficiency is, in part, aimed at offsetting these structural mix pressures.</p>
<div class="lb-trans"><p>产品和渠道组合在塑造利润率方面发挥着重要作用。在北美，公司看到零售市场从品牌产品转向自有品牌产品，以及从高利润客户转向低利润客户的趋势。这些变化支持了销量和客户关系，但对毛利率造成了压力。管理层对成本节约和效率的关注，部分旨在抵消这些结构性组合压力。</p>
</div><h2>Higher Input Costs Add to Margin Pressure</h2>
<div class="lb-trans"><h2>较高的投入成本增加了利润压力</h2>
</div><p>Beyond raw potatoes, Lamb Weston is facing higher input costs across several categories, including tariffs, labor, fuel, power and water, and transportation. These increases are compressing margins at a time when price mix is already under pressure. The company’s cost savings program and disciplined capital spending are key levers to mitigate these rising costs, but the inflationary backdrop remains a notable risk factor.</p>
<div class="lb-trans"><p>除了原材料土豆外，兰威斯顿还面临多个类别的较高投入成本，包括关税、劳动力、燃料、电力和水、运输等。这些增加在价格组合已经承压的情况下进一步压缩了利润率。公司的成本节约计划和严格的资本支出是缓解这些上升成本的关键杠杆，但通货膨胀的背景仍然是一个显著的风险因素。</p>
</div><h2>Guidance and Outlook: Growth Supported by Cash and North America</h2>
<div class="lb-trans"><h2>指导和展望：现金和北美支持增长</h2>
</div><p>Looking ahead, Lamb Weston reaffirmed its fiscal 2026 outlook and expects to finish near the midpoint of its $1 billion to $1.2 billion adjusted EBITDA guidance range. Volume growth is expected to remain a key driver, supported by customer wins and share gains, particularly in North America. Capital expenditures are projected to come in below the previously targeted $500 million for fiscal 2026, reflecting a more moderated investment pace. While adjusted EBITDA for the quarter dipped to $286 million, slightly below last year due to price mix and international manufacturing costs, strong free cash flow and a resilient North American business give management confidence in sustaining growth and funding shareholder returns.</p>
<div class="lb-trans"><p>展望未来，蓝威斯顿重申了其 2026 财年的展望，预计将接近其 10 亿至 12 亿美元的调整后 EBITDA 指导区间的中点。预计销量增长将继续成为关键驱动因素，得益于客户的赢得和市场份额的提升，特别是在北美。资本支出预计将低于之前设定的 2026 财年 5 亿美元的目标，反映出投资步伐的放缓。尽管本季度的调整后 EBITDA 降至 2.86 亿美元，略低于去年，主要由于价格组合和国际制造成本，但强劲的自由现金流和韧性的北美业务使管理层对持续增长和资金回报股东充满信心。</p>
</div><p>In summary, Lamb Weston’s earnings call revealed a company leveraging strong demand, cost discipline, and robust cash generation to navigate a difficult pricing and cost environment. North America and Asia are delivering impressive volume growth, while capital returns and cost savings support shareholder value. At the same time, international and European headwinds, adverse price mix, and higher input costs remain important challenges. For investors, the story is one of solid fundamentals tempered by regional and margin pressures, with guidance signaling steady but not risk-free progress ahead.</p>
<div class="lb-trans"><p>总之，蓝威斯顿的财报电话会议揭示了公司如何利用强劲的需求、成本控制和稳健的现金生成能力来应对困难的定价和成本环境。北美和亚洲的销量增长令人印象深刻，而资本回报和成本节约则支持了股东价值。同时，国际和欧洲的逆风、不利的价格组合以及更高的投入成本仍然是重要挑战。对于投资者而言，这个故事是稳健基本面与地区和利润压力的结合，指导信号显示出稳步但并非没有风险的前进。</p>
</div>

蓝威斯顿财报电话会议：销量表现强劲，利润率承压