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Lamb Weston Reports Third Quarter Fiscal 2025 Results; Reaffirms Fiscal Year 2025 Outlook

Third Quarter Fiscal 2025 Highlights

• GAAP Results as Compared to Third Quarter Fiscal 2024:
  • Net sales increased 4% to $1,521 million
  • Income from operations increased 11% to $249 million
  • Net income was essentially flat at $146 million
  • Diluted EPS increased $0.02 to $1.03
• Non-GAAP Results as Compared to Third Quarter Fiscal 2024:
  • Adjusted Income from Operations⁽¹⁾ increased $1 millionto $263 million
  • Adjusted Net Income⁽¹⁾ declined 11% to $157 million
  • Adjusted Diluted EPS⁽¹⁾ declined 8% to $1.10
  • Adjusted EBITDA⁽¹⁾ increased 6%to $364 million
• Returned $151 million to shareholders: paid $51 million in cash dividends to common shareholders and repurchased $100 million of common stock
• Retained AlixPartners to assist in evaluating near- and long-term value creation and cost savings opportunities

Reaffirm Fiscal 2025 Outlook

• Net sales of $6.35 billion to $6.45 billion
• Adjusted EBITDA⁽¹⁾ target of $1.17 billion to $1.21 billion
• Adjusted Net Income⁽¹⁾ target of $440 million to $460 million and Adjusted Diluted EPS⁽¹⁾ target of $3.05 to $3.20

EAGLE, Idaho–(BUSINESS WIRE)–
Lamb Weston Holdings, Inc. (NYSE: LW) announced today its results for the third quarter of fiscal 2025 and reaffirmed its full year financial targets for fiscal 2025.

“As a result of the actions we took in early fiscal 2025 to drive operational and cost efficiencies, we closed the quarter with sequentially improved volume trends and profitability metrics that were in line with our previously updated fiscal 2025 outlook,” said Mike Smith, Lamb Weston’s president and CEO. “Thanks to our team’s fiscal discipline and focused execution, we continue to deliver the cost savings identified in the Restructuring Plan announced in October 2024. That said, we expect headwinds from soft restaurant traffic to persist, and we continue to see opportunities to further streamline costs while investing strategically to support customers.”

Smith added, “We remain on track to achieve our goal of reducing capital spending by $250 million this year compared with the prior fiscal year. In addition, we expect to deliver a further $200 million in capital spending reductions in fiscal 2026 as we complete our growth-related investments, leading to $450 million in total reductions compared to fiscal 2024. Lamb Weston remains a leader in innovation, product quality, customer relationships and operations and we will continue to build on this strong foundation to better serve global markets as we focus on delivering enhanced shareholder value.”

Engagement of AlixPartners

Lamb Weston has engaged AlixPartners, a leading global business advisory firm, to assist the Company in evaluating opportunities for near- and long-term value creation and cost savings. The Company is working with urgency and plans to provide updates on this initiative as its work with AlixPartners progresses.

Summary of Third Quarter FY 2025 Results ($ in millions, except per share)
	Q3 2025			Year-Over-Year Growth Rates		YTD FY 2025		Year-Over-Year Growth Rates
Net sales	$	1,520.5		4%		$	4,775.5	(2)%
Income from operations	$	248.7		11%		$	479.3	(44)%
Net income	$	146.0		—%		$	237.3	(60)%
Diluted EPS	$	1.03		2%		$	1.66	(59)%
Adjusted Income from Operations(1)	$	263.2		—%		$	628.7	(30)%
Adjusted Net Income(1)	$	156.6		(11)%		$	355.8	(43)%
Adjusted Diluted EPS(1)	$	1.10		(8)%		$	2.48	(42)%
Adjusted EBITDA(1)	$	363.8		6%		$	935.6	(17)%

Q3 2025 Commentary

Q3 Results of Operations

Net sales increased $62.2 million, to $1,520.5 million, up 4 percent versus the prior year quarter. Volume increased 9 percent compared to the prior year quarter as the Company fully replaced the combined regional, small, and retail customer volume lost in the prior year during its transition to a new ERP system⁽²⁾. The Company also had recent customer contract wins across each of its channels and geographic regions, net of volume losses, which were partially offset by soft global restaurant traffic trends. Price/mix declined 5 percent, reflecting the impact of planned investments in price to compete in the increasingly competitive environment in both the North America and International segments.

Gross profit increased $18.8 million versus the prior year quarter to $422.5 million, and included $2.8 million ($2.2 million after-tax, or $0.02 per share) of unrealized gains related to mark-to-market adjustments associated with commodity hedging contracts and $0.7 million of charges ($0.5 million after-tax, or zero per share) related to the Company’s Restructuring Plan⁽²⁾ . The prior year quarter included $23.3 million ($17.3 million after-tax, or $0.12 per share) of unrealized losses related to mark-to-market adjustments associated with commodity hedging contracts.

Adjusted Gross Profit⁽¹⁾ declined $6.6 million versus the prior year quarter to $420.4 million due primarily to unfavorable price/mix, higher transportation and warehousing costs primarily driven by higher warehouse inventories, and $16.2 million of higher depreciation expense largely associated with the Company’s recent capacity expansions in the Netherlands and the U.S. The decline in Adjusted Gross Profit⁽¹⁾ was partially offset by higher sales volumes and lower manufacturing costs per pound, which included lapping $53.5 million of pre-tax charges in the prior year, including an estimated $33 million of costs associated with the ERP transition⁽²⁾ and $20.5 million for the write-off of excess raw potatoes⁽²⁾, and a current year reduction in North America raw potato prices.

Selling, general and administrative expenses (“SG&A”) declined $15.6 million versus the prior year quarter to $164.2 million, and included $3.1 million ($2.4 million after-tax, or $0.02 per share) of unrealized gains related to mark-to-market adjustments associated with currency hedging contracts, $7.0 million ($5.0 million after-tax, or $0.04 per share) of foreign currency exchange losses, a gain of $0.6 million ($0.4 million after-tax, or zero per share) related to blue chip swap transactions in Argentina⁽²⁾, and $3.7 million ($2.9 million after-tax, $0.02 per share) of expenses related to ongoing shareholder activism matters. The prior year quarter included $4.0 million ($3.0 million after-tax, or $0.02 per share) of unrealized losses related to mark-to-market adjustments associated with currency hedging contracts, $16.4 million ($12.4 million after-tax, or $0.08 per share) of foreign currency exchange losses, a gain of $7.4 million ($5.6 million after-tax, or $0.04 per share) related to blue chip swap transactions in Argentina⁽²⁾, and $2.4 million ($1.8 million after-tax, or $0.01 per share) of integration and acquisition-related expenses associated with the completion of the Company’s acquisition of the remaining interest in Lamb-Weston/Meijer v.o.f. (“LW EMEA”), its former joint venture in Europe.

Adjusted SG&A⁽¹⁾ declined $7.2 million versus the prior year quarter to $157.2 million, primarily related to lapping higher expenses associated with the ERP transition⁽²⁾ in the prior year quarter and cost savings associated with the Restructuring Plan⁽²⁾ and other management initiatives to reduce costs, partially offset by the timing of compensation and benefit accruals.

Net income declined $0.1 million from the prior year quarter to $146.0 million. Net income included a total net loss of $10.6 million ($14.5 million before tax, or $0.07 per share) and $28.9 million ($38.7 million before tax, or $0.19 per share) in the third quarter of fiscal 2025 and 2024, respectively, resulting from unrealized mark-to-market derivative gains and losses, foreign currency exchange losses, gains on blue chip swap transactions in Argentina⁽²⁾, and items impacting comparability.

Adjusted Net Income⁽¹⁾ declined $18.4 million versus the prior year quarter to $156.6 million, and Adjusted Diluted EPS⁽¹⁾ declined $0.10 from the prior year quarter to $1.10. The declines in Adjusted Net Income⁽¹⁾ and Adjusted Diluted EPS⁽¹⁾ largely reflect lower Adjusted Gross Profit⁽¹⁾ due to the factors described above, a higher effective tax rate and increased interest expense primarily due to higher total debt, partially offset by lower Adjusted SG&A⁽¹⁾. Adjusted Net Income⁽¹⁾ for the third quarter of fiscal 2024 included an approximately $72 million negative impact from the ERP transition⁽²⁾.

