International segment net sales increased by 164% to $565.0 million, including $375.8 million of incremental sales attributable to the LW EMEA acquisition. This acquisition has significantly expanded Lamb Weston's global footprint.

In November 2023, the greenfield french fry processing facility in Ulanqab, Inner Mongolia, China became operational as scheduled. This expansion will help Lamb Weston meet growing demand in the region.

Sales volumes, excluding the benefit of acquisitions, declined 6%, primarily reflecting the carryover effect of decisions to exit certain lower-priced and lower-margin business. This strategy aims to improve overall profitability.

At the beginning of the third quarter of fiscal 2024, Lamb Weston began transitioning certain central systems and functions in North America to a new ERP system. This multi-year effort aims to upgrade the company's information systems and ERP infrastructure.

Lamb Weston recorded a $70.9 million charge to write-off excess raw potatoes, largely reflecting a reduction to their sales volume estimate and a solid potato crop. This indicates potential challenges in forecasting demand and managing inventory.

In December 2023, Lamb Weston increased its quarterly cash dividend by 29% to $0.36 per share and increased its share repurchase authorization to $500.0 million. This demonstrates management's confidence in the company's financial position and future cash flow generation.

The company estimates that a hypothetical 10 percent adverse change in exchange rates versus the U.S. dollar would result in losses of $54.1 million as of November 26, 2023. This highlights the potential impact of currency fluctuations on Lamb Weston's financial results.

A hypothetical 10 percent decline in market prices applied to the fair value of the instruments would have resulted in a charge to 'Cost of sales’ of $11.6 million. The company uses commodity swaps or forward purchase contracts to manage risks associated with market fluctuations in oil and energy prices.

A one percent increase in interest rates related to variable-rate debt would have resulted in an increase in interest expense and a corresponding decrease in income before taxes of $14.7 million annually. The company has interest rate risk associated with its variable-rate debt.

The company is exiting certain lower-priced and lower-margin business to strategically manage customer and product mix. This indicates a focus on profitability and potentially strengthening its competitive position by focusing on higher-value products and customers.

The company anticipates that demand for its products in the near term may be tempered by softer restaurant traffic trends in North America and other key markets. This suggests increased competition and potential pressure on sales volumes.

Volume elasticities in response to inflation-based pricing actions across our portfolio continued to remain low. This suggests that the company has pricing power and can pass on cost increases to customers without significantly impacting demand.

The increase in gross profit was partially offset by higher costs per pound, which largely reflected mid-to-high single-digit cost inflation. The increase in per pound costs was partially offset by supply chain productivity savings as well as lower costs for edible oils.

The company is investing in manufacturing expansion projects in Idaho, the Netherlands, and Argentina. These investments are expected to increase capacity and improve operational efficiency in the long term.

The company is investing in an ERP system upgrade to improve information systems and ERP infrastructure. This investment is expected to improve operational efficiency and decision-making in the long term.

At the beginning of the third quarter of fiscal 2024, Lamb Weston began transitioning certain central systems and functions in North America to a new ERP system. This multi-year effort aims to upgrade the company's information systems and ERP infrastructure.

In December 2023, Lamb Weston increased its quarterly cash dividend by 29% to $0.36 per share and increased its share repurchase authorization to $500.0 million. This demonstrates management's confidence in the company's financial position and future cash flow generation.

The company expects to use approximately $900 million to $950 million in fiscal 2024 for capacity expansion efforts and capital investments to upgrade information systems and ERP infrastructure. This highlights the company's investment priorities.

As of November 26, 2023, the company had $78.3 million of cash and cash equivalents, with $175.0 million in borrowings outstanding under its $1.0 billion U.S. revolving credit facility. This provides insight into the company's capital structure.