Adjusted lower say to Good year business. tough solid growth, I thank XX% while us some $XXX as million. well and including morning, comparable, am ventures improvements, margin increased Dexter. X% delivered decisions sales a as made quarter specifically, declined prior slightly a exit volume we to unconsolidated we you joining pleased about price/mix versus for increased EBITDA joint you, Thank of everyone, sales earnings to that another today. and by driven
quarter right on the and time our time, reflect right the product execution strong performance organization focus the across delivering customers. our every for at continued Our the in
across Europe, in expanded retail teams global volume Grown with in distribution line service customer in are Idaho to improve mix. expectations. aggregate example, started products Weston/Meijer and disciplined The XXX up in venture base, on team XX% team in another branded For and line Washington, supermarkets which pricing on delivered in Lamb our fry team ACV continuing and behind months completed The budget. customer and delivering grew food joint French nearly quarter supply its while Richland, on in our our negotiations new terms time pricing. The agreed contract our pound million chain just six of solid
of production are our planned on and the team supply line full to the now year. chain The in fully more the their expect and this to also operating crop. up has to end year’s ramping quality We potato have line opportunity this state-of-the-art We capacity assess by be consider with it fiscal the had storability expectations. overall
supply us, solid line of So for the with fry in of and year. the our teams start-up on we line yield with contract executing clarity track, on negotiations against customer the commercial chain priorities, first French expectations the our now favorable conditions, half outlook operating performance, have behind and potato remainder continued new our the our and quality our crop
planned some to independent plan priorities. as Slide We XXXX. strategic a have adjusted driving plan’s are we outlook unconsolidated rate and walk X. strong a continuation our an to will $XXX aligned to with our is are result, later our for the year Board through expect like ventures you teams our our of teams on fiscal been in Rob at company. million now chain and foundation more these execution supply built on updated we call. years highlights of performance and fully the Directors delivering details reviewed the $XXX and solid mid-single-digit our the month, a outlook plan we million. strategic Las number on of a strategic to beginning joint As commercial I’d a This has with of provide for for be by raising including sales full grow EBITDA
We preferred number also globally. just growers, partners share, preferred a start one with changed and and potato number solutions perhaps and in innovation, means one our more Let be our are Day. and two not me being our market most food being means the to company, with importantly, we than they in serve and preferred number with it employees. creating with on aim global and vision which company North mission by for number Today, strong America focusing that the But with consumers one Investor since customers, the inspire trust. customers love preferred has our our
year you see what three on a growth. the drive Day over supply to our chosen strategies we and organizational differentiating next extensive and and category year. what Investor executing global leader segmentation capital growth; of these are the our an we evolution on going slide, our completed having increasingly ago strategic the customer analysis, and past we’ve are we investments by They global become will chain after believe for that growth; to As strategies we These can accelerating market drive been on at presented customer investing focus executing an three forward. priorities; can have
overview quick Let me give each. you of a
of Retail continuing units North support our distributor our America and independent casual growing houses. as customers China stores customers, restaurants. segment, as fast-growing and looking by North in across strengthen Southeast markets specific focus restaurant our we support burger they well traditional within on chains We’ll Asia the internationally. category and customers, also with Idaho, expand product distribution and line service ties offering on like continuing stores. while markets, in on mainstream means First, global the restaurants our segment, quick while also of casual to and In our share our outlets and is In quick offerings expanding potato innovation. continuing restaurant branded to chicken other our frozen as entertainment are and by types supporting add strategy service to and segments products and America continue focus investing as premium unit, continued grocery partners strategy Grown frozen potato through and to to coffee convenient continued tier license brands of look segments venues in and range In look Alexia to product geographically, fast-growing means as focus expand that three like to of and through service such It fast penetrating gain chains, private-label to products, food we’ll our growth resources smaller fast and our to leverage accelerate and such and products. non-traditional and outlets
productivity cost differentiate strategic growth to savings as second a leveraging to global our We’ll chain operating culture to our and advantage our is Weston Our competitive supply continue producer. support priority and drive Lamb by of strengthen continuous low-cost improvement.