Adjusted EBITDA⁽¹⁾ increased $20.2 million from the prior year quarter to $363.8 million, primarily due to higher net sales and lower Adjusted SG&A⁽¹⁾, which were partially offset by lower Adjusted Gross Profit⁽¹⁾. Adjusted EBITDA⁽¹⁾ in the prior year quarter included an approximately $95 million negative impact from the ERP transition⁽²⁾ and a $25.0 million charge⁽²⁾ for the write-off of excess raw potatoes, of which $4.5 million was recorded in equity method investment earnings.

The Company’s effective tax rate⁽³⁾ in the third quarter of 2025 was 28.3 percent, versus 22.8 percent in the third quarter of fiscal 2024, with the increase largely attributable to foreign losses without tax benefits and a higher proportion of overall earnings in the Company’s International segment.

Q3 2025 Segment Highlights

North America Summary

Net sales for the North America segment, which includes all sales to customers in the U.S., Canada and Mexico, increased $38.8 million to $986.3 million, up 4 percent versus the prior year quarter. Volume increased 8 percent compared to the prior year quarter as the Company fully replaced the combined volume of regional, small, and retail customers lost in the prior year during its transition to a new ERP system⁽²⁾. The Company also had recent customer contract wins across each of its channels, net of volume losses primarily in the quick service channel, which were partially offset by soft restaurant traffic trends. Price/mix declined 4 percent due to planned investments in price and trade, which was only partially offset by favorable channel and product mix. The favorable mix was attributable to fully replacing the combined volume of regional, small, and retail customers that was harder to fill in the prior year quarter due to the ERP transition⁽²⁾.

North America Segment Adjusted EBITDA increased $14.8 million to $300.7 million. The increase was driven by higher sales volumes and lower manufacturing costs per pound, which included lapping the impact of the ERP transition⁽²⁾ and a pre-tax charge of $22.7 million for the write-off of excess raw potatoes⁽²⁾, and lower raw potato prices in the current year. The benefits of these items were partially offset by planned investments in price and trade. The prior year quarter included an approximately $83 million negative impact from the ERP transition⁽²⁾, related to lower order fulfillment rates and incremental costs and expenses.

International Summary

Net sales for the International segment, which includes all sales to customers outside of North America, increased $23.4 million to $534.2 million, up 5 percent versus the prior year quarter. Despite soft restaurant traffic, volume increased 12 percent, led primarily by chain customer contract wins in key international markets and, to a lesser extent, lapping unfilled orders due to the prior year ERP transition⁽²⁾. These volume increases were partially offset by the carryover effect of the Company’s decision in the prior year to exit certain lower-priced and lower-margin business in Europe to strategically manage customer and product mix. Price/mix declined 7 percent related to pricing actions in key international markets in response to the competitive environment along with unfavorable changes in foreign currency.

International Segment Adjusted EBITDA declined $8.5 million to $93.2 million, including approximately $5 million of losses in the prior year related to lower order fulfillment rates associated with the ERP transition⁽²⁾ and a $2.3 million allocated charge⁽²⁾ for the write-off of excess raw potatoes. Unfavorable price/mix was partially offset by increased sales volume and lower manufacturing costs per pound.

Equity Method Investment Earnings

Equity method investment earnings from unconsolidated joint ventures were $2.1 million and $1.0 million for the third quarter of fiscal 2025 and 2024, respectively. Equity method investment earnings in the prior year quarter included a $4.5 million charge⁽²⁾ for the write-off of excess raw potatoes. The results for the current and prior year quarters reflect earnings associated with the Company’s 50 percent interest in Lamb Weston/RDO Frozen, an unconsolidated potato processing joint venture in Minnesota.

Cash Flows, Capital Expenditures and Liquidity

While net income for the first three quarters of fiscal 2025 decreased $358.5 million compared with the prior year, net cash provided by operating activities increased $3.8 million to $485.3 million primarily due to favorable changes in working capital, mostly attributable to a greater build of inventory in the third quarter of fiscal 2024 related to the ERP transition⁽²⁾.

Capital expenditures, net of proceeds from blue chip swap transactions, during the first three quarters of fiscal 2025 were $563.1 million, down $250.7 million versus the prior year period, as the Company nears completion of its growth-related investments. The projects in China and the U.S. were completed during the second and fourth quarters of fiscal 2024, respectively. The project in the Netherlands was completed during the second quarter of fiscal 2025, while the project in Argentina is on track to be completed by mid-calendar year 2025.

As of February 23, 2025, the Company had $67.5 million of cash and cash equivalents, with $1,052.5 million of available liquidity under its revolving credit facility.

Capital Returned to Shareholders

In the third quarter of fiscal 2025, the Company returned $151.4 million to shareholders through cash dividends and share repurchases. This includes $51.4 million to shareholders through cash dividends. In addition, the Company repurchased $100.0 million of its common stock under the Company’s share repurchase program during the quarter, with 1,559,369 shares repurchased at an average price of $64.13 per share. In the first three quarters of fiscal 2025, the Company returned a total of $336.7 million to shareholders. This includes $154.7 million to shareholders through cash dividends and $182.0 million through repurchases of common stock, with an aggregate of 2,972,221 shares repurchased at an average price of $61.23 per share.

During the third quarter of fiscal 2025, the Company’s Board of Directors increased the authorization under the Company’s share repurchase program by $250 million to an aggregate amount of $750 million. The program has no expiration date. The Company has approximately $458 million remaining that is authorized and available for repurchase under the share repurchase program.

In addition, the Board of Directors declared a quarterly dividend of $0.37 per share of Lamb Weston common stock. The dividend is payable on May 30, 2025 to stockholders of record as of the close of business on May 2, 2025.

Fiscal 2025 Outlook

The Company reaffirms its financial targets for fiscal 2025 as follows:

• Net sales target range of $6.35 billion to $6.45 billion.
• Adjusted EBITDA⁽¹⁾ target range of $1.17 billion to $1.21 billion.
• Adjusted Net Income⁽¹⁾ target range of $440 million to $460 million and Adjusted Diluted EPS⁽¹⁾ of $3.05 to $3.20.

The Company now expects Adjusted SG&A⁽¹⁾ to be in the range of $665 million to $675 million, down from $680 million to $690 million.

The Company’s other financial targets are as follows:

• Depreciation and amortization expense of approximately $375 million;
• An effective tax rate⁽³⁾ (full year) estimate of approximately 28 percent, excluding the impact of comparability items; and
• Cash used for capital expenditures, excluding acquisitions, if any, of approximately $750 million. Depending on the timing of cash paid, the Company’s cash investments for the Argentina expansion may result in 2025 spending below $750 million and push into fiscal 2026.

Given the uncertainty in the political economic environment, the Company’s guidance does not reflect any impact from potential import tariffs by the U.S. government and potential retaliatory actions taken by other countries.

End Notes

(1)		Adjusted Gross Profit, Adjusted SG&A, Adjusted Income from Operations, Adjusted Net Income, Adjusted Diluted EPS, and Adjusted EBITDA are non-GAAP financial measures. Please see the discussion of non-GAAP financial measures, including a discussion of guidance provided on a non-GAAP basis, and the associated reconciliations at the end of this press release for more information.
(2)		See footnotes (1) – (5) to the Consolidated Statements of Earnings for further discussion.
(3)		The effective tax rate is calculated as the ratio of income tax expense to pre-tax income, inclusive of equity method investment earnings.

Webcast and Conference Call Information

Lamb Weston will host a conference call to review its third quarter fiscal 2025 results at 10:00 a.m. ET on April 3, 2025. Participants in the U.S. and Canada may access the conference call by dialing 888-394-8218 and participants outside the U.S. and Canada should dial +1-323-994-2093. The conference ID is 5810021. The conference call also may be accessed live on the internet. Participants can register for the event at: https://investors.lambweston.com/events-and-presentations.

A rebroadcast of the conference call will be available beginning on Thursday, April 3, 2025, after 2:00 p.m. ET at https://investors.lambweston.com/events-and-presentations.

About Lamb Weston

Lamb Weston is a leading supplier of frozen potato products to restaurants and retailers around the world. For 75 years, Lamb Weston has led the industry in innovation, introducing inventive products that simplify back-of-house management for its customers and make things more delicious for their customers. From the fields where Lamb Weston potatoes are grown to proactive customer partnerships, Lamb Weston always strives for more and never settles. Because, when we look at a potato, we see possibilities. Learn more about us at lambweston.com.

Non-GAAP Financial Measures

To supplement the financial information included in this press release, the Company has presented Adjusted Gross Profit, Adjusted SG&A, Adjusted Restructuring Expense, Adjusted Income from Operations, Adjusted Income Tax Expense, Adjusted Equity Method Investment Earnings, Adjusted Net Income, Adjusted Diluted EPS, and Adjusted EBITDA, each of which is considered a non-GAAP financial measure. The non-GAAP financial measures presented in this press release should be viewed in addition to, and not as an alternative for, financial measures prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) that are also presented in this press release. These measures are not substitutes for their comparable GAAP financial measures, such as gross profit, SG&A, restructuring expense, income from operations, income tax expense, equity method investment earnings, net income, diluted earnings per share, or other measures prescribed by GAAP, and there are limitations to using non-GAAP financial measures. For example, the non-GAAP financial measures presented in this press release may differ from similarly titled non-GAAP financial measures presented by other companies, and other companies may not define these non-GAAP financial measures the same way as the Company does.

Management uses these non-GAAP financial measures to assist in analyzing what management views as the Company’s core operating performance for purposes of business decision making. Management believes that presenting these non-GAAP financial measures provides investors with useful supplemental information because they (i) provide meaningful supplemental information regarding financial performance by excluding impacts of foreign currency exchange rates and unrealized derivative activities and other items affecting comparability between periods, (ii) permit investors to view performance using the same tools that management uses to budget, make operating and strategic decisions, and evaluate the Company’s core operating performance across periods, and (iii) otherwise provide supplemental information that may be useful to investors in evaluating the Company’s financial results. In addition, the Company believes that the presentation of these non-GAAP financial measures, when considered together with the most directly comparable GAAP financial measures and the reconciliations to those GAAP financial measures, provides investors with additional tools to understand the factors and trends affecting the Company’s underlying business than could be obtained absent these disclosures.

The Company has also provided guidance in this press release with respect to certain non-GAAP financial measures, including non-GAAP Adjusted Net Income, Adjusted Diluted EPS, Adjusted SG&A, and Adjusted EBITDA. The Company cannot predict certain items that are included in reported GAAP results, including items such as costs and other charges relating to the Restructuring Plan; strategic developments, integration and acquisition costs and related fair value adjustments; impacts of unrealized mark-to-market derivative gains and losses; impacts of foreign currency exchange gains and losses; other non-recurring items such as shareholder activism expenses; and items impacting comparability. This list is not inclusive of all potential items, and the Company intends to update the list as appropriate as these items are evaluated on an ongoing basis. In addition, the items that cannot be predicted can be highly variable and could potentially have significant impacts on the Company’s GAAP measures. As such, prospective quantification of these items is not feasible without unreasonable efforts, and the Company also is not providing a reconciliation of forward-looking non-GAAP Adjusted Net Income, Adjusted Diluted EPS, Adjusted SG&A, and Adjusted EBITDA to GAAP net income, diluted earnings per share, or SG&A.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Words such as “expect,” “will,” “continue,” “plan,” “reduce,” “drive,” “focus,” “evaluate,” “estimate,” “outlook,” “target,” “deliver,” “build,” “streamline,” “invest,” “support,” “remain,” “achieve,” and variations of such words and similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding: the Company’s business and financial outlook and prospects; the Company’s plans and strategies and anticipated benefits from those plans and strategies, including with respect to the Restructuring Plan and other cost-saving or efficiency initiatives; capital expenditures and investments; conditions in the Company’s operating environment and industry; and prevailing economic conditions in the Company’s markets. These forward-looking statements are based on management’s current expectations and are subject to uncertainties and changes in circumstances. Readers of this press release should understand that these statements are not guarantees of performance or results. Many factors could affect these forward-looking statements and the Company’s actual financial results and cause them to vary materially from the expectations contained in the forward-looking statements, including those set forth in this press release. These risks and uncertainties include, among other things: consumer preferences, including restaurant traffic in North America and the Company’s international markets, and an uncertain general economic environment, including tariffs, inflationary pressures and recessionary concerns, any of which could adversely impact the Company’s business, financial condition or results of operations, including the demand and prices for its products; the availability and prices of raw materials and other commodities; operational challenges; the Company’s ability to successfully implement the Restructuring Plan, or other cost-saving or efficiency initiatives, including achieving the benefits of those activities and possible changes in the size and timing of related charges; shareholder activism, including costs and expenses incurred to address activism matters and distraction of management from business operations; difficulties, disruptions or delays in implementing new technology or systems; levels of labor and people-related expenses; the Company’s ability to successfully execute its long-term value creation strategies; the Company’s ability to execute on large capital projects, including construction of new production lines or facilities; the competitive environment and related conditions in the markets in which the Company operates; political and economic conditions in the countries in which the Company conducts business and other factors related to its international operations; disruptions in the global economy caused by conflicts such as the war in Ukraine and conflicts in the Middle East and the possible related heightening of the Company’s other known risks; the ultimate outcome of litigation or any product recalls or withdrawals; changes in the Company’s relationships with its growers or significant customers; impacts on the Company’s business due to health pandemics or other contagious outbreaks, such as the COVID-19 pandemic, including impacts on demand for its products, increased costs, disruption of supply, other constraints in the availability of key commodities and other necessary services or restrictions imposed by public health authorities or governments; disruption of the Company’s access to export mechanisms; risks associated with integrating acquired businesses, including LW EMEA; risks associated with other possible acquisitions; the Company’s debt levels; actions of governments and regulatory factors affecting the Company’s businesses; the Company’s ability to pay regular quarterly cash dividends and the amounts and timing of any future dividends; and other risks described in the Company’s reports filed from time to time with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance on any forward-looking statements included in this press release, which speak only as of the date of this press release. The Company undertakes no responsibility for updating these statements, except as required by law.

Lamb Weston Holdings, Inc. Consolidated Statements of Earnings (unaudited, in millions, except per share amounts)
	Thirteen Weeks Ended						Thirty-Nine Weeks Ended
	February 23, 2025			February 25, 2024			February 23, 2025			February 25, 2024
Net sales	$	1,520.5		$	1,458.3		$	4,775.5		$	4,855.7
Cost of sales (1) (2) (5)		1,098.0			1,054.6			3,719.2			3,476.9
Gross profit		422.5			403.7			1,056.3			1,378.8
Selling, general and administrative expenses (3) (5)		164.2			179.8			492.8			526.0
Restructuring expense (1)		9.6			—			84.2			—
Income from operations		248.7			223.9			479.3			852.8
Interest expense, net		47.3			35.7			135.8			95.5
Income before income taxes and equity method earnings		201.4			188.2			343.5			757.3
Income tax expense		57.5			43.1			121.7			179.3
Equity method investment earnings (1) (5)		2.1			1.0			15.5			17.8
Net income (1) (4) (5)	$	146.0		$	146.1		$	237.3		$	595.8
Earnings per share:
Basic	$	1.03		$	1.01		$	1.66		$	4.11
Diluted	$	1.03		$	1.01		$	1.66		$	4.09
Dividends declared per common share	$	0.37		$	0.36		$	1.09		$	0.92
Weighted average common shares outstanding:
Basic		141.9			144.5			142.8			145.0
Diluted		142.4			145.3			143.2			145.8

_______________________________________________
(1)		Net income reflects the following items related to the Restructuring Plan:
		a.		Total pre-tax charges totaling $10.3 million ($7.7 million after-tax, or $0.05 per share) for the thirteen weeks ended February 23, 2025, of which $5.7 million is cash and $4.6 million is non-cash and $169.4 million ($131.3 million after-tax, or $0.91 per share) for the thirty-nine weeks ended February 23, 2025, of which $120.2 million is cash and $49.2 million is non-cash;
		b.		Cost of sales included a $0.7 million ($0.5 million after-tax, or zero per share) charge for the thirteen weeks ended February 23, 2025 and $76.2 million ($57.9 million after-tax, or $0.40 per share) for the thirty-nine weeks ended February 23, 2025 for contracted raw potatoes that will not be used due to production line curtailments, as well as other inventory write-offs;
		c.		Restructuring expense included a $9.6 million ($7.2 million after-tax, or $0.05 per share) charge for the thirteen weeks ended February 23, 2025 and a $84.2 million ($66.5 million after-tax, $0.46 per share) charge for the thirty-nine weeks ended February 23, 2025 related to accelerating depreciation of a manufacturing facility closed in connection with the Restructuring Plan and other asset retirements, and employee severance and benefits-related headcount reductions; and
		d.		Equity method investment earnings included $9.0 million ($6.9 million after-tax, or $0.05 per share) for the thirty-nine weeks ended February 23, 2025 related to Restructuring Plan expenses for potato contract terminations and other inventory write-offs.
(2)		Cost of sales for the thirteen and thirty-nine weeks ended February 23, 2025 included $2.8 million ($2.2 million after-tax, or $0.02 per share) and $15.5 million ($11.6 million after-tax, or $0.08 per share) of unrealized gains related to mark-to-market adjustments associated with commodity hedging contracts, respectively.
		The thirteen and thirty-nine weeks ended February 25, 2024 included $23.3 million of unrealized losses ($17.3 million after-tax, $0.12 per share) and $3.8 million of unrealized gains ($2.9 million after-tax, or $0.02 per share) related to mark-to-market adjustments associated with commodity hedging contracts, respectively. Also the thirty-nine weeks ended February 25, 2024 included $20.7 million ($15.4 million after-tax, or $0.11 per share) of costs related to the step-up and sale of inventory following completion of the Company’s acquisition of the remaining interest in LW EMEA.
(3)		Selling, general and administrative expenses (SG&A) include the following items:
		a.		Blue chip swap transaction gains of $0.6 million ($0.4 million after-tax, or zero per share) and $20.5 million ($19.7 million after-tax, $0.14 per share) for the thirteen and thirty-nine weeks ended February 23, 2025, respectively. The prior year period included gains of $7.4 million ($5.6 million after-tax, or $0.04 per share) and $14.5 million ($10.9 million after-tax, or $0.08 per share) for the thirteen and thirty-nine weeks ended February 25, 2024, respectively. The Company enters into blue chip swap transactions to transfer U.S. dollars into Argentina primarily related to funding its previously announced capacity expansion project in Argentina. The blue chip swap rate can diverge significantly from Argentina’s official rate;
		b.		Unrealized gains related to mark-to-market adjustments associated with currency hedging contracts of $3.1 million ($2.4 million after-tax, or $0.02 per share) and $3.7 million of unrealized losses ($2.7 million after-tax, or $0.02 per share) for the thirteen and thirty-nine weeks ended February 23, 2025, respectively. The prior year period included $4.0 million of unrealized losses ($3.0 million after-tax, or $0.02 per share) and $5.4 million of unrealized losses ($4.0 million after-tax, or $0.03 per share) for the thirteen and thirty-nine weeks ended February 25, 2024, respectively;
		c.		Foreign currency exchange losses of $7.0 million ($5.0 million after-tax, or $0.04 per share) and $17.2 million ($12.6 million after-tax, or $0.09 per share) for the thirteen and thirty-nine weeks ended February 23, 2025, respectively. The thirteen and thirty-nine weeks ended February 25, 2024 included losses of $16.4 million ($12.4 million after-tax, or $0.08 per share) and $21.8 million ($16.4 million after-tax, or $0.11 per share), respectively;
		d.		Advisory fees related to shareholder activism matters of $3.7 million ($2.9 million after-tax, or $0.02 per share) and $4.1 million ($3.2 million after-tax, $0.02 per share) for the thirteen and thirty-nine weeks ended February 23, 2025, respectively; and
		e.		Integration and acquisition-related expenses of $2.4 million ($1.8 million after-tax, or $0.01 per share) and $11.2 million ($8.4 million after-tax, or $0.05 per share) for the thirteen and thirty-nine weeks ended February 25, 2024, respectively.
(4)		The thirteen weeks ended February 23, 2025 included an approximately $9 million ($7 million after-tax, or $0.05 per share) benefit related to a previously announced voluntary product withdrawal initiated in the fourth quarter of fiscal 2024. This includes an approximately $6 million benefit ($5 million after-tax, or $0.03 per share) in net sales and an approximately $3 million benefit ($2 million after-tax, or $0.02 per share) in cost of sales. The thirty-nine weeks ended February 23, 2025 include an approximately $31 million charge ($23 million after-tax, or $0.16 per share), related to a previously announced voluntary product withdrawal initiated in the fourth quarter of fiscal 2024. This includes an approximately $9 million loss ($7 million after-tax, or $0.05 per share) in net sales and an approximately $22 million charge ($17 million after-tax, or $0.12 per share) in cost of sales. The total charge was allocated to the reporting segments as follows: $19 million to North America and $12 million to International.
(5)		Net income for the thirteen and thirty-nine weeks ended February 25, 2024 reflects the following items:
		a.		Cost of sales included a $25.0 million charge ($19.0 million after-tax, or $0.13 per share) and a $95.9 million charge ($72.9 million after-tax, or $0.50 per share) for the write-off of excess raw potatoes in North America for both the thirteen and thirty-nine weeks ended February 25, 2024, respectively. For the thirteen weeks ended February 25, 2024, the Company recorded a $20.5 million charge ($15.6 million after-tax, or $0.11 per share) in cost of sales, and a $4.5 million charge ($3.4 million after-tax, or $0.02 per share) in equity method investment earnings. The total charge to the reporting segments was as follows: $22.7 million to the North America segment and $2.3 million to the International segment. For the thirty-nine weeks ended February 25, 2024, the Company recorded a $85.1 million charge ($64.7 million after-tax, or $0.44 per share) in cost of sales, and a $10.8 million charge ($8.2 million after-tax, or $0.06 per share) in equity method investment earnings. The total charge to the reporting segments was as follows: $86.0 million to the North America segment and $9.9 million to the International segment; and
		b.		The Company’s results were negatively impacted by the ERP transition, which it estimates impacted net sales by approximately $135 million, with $123 million and $12 million in the North America and International segments, respectively. The Company estimates net income was impacted by approximately $95 million ($72 million after taxes), including approximately $55 million ($42 million after taxes) related to lower order fulfillment rates and approximately $40 million ($30 million after taxes) of incremental costs and expenses, of which, approximately $7 million ($5 million after taxes) was recorded as a reduction in gross sales, and included accrued fees and charges for delayed or unfilled customer orders; approximately $26 million ($20 million after taxes) was recorded in cost of sales, and included reduced fixed cost coverage and inefficiencies resulting from planned downtime at the processing facilities, as well as additional freight charges; and approximately $7 million ($5 million after taxes) was recorded in selling, general and administrative expenses, and largely included consulting expenses to restore order fulfillment rates. The Company estimates that approximately $83 million impacted the North America segment, approximately $5 million impacted the International segment, and approximately $7 million impacted unallocated corporate costs.

Lamb Weston Holdings, Inc. Consolidated Balance Sheets (unaudited, in millions, except share data)
	February 23, 2025				May 26, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	67.5			$	71.4
Receivables, net of allowances of $0.9 million and $0.9 million		716.6				743.6
Inventories		1,249.3				1,138.6
Prepaid expenses and other current assets		161.7				136.4
Total current assets		2,195.1				2,090.0
Property, plant and equipment, net		3,585.2				3,582.8
Operating lease assets		114.0				133.0
Goodwill		1,027.0				1,059.9
Intangible assets, net		99.4				104.9
Other assets		402.1				396.4
Total assets	$	7,422.8			$	7,367.0
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings	$	485.2			$	326.3
Current portion of long-term debt and financing obligations		79.3				56.4
Accounts payable		664.6				833.8
Accrued liabilities		391.9				407.6
Total current liabilities		1,621.0				1,624.1
Long-term liabilities:
Long-term debt and financing obligations, excluding current portion		3,680.6				3,440.7
Deferred income taxes		242.5				256.2
Other noncurrent liabilities		245.1				258.2
Total long-term liabilities		4,168.2				3,955.1
Commitments and contingencies
Stockholders’ equity:
Common stock of $1.00 par value, 600,000,000 shares authorized; 151,357,708 and 150,735,397 shares issued		151.4				150.7
Treasury stock, at cost, 10,243,152 and 7,068,741 common shares		(736.3	)			(540.9	)
Additional distributed capital		(488.2	)			(508.9	)
Retained earnings		2,781.1				2,699.8
Accumulated other comprehensive loss		(74.4	)			(12.9	)
Total stockholders’ equity		1,633.6				1,787.8
Total liabilities and stockholders’ equity	$	7,422.8			$	7,367.0

Lamb Weston Holdings, Inc. Consolidated Statements of Cash Flows (unaudited, in millions)
	Thirty-Nine Weeks Ended
	February 23, 2025				February 25, 2024
Cash flows from operating activities
Net income	$	237.3			$	595.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles and debt issuance costs		313.2				220.0
Stock-settled, stock-based compensation expense		31.0				34.4
Equity method investment (earnings) loss, net of distributions		10.1				(4.8	)
Deferred income taxes		(3.1	)			1.3
Blue chip swap transaction gains		(20.5	)			(14.5	)
Other		5.5				11.5
Changes in operating assets and liabilities:
Receivables		18.1				(8.6	)
Inventories		(120.6	)			(275.0	)
Income taxes payable/receivable, net		(0.2	)			36.3
Prepaid expenses and other current assets		(17.9	)			(5.9	)
Accounts payable		45.4				(25.6	)
Accrued liabilities		(13.0	)			(83.4	)
Net cash provided by operating activities	$	485.3			$	481.5
Cash flows from investing activities
Additions to property, plant and equipment		(550.4	)			(763.4	)
Additions to other long-term assets		(33.2	)			(64.9	)
Acquisition of business, net of cash acquired		—				(11.2	)
Proceeds from blue chip swap transactions, net of purchases		20.5				14.5
Other		4.1				0.2
Net cash used for investing activities	$	(559.0	)		$	(824.8	)
Cash flows from financing activities
Proceeds from short-term borrowings		1,286.9				843.1
Repayments of short-term borrowings		(1,124.7	)			(464.0	)
Proceeds from issuance of debt		525.3				50.1
Repayments of debt and financing obligations		(255.5	)			(42.0	)
Dividends paid		(154.7	)			(122.0	)
Repurchase of common stock and common stock withheld to cover taxes		(193.8	)			(165.1	)
Other		(14.1	)			—
Net cash provided by financing activities	$	69.4			$	100.1
Effect of exchange rate changes on cash and cash equivalents		0.4				0.7
Net decrease in cash and cash equivalents		(3.9	)			(242.5	)
Cash and cash equivalents, beginning of period	$	71.4			$	304.8
Cash and cash equivalents, end of period	$	67.5			$	62.3

Lamb Weston Holdings, Inc. Segment Information (unaudited, in millions, except percentages)
	Thirteen Weeks Ended
	February 23, 2025			February 25, 2024			% Increase (Decrease)		Price/Mix		Volume
Segment net sales
North America	$	986.3		$	947.5		4%		(4%)		8%
International		534.2			510.8		5%		(7%)		12%
	$	1,520.5		$	1,458.3		4%		(5%)		9%
Segment Adjusted EBITDA (1)
North America	$	300.7		$	285.9		5%
International		93.2			101.7		(8%)

		Thirty-Nine Weeks Ended
		February 23, 2025			February 25, 2024			% Increase (Decrease)		Price/Mix		Volume
Segment net sales
North America		$	3,162.1		$	3,250.0		(3%)		(2%)		(1%)
International			1,613.4			1,605.7		—%		—%		—%
		$	4,775.5		$	4,855.7		(2%)		(2%)		—%
Segment Adjusted EBITDA (1)(2)
North America		$	843.5		$	986.6		(15%)
International			191.1			291.5		(34%)

_______________________________________________
(1)		Segment Adjusted EBITDA includes equity method investment earnings and losses and excludes unallocated corporate costs including restructuring-related expenses, foreign currency exchange gains and losses, unrealized mark-to-market derivative gains and losses, and items discussed in footnotes (1) – (3) to the Consolidated Statements of Earnings.
(2)		The thirty-nine weeks ended February 23, 2025 include an approximately $31 million pre-tax charge related to the voluntary product withdrawal. See footnote (4) to the Consolidated Statements of Earnings for more information.

Lamb Weston Holdings, Inc. Reconciliation of Non-GAAP Financial Measures (unaudited, in millions, except per share amounts)
Thirteen Weeks Ended February 23, 2025		Gross Profit				SG&A				Restructuring expense				Income From Operations				Interest Expense			Income Tax Expense (Benefit) (1)				Equity Method Investment Earnings			Net Income				Diluted EPS
As reported		$	422.5			$	164.2			$	9.6			$	248.7			$	47.3		$	57.5			$	2.1		$	146.0			$	1.03
Unrealized derivative gains (2)			(2.8	)			3.1				—				(5.9	)			—			(1.3	)			—			(4.6	)			(0.04	)
Foreign currency exchange losses (2)			—				(7.0	)			—				7.0				—			2.0				—			5.0				0.04
Blue chip swap transaction gains (2)			—				0.6				—				(0.6	)			—			(0.2	)			—			(0.4	)			—
Items impacting comparability (2):
Restructuring Plan expenses			0.7				—				(9.6	)			10.3				—			2.6				—			7.7				0.05
Shareholder activism expense (4)			—				(3.7	)			—				3.7				—			0.8				—			2.9				0.02
Total adjustments			(2.1	)			(7.0	)			(9.6	)			14.5				—			3.9				—			10.6				0.07
Adjusted (3)		$	420.4			$	157.2			$	—			$	263.2			$	47.3		$	61.4			$	2.1		$	156.6			$	1.10

Thirteen Weeks Ended February 25, 2024
As reported		$	403.7		$	179.8			$	—		$	223.9			$	35.7		$	43.1			$	1.0		$	146.1			$	1.01
Unrealized derivative losses (2)			23.3			(4.0	)			—			27.3				—			7.0				—			20.3				0.14
Foreign currency exchange losses (2)			—			(16.4	)			—			16.4				—			4.0				—			12.4				0.08
Blue chip swap transaction gains (2)			—			7.4				—			(7.4	)			—			(1.8	)			—			(5.6	)			(0.04	)
Item impacting comparability (2):
Integration and acquisition-related items, net			—			(2.4	)			—			2.4				—			0.6				—			1.8				0.01
Total adjustments			23.3			(15.4	)			—			38.7				—			9.8				—			28.9				0.19
Adjusted (3)		$	427.0		$	164.4			$	—		$	262.6			$	35.7		$	52.9			$	1.0		$	175.0			$	1.20

Lamb Weston Holdings, Inc. Reconciliation of Non-GAAP Financial Measures (unaudited, in millions, except per share amounts)
Thirty-Nine Weeks Ended February 23, 2025		Gross Profit				SG&A				Restructuring expense				Income From Operations				Interest Expense			Income Tax Expense (Benefit) (1)				Equity Method Investment Earnings			Net Income				Diluted EPS
As reported		$	1,056.3			$	492.8			$	84.2			$	479.3			$	135.8		$	121.7			$	15.5		$	237.3			$	1.66
Unrealized derivative gains and losses (2)			(15.5	)			(3.7	)			—				(11.8	)			—			(2.9	)			—			(8.9	)			(0.06	)
Foreign currency exchange losses (2)			—				(17.2	)			—				17.2				—			4.6				—			12.6				0.09
Blue chip swap transaction gains (2)			—				20.5				—				(20.5	)			—			(0.8	)			—			(19.7	)			(0.14	)
Items impacting comparability (2):
Restructuring Plan expenses			76.2				—				(84.2	)			160.4				—			38.1				9.0			131.3				0.91
Shareholder activism expense (4)			—				(4.1	)			—				4.1				—			0.9				—			3.2				0.02
Total adjustments			60.7				(4.5	)			(84.2	)			149.4				—			39.9				9.0			118.5				0.82
Adjusted (3)		$	1,117.0			$	488.3			$	—			$	628.7			$	135.8		$	161.6			$	24.5		$	355.8			$	2.48

Thirty-Nine Weeks Ended February 25, 2024
As reported		$	1,378.8			$	526.0			$	—		$	852.8			$	95.5		$	179.3			$	17.8		$	595.8			$	4.09
Unrealized derivative gains and losses (2)			(3.8	)			(5.4	)			—			1.6				—			0.5				—			1.1				0.01
Foreign currency exchange losses (2)			—				(21.8	)			—			21.8				—			5.4				—			16.4				0.11
Blue chip swap transaction gains (2)			—				14.5				—			(14.5	)			—			(3.6	)			—			(10.9	)			(0.08	)
Items impacting comparability (2):
Inventory step-up from acquisition			20.7				—				—			20.7				—			5.3				—			15.4				0.11
Integration and acquisition-related items, net			—				(11.2	)			—			11.2				—			2.8				—			8.4				0.05
Total adjustments			16.9				(23.9	)			—			40.8				—			10.4				—			30.4				0.20
Adjusted (3)		$	1,395.7			$	502.1			$	—		$	893.6			$	95.5		$	189.7			$	17.8		$	626.2			$	4.29

_______________________________________________
(1)		Items are tax effected at the marginal rate based on the applicable tax jurisdiction.
(2)		See footnotes (1) – (3) to the Consolidated Statements of Earnings for a discussion of the adjustment items.
(3)		See “Non-GAAP Financial Measures” in this press release for additional information.
(4)		Represents advisory fees related to shareholder activism matters.

Lamb Weston Holdings, Inc. Reconciliation of Non-GAAP Financial Measures (unaudited, in millions)
To supplement the financial information included in this press release, the Company is presenting Adjusted EBITDA, which the Company defines as earnings, less interest expense, income tax expense, depreciation and amortization, foreign currency exchange and unrealized mark-to-market derivative gains and losses, and certain items impacting comparability identified in the table below. Adjusted EBITDA is a non-GAAP financial measure. The following table reconciles net income to Adjusted EBITDA for the identified periods.
		Thirteen Weeks Ended								Thirty-Nine Weeks Ended
		February 23, 2025				February 25, 2024				February 23, 2025				February 25, 2024
Net income (1)		$	146.0			$	146.1			$	237.3			$	595.8
Interest expense, net			47.3				35.7				135.8				95.5
Income tax expense			57.5				43.1				121.7				179.3
Income from operations including equity method investment earnings (2)			250.8				224.9				494.8				870.6
Depreciation and amortization (3)			98.5				80.0				282.4				222.0
Unrealized derivative (gains) losses (1)			(5.9	)			27.3				(11.8	)			1.6
Foreign currency exchange losses (1)			7.0				16.4				17.2				21.8
Blue chip swap transaction gains (1)			(0.6	)			(7.4	)			(20.5	)			(14.5	)
Items impacting comparability (1):
Restructuring Plan expenses (4)			10.3				—				169.4				—
Shareholder activism expense (5)			3.7				—				4.1				—
Inventory step-up from acquisition			—				—				—				20.7
Integration and acquisition-related items, net			—				2.4				—				11.2
Adjusted EBITDA (6)		$	363.8			$	343.6			$	935.6			$	1,133.4
Segment Adjusted EBITDA
North America		$	300.7			$	285.9			$	843.5			$	986.6
International			93.2				101.7				191.1				291.5
Unallocated corporate costs (7)			(30.1	)			(44.0	)			(99.0	)			(144.7	)
Adjusted EBITDA		$	363.8			$	343.6			$	935.6			$	1,133.4

_______________________________________________
(1)		See footnotes (1) – (5) to the Consolidated Statements of Earnings for more information.
(2)		Lamb Weston holds a 50 percent equity interest in a U.S. potato processing joint venture, Lamb-Weston/RDO Frozen (“Lamb Weston RDO”). Lamb Weston accounts for its investment in Lamb Weston RDO under the equity method of accounting. See Note 12, Joint Venture Investments, of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the fiscal year ended May 26, 2024, filed with the Securities and Exchange Commission (“SEC”) on July 24, 2024, for more information.
(3)		Depreciation and amortization included interest expense, income tax expense, and depreciation and amortization from equity method investments of $2.0 million and $2.1 million for the thirteen weeks ended February 23, 2025 and February 25, 2024, respectively; and $6.1 million and $6.4 million for the thirty-nine weeks ended February 23, 2025 and February 25, 2024, respectively. Depreciation expense does not include $4.5 million and $33.4 million for the thirteen and thirty-nine weeks ended February 23, 2025 of accelerated depreciation related to the closure of the Company’s manufacturing facility in Connell, Washington.
(4)		On October 1, 2024, the Company announced the Restructuring Plan. For more information about the Restructuring Plan, see Note 4, Restructuring Plan, of the Condensed Notes to Consolidated Financial Statements in the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended February 23, 2025, to be filed with the SEC.
(5)		Represents advisory fees related to shareholder activism matters.
(6)		See “Non-GAAP Financial Measures” in this press release for additional information.
(7)		Results for the Company’s two operating segments reflect corporate support staff and services that are directly allocable to those segments. Unallocated corporate costs include costs related to corporate support staff and other support services, which include, but are not limited to, costs associated with the Company’s administrative, information technology, human resources, finance, and accounting functions that are not specifically allocated to the segments. In the table above, unallocated corporate costs exclude unrealized derivative gains and losses, foreign currency exchange gains and losses, blue chip swap transaction gains, and items impacting comparability. These items are added to net income as part of the reconciliation of net income to Adjusted EBITDA.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250403058431/en/

For more information, please contact:

Investors:

Debbie Hancock

208-202-7259

[email protected]

Media:

Erin Gardiner

208-202-7257

[email protected]

KEYWORDS: United States North America Idaho

INDUSTRY KEYWORDS: Retail Supermarket Food/Beverage

MEDIA:

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Dexcom Schedules First Quarter 2025 Earnings Release and Conference Call for May 1, 2025 at 4:30 p.m. Eastern Time.

SAN DIEGO–(BUSINESS WIRE)–DexCom, Inc. (NASDAQ:DXCM) today announced that it plans to release its first quarter 2025 financial results after market close on Thursday, May 1, 2025. Management will hold a conference call to review the company’s first quarter 2025 performance starting at 4:30 p.m. (Eastern Time) on the same day. The conference call will be concurrently webcast. The link to the webcast will be available on the Dexcom investor relations website at investors.dexcom.com and will be archived there for future reference.

To listen to the conference call, please dial (888) 414-4585 (US/Canada) or (646) 960-0331 (International) and use the confirmation ID “9430114” approximately five minutes prior to the start time.

About DexCom, Inc.

Dexcom empowers people to take control of health through innovative biosensing technology. Founded in 1999, Dexcom has pioneered and set the standard in glucose biosensing for more than 25 years. Its technology has transformed how people manage diabetes and track their glucose, helping them feel more in control and live more confidently.

Category: IR

View source version on businesswire.com: https://www.businesswire.com/news/home/20250403624532/en/

DexCom, Inc.:

Sean Christensen

Vice President – Finance and Investor Relations

[email protected]

(858) 200-0200

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Diabetes Health Technology Health Biometrics

MEDIA:

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Intercontinental Exchange Reports March and First Quarter 2025 Statistics

Record Q1 total Futures & Options ADV, including records across Global Commodities, Energy and Financials

ATLANTA & NEW YORK–(BUSINESS WIRE)–
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today reported March 2025 trading volume and related revenue statistics, which can be viewed on the company’s investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet.

“Twenty-five years ago, ICE began building a derivatives platform to serve customers’ evolving risk management needs, and today, we are the home to benchmarks such as Brent, TTF and Euribor, used by customers across the world to address their hedging needs,” said Ben Jackson, President of ICE. “The support from our customers has created the depth of liquidity that our markets offer, and we thank them for making the first quarter of 2025 the highest traded volume quarter in ICE’s history.”

March highlights include:

• Record total average daily volume (ADV) up 31% y/y; open interest (OI) up 11% y/y, including record OI of 103.4M lots on March 13
• Energy ADV up 24% y/y; OI up 11% y/y, including record OI of 67.6M lots on March 25
  • Total Oil ADV up 7% y/y; OI up 14% y/y, including record OI of 16.3M lots on March 25
    • Brent ADV up 4% y/y; OI up 10% y/y
    • WTI* ADV up 12% y/y; OI up 35% y/y
      • Record Midland WTI ADV up 184% y/y; OI up 91% y/y
    • Gasoil ADV up 6% y/y; OI up 17% y/y
    • Other Crude & Refined products ADV up 12% y/y; OI up 13% y/y, including record OI of 7.6M lots on March 28
  • Total Natural Gas ADV up 54% y/y; OI up 10% y/y, including record OI of 45.3M lots on March 25
    • North American Gas ADV up 64% y/y; OI up 9% y/y, including record OI of 39.3M lots on March 25
    • TTF Gas ADV up 32% y/y; OI up 16% y/y, including record OI of 5.1M lots on March 26
    • Asia Gas ADV up 6% y/y; OI up 49% y/y, including record OI of 168k lots on March 13
  • Total Environmentals ADV up 8% y/y; OI up 20% y/y
• Sugar ADV up 12% y/y
• Cotton ADV up 13% y/y; OI up 8% y/y 
• Record Financials ADV up 47%; OI up 17% y/y
  • Record Interest Rates ADV up 55% y/y; OI up 22% y/y
    • Record Euribor ADV up 64%; OI up 9% y/y
    • SONIA ADV up 34% y/y; OI up 29% y/y, including record OI of 9.8M lots on March 13
    • Gilts ADV up 12%; OI up 76%
  • MSCI ADV up 23%; OI up 7%
• NYSE Cash Equities ADV up 23% y/y

First quarter highlights include:

• Record total ADV up 23% y/y
• Record Energy ADV up 24% y/y
  • Record Oil ADV up 18% y/y
    • Record Brent ADV up 17% y/y
    • Record WTI* ADV up 29% y/y
      • Record Midland WTI ADV up 184% y/y
    • Gasoil ADV up 7% y/y
    • Record Other Crude & Refined products ADV up 26% y/y
  • Record Natural Gas ADV up 33% y/y
    • North American Gas ADV up 30% y/y, including record options of 549k lots
    • Record TTF Gas ADV up 44% y/y
    • Record Asia Gas ADV up 28% y/y
  • Total Environmentals ADV up 15% y/y
• Sugar ADV up 20% y/y
• Record Financials ADV up 28% y/y
  • Record Interest Rates ADV up 31% y/y
    • Total Euribor ADV up 29% y/y
    • Record SONIA ADV up 31% y/y
    • Gilts ADV up 8% y/y
  • MSCI ADV up 14% y/y
• NYSE Cash Equities ADV up 20% y/y
• NYSE Equity Options ADV up 8% y/y

* Combined OI and volumes of WTI and ICE HOU

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges — including the New York Stock Exchange — and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 — Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 6, 2025.

Category: Corporate

SOURCE: Intercontinental Exchange

ICE-CORP

View source version on businesswire.com: https://www.businesswire.com/news/home/20250403662265/en/

ICE Investor Relations Contact:

Katia Gonzalez

+1 678 981 3882

[email protected]

[email protected]

ICE Media Contact:

Rebecca Mitchell

+44 207 065 7804

[email protected]

[email protected]

KEYWORDS: United States North America New York Georgia

INDUSTRY KEYWORDS: Technology Finance Other Energy Banking Oil/Gas Professional Services Energy Data Management Agriculture Natural Resources

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Adtalem Global Education Announces Third Quarter Fiscal Year 2025 Conference Call

CHICAGO–(BUSINESS WIRE)–
Adtalem Global Education Inc. (NYSE: ATGE), the leading healthcare educator in the United States, announced today it will release its third quarter fiscal year 2025 results on Thursday, May 8, 2025, after financial markets close, followed by a conference call at 4:00 p.m. CT (5:00 p.m. ET) the same day to discuss the results.

The call can be accessed by dialing +1 877-407-6184 (U.S. participants) or +1 201-389-0877 (international participants) and stating “Adtalem earnings call” or by using conference ID: 13752889. The call will be simulcast through the Adtalem investor relations website at: https://investors.adtalem.com.

Adtalem will archive a replay of the call for 30 days. To access the replay, dial +1 877-660-6853 (U.S.) or +1 201-612-7415 (international), conference ID: 13752889, or visit the Adtalem investor relations website.

About Adtalem Global Education

Adtalem Global Education is the leading provider of healthcare education in the U.S., shaping the future of healthcare by preparing a practice-ready workforce with high-quality academic programs. We innovate education pathways, align with industry needs and empower individuals to reach their full potential. Our commitment to excellence and access is reflected in our expansive network of institutions, serving over 90,000 students and supported by a strong community of approximately 350,000 alumni and nearly 10,000 dedicated employees. Visit Adtalem.com for more information and follow us on LinkedIn, Instagram and Facebook.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250403115617/en/

Investor Contact

Jay Spitzer

[email protected]

+1 312-906-6600

Media Contact

Britt Mitchell

[email protected]

+1 872-270-0301

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Education Public Policy/Government Health Healthcare Reform General Health Continuing University

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Simpson to Outfit AMR IndyCar Safety Team in 2025 Season

Holley Performance Brands and IndyCar partner to deliver Simpson safety equipment and trackside training programs

BOWLING GREEN, Ky.–(BUSINESS WIRE)–Holley Performance Brands (NYSE: HLLY), a leader in automotive aftermarket performance solutions, today announced a strategic collaboration with IndyCar for the 2025 race season. The company will outfit all 30 members of the AMR INDYCAR Safety Team—including physicians, paramedics, firefighters, EMTs and nurses—with top-rated Simpson fire suits to ensure the highest standards of protection.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250403868269/en/

As part of this initiative, there will also be safety training through advanced technology and hands-on programs to advance trackside training and safety protocols across all levels of motorsports.

“At Holley Performance Brands, safety isn’t just a priority—it’s fundamental,” said Matthew Stevenson, President & CEO, Holley Performance Brands. “Through Simpson’s leadership in providing innovative safety solutions, this collaboration with IndyCar represents the ultimate proving ground for our products. It’s a perfect alignment with our mission to deliver performance, safety, fun, and excitement to automotive enthusiasts, and we’re proud to advance that commitment at the highest levels of motorsport.”

Bringing Iconic Safety Brands Front and Center Trackside

This program is an addition to Holley’s broader safety initiatives through its partnership with IndyCar. Holley Performance Brands is also working with IndyCar to develop similar training programs for grassroots markets to enhance safety team education and training nationwide.

Key highlights of this collaboration include:

• Data-Driven Safety Improvements: Helmets equipped with accelerometers measure head movement during driver extraction, allowing safety teams to refine their techniques and minimize injury risk during emergency removal.

• Crash Tub Training Program: A state-of-the-art driver extraction training system using real IndyCar carbon fiber crash tubs to simulate emergency scenarios.

• Advanced Safety Equipment: Outfitting safety teams with Stilo Composite ST5 helmets with Eject systems, Simpson 6-Point Safety Harnesses, and HANS Devices tailored to IndyCar standards.

“AMR Safety represents the gold standard in motorsport safety, and we’re honored to support them with our industry-leading safety gear from iconic brands that racers and safety teams know and trust,” said Brian Appelgate, Senior Vice President of Safety & Racing at Holley Performance Brands. “By combining data-driven innovation with hands-on trackside presence, we’re working to ensure every safety team is equipped and trained to protect drivers in critical moments.”

For more Holley company news, click here.

For more information about the 2025 NTT IndyCar Series now underway, click here.

Forward-Looking Statements

Certain statements in this press release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties, and other important factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including but not limited to Holley’s ability to (1) successfully design, develop, and market new, effective, and safe products, (2) compete effectively in our market; (3) maintain and strengthen demand for our products and brands, (4) attract new customers in a cost-effective manner, (5) expand into additional consumer markets, and (6) and the other risks and uncertainties set forth in the Annual Report on Form 10-K for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (“SEC”) on March 14, 2025, and in any subsequent filings with the SEC.

About Holley Performance Brands

Holley Performance Brands (NYSE: HLLY) leads in the design, manufacturing and marketing of high-performance products for automotive enthusiasts. The company owns and manages a portfolio of iconic brands, catering to a diverse community of enthusiasts passionate about the customization and performance of their vehicles. Holley Performance Brands distinguishes itself through a strategic focus on four consumer vertical groupings, including Domestic Muscle, Modern Truck & Off-Road, Euro & Import, and Safety & Racing, ensuring a wide-ranging impact across the automotive aftermarket industry. Renowned for its innovative approach and strategic acquisitions, Holley Performance Brands is committed to enhancing the enthusiast experience and driving growth through innovation. For more information on Holley Performance Brands and its dedication to automotive excellence, visit https://www.holley.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250403868269/en/

Media Relations Contact(s):

Jordan Moore, [email protected] / Sydney Goggans, [email protected]

Investor Relations Contact(s):

Anthony Rozmus / Neel Sikka

Solebury Strategic Communications

203-428-3224

[email protected]

KEYWORDS: United States North America Kentucky

INDUSTRY KEYWORDS: Aftermarket Automotive Sports Automotive Manufacturing General Automotive Manufacturing Motor Sports

MEDIA:

Photo

Pictured: Simpson safety gear in action, trusted by the AMR INDYCAR Safety Team, sets the standard for protection on the track. Through Holley Performance Brands’ collaboration with IndyCar, all 30 safety team members are outfitted with top-rated Simpson fire suits for the 2025 race season.

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Manhattan Associates Announces Date for Reporting First Quarter 2025 Financial Results

ATLANTA–(BUSINESS WIRE)–Manhattan Associates Inc. (NASDAQ: MANH) today announced it will release its first quarter 2025 financial results on Tuesday, April 22, 2025, after the stock market closes. The press release will be followed by a conference call hosted by Manhattan Associates senior management at 4:30 p.m. Eastern time, also on April 22. Investors are invited to listen to a live webcast of the conference call through the Investor Relations section of the Manhattan Associates website at ir.manh.com.

To listen to the live webcast, please go to the website at least 15 minutes before the call to download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay can be accessed shortly after the call by dialing +1-877-660-6853 in the U.S. and Canada, or +1-201-612-7415 outside the U.S., and entering the Access I.D. 13752765 or via the web at ir.manh.com. The phone replay will be available for two weeks after the call, and the internet broadcast will be available until Manhattan Associates’ second quarter 2025 earnings release.

The press release with details on Manhattan’s first quarter 2025 performance will be posted on the company’s Investor Relations website at ir.manh.com.

About Manhattan Associates:

Manhattan Associates is a global technology leader in supply chain and omnichannel commerce. We unite information across the enterprise, converging front-end sales with back-end supply chain execution. Our software, platform technology and unmatched experience help drive both top-line growth and bottom-line profitability for our customers. Manhattan Associates designs, builds and delivers leading edge cloud and on-premises solutions so that across the store, through your network or from your fulfillment center, you are ready to reap the rewards of the omnichannel marketplace. For more information, please visit www.manh.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250403340324/en/

Michael Bauer

Senior Director, Investor Relations

Manhattan Associates Inc.

678-597-7538

[email protected]

Devika Goel

Senior Manager, PR

Manhattan Associates

470-435-1566 (Mobile)

[email protected]

KEYWORDS: United States North America Georgia

INDUSTRY KEYWORDS: Software Internet Public Relations/Investor Relations Communications Technology Supply Chain Management Mobile/Wireless Retail

MEDIA:

Posted on April 3, 2025 9:14 am

Small Business Sales Spring Forward in March, Fiserv Small Business Index Reports

Small Business Sales Spring Forward in March, Fiserv Small Business Index Reports

Fiserv Small Business Index rises 3 points to 150

U.S. small business sales grew +5.5% year over year and +1.8% month over month

MILWAUKEE–(BUSINESS WIRE)–Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology, has published the Fiserv Small Business Index for March 2025, with the seasonally-adjusted Index rising three points to 150, a notable acceleration from February. Growth was driven by strong demand for services and increasing restaurant foot traffic, even as restaurant spending declined.

“U.S. consumers spent locally despite the economic narrative,” said Prasanna Dhore, Chief Data Officer, Fiserv. “March small business sales improved from February with a shift in consumer spending away from retail and into services and non-discretionary spending.”

On a year-over-year basis, small business sales (+5.5%) and total transactions (+6.7%) continued to show healthy growth. Month-over-month sales (+1.8%) and transactions (+2.3%) also accelerated. Adjusting for inflation, sales grew (+3.0%) year-over-year and (+1.5%) month-over-month.

Services Surge with Professional Services Leading Growth

Sales at service-based businesses grew (+6.2%) year-over-year. The fastest-growing service categories were Hospitals (+26.3%), Information (+11.7%), Professional Services (+11.5%), and Truck Transportation (+11.4%). In contrast to last March, Amusement, Gambling and Recreation (-3.3%), Transit and Ground Passenger Transportation (-2.1%), and Accommodation (-0.1%) all declined year-over-year.

Compared to February 2025, Information (+10.9%), Insurance (+7.1%), and Rental and Leasing (+7.1%) services were the fastest-growing categories. The only category to decline was Repair and Maintenance Services (-0.1%).

Restaurant Foot Traffic Continues to Grow

Consumer spending at small business restaurants declined (-0.6%) year-over-year despite transactions (or foot traffic) growing (+7.9%); the inverse relationship is driven by lower average ticket sizes (-8.5%) compared to 2024, continuing a trend that has persisted over the past quarter.

On a month-over-month basis, total restaurant sales (+2.7%) and transactions (+1.8%) grew. Average tickets (+1.0%) increased slightly compared to February.

Retail Growth Cools as Consumers Shift Priorities

Small business retail sales (+3.2%) and transactions (+3.6%) grew year-over-year, led by General Merchandise (+11.4%), Furniture (+6.7%) and Building Materials and Garden Supply (+6.1%). Gasoline Stations (-3.0%) were the only retail category to see a year-over-year sales decline, a result of lower fuel prices (-4.8%).

On a monthly basis, Retail sales were nearly flat (-0.1%) following a strong month of growth in February. Average tickets (-1.9%) were also lower in March as uncertainty may be driving some to be more budget-conscious. The most significant acceleration of sales growth came from General Merchandise (+1.9%), Building Materials/Garden Supply (+1.6%) and Grocery (+1.2%). Sales slowed across Furniture, Motor Vehicle Parts, and Sporting Goods.

Regional Trends

• Small business sales grew in 44 states, with the strongest growth in the Midwest and Southeast. The most year-over-year sales growth was seen in Georgia (+15.3%), South Carolina (+13.4%), North Dakota (+13.3%), and North Carolina (+12.4%). The top-performing states month-over-month were Illinois (+5.7%), Ohio (+5.3%), and West Virginia (+5.1%).
• Large cities showing the most year-over-year sales growth were Atlanta (+17.3%) and Philadelphia (+6.3%). Month-over-month sales growth was strongest in San Francisco (+4.6%) and Los Angeles (+4.3%).

About the Fiserv Small Business Index^®

The Fiserv Small Business Index is published during the first week of every month and differentiated by its direct aggregation of consumer spending activity within the U.S. small business ecosystem. Rather than relying on survey or sentiment data, the Fiserv Small Business Index is derived from point-of-sale transaction data, including card, cash, and check transactions in-store and online across approximately 2 million U.S. small businesses, including hundreds of thousands leveraging the Clover point-of-sale and business management platform.

Benchmarked to 2019, the Fiserv Small Business Index provides a numeric value measuring consumer spending, with an accompanying transaction index measuring customer traffic. Through a simple interface, users can access data by region, state, and/or across business types categorized by the North American Industry Classification System (NAICS). Computing a monthly index for 16 sectors and 34 sub-sectors, the Fiserv Small Business Index provides a timely, reliable and consistent measure of small business performance even in industries where large businesses dominate.

To access the full Fiserv Small Business Index, visit fiserv.com/FiservSmallBusinessIndex.

About Fiserv

Fiserv, Inc. (NYSE: FI), a Fortune 500 company, aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover^® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500^® Index and one of Fortune^® World’s Most Admired Companies™. Visit fiserv.com and follow on social media for more information and the latest company news.

FI-G

View source version on businesswire.com: https://www.businesswire.com/news/home/20250403346124/en/

For more information contact:

Media Relations:

Chase Wallace

Director, Communications

Fiserv, Inc.

+1 470-481-2555

[email protected]

KEYWORDS: United States North America Wisconsin

INDUSTRY KEYWORDS: Home Goods Retail Data Management Technology Finance Small Business Fintech Banking Professional Services Online Retail Other Retail Restaurant/Bar Specialty Payments Software

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