existing this improve our of rates You’ve supply margins. to track expand stretching manufacturing volume already with growth, the team’s seen of to raw recovery gross culture chain record capacity support benefits and manage costs
us we across in our And built advantage we’ll the growing potato a ongoing sourcing This and our chain, products similar cost as a in the will will Pacific enhance savings enable have and true processes. to we addition, to meet invest cost manufacturing unified further joint efficiencies is supply that look global supply information that integrated to build grounded end-to-end Northwest. production emerging America, venture In America customers model and one continue and partners. create outside with This the to of would needs in to over North an North raw continue assets we of raw systems will regions long-term. the
continue We growth. has strategic be continue our with to over capital will In Weston priority invest keep the will to increase expand for that third the and future more Our announcement past facility, than is Hermiston industry continue million have to challenged will invested up to for and a that consistently years, growth we at attractive capacity. long-term. $XXX believe expand the capacity. capacity an to Lamb grow to including recent to foreseeable rate to five committed demand
and committed maintained, cost, high quality. remain we for them high keep addition, so our to reduce utilization operate we maintaining well safety factories and that program our at while capital our In [ph] rates can stretch [base] capacity, standards to
able we growth We’ll capacity in gain With new long and continue invest returns. shares. been see to customers’ opportunities as to these support strong our we’ve grow as to investments, generate and
and by these regions would generally acquisitions seeking structure may where will ability in to within which capital categories. be in We afford potato-related readily investments an complement growth. our will we we transactions, can have be also our These accelerate bolt-on
Hermiston Oregon are million Let’s take fiscal a couple plans to look add by growth investor XXXX. end announced specific fry now the on weeks pounds strategy reasons we straightforward. Slide our are French of we example ago, million to doing XXX at our $XXX A The at a of capacity X. invest of this of of facility deeper pretty
demand of utilization. has growth been levels couple capacity while at the For of last strong, been North has high in America unsustainably operating years, industry
even levels levels that fiscal mid-XX’s anticipate in range with Hermiston in capacity to growth these the X, over our high see enable But capacity the As our years. of reasons to can the are the volume industry will plan through we on approach anticipate why utilization that utilization constrained and additions, been few chart We fiscal on challenged. a will levels These some result, service been have XXXX. as Slide expansion historical remain expand has competitors next you XXXX.
However, above believe industry historical demand dynamics. even keep that capacity, any the to due we range levels supply/demand with would growth to this pressures additional tampering utilization continue pricing
we’ll at It to For Asia community on plant enables This our capacity our was demand reviewing for policy It the shareholders. Lamb team adding as been our I execute return us demand well to the to as and during growth as is returns full-time Weston XXX Richland. expansion us did in strong. Hermiston based new to plans. to our our am very specifically, capital in as expected rate increase positions well plans the that balanced growth quarter attractive the executed has remain and to decision important and support America, discipline. with expansion North I the allocation continue an exports we broader by in with of project invest reflects investment confident support generate and with allows this where Hermiston customers’ in will increasing
and been support our to As has in will category. X, of priority continue you first can on growth investing be potato the to frozen our see customers Slide
grow believe the products demand I America ago, to and a international both rate will continue potato North in for over markets. mentioned minutes frozen As that in few at long-term, an attractive we the
both a investments a return higher target other we to to provide X we range result, returns the to strategically expect respect to opportunities continue number of to solid will which deploy through opportunities near-term, growth, capacity After expansion of support low-end pursue investing by we As look sheet, funding acquisitions. are leverage of cash. be balance EBITDA. that acquisitions. generate believe there to In and With the to our at to to that times will adjusted X.X below or flexibility range, we’ll
debt. leverage down rather We expect than by EBITDA our paying to significantly reduce growth through
shareholders. to also XX We annualized months We basis on about latest our return cents our share. will increased of adjusted an capital XX.X to dividend XX% recently or per earnings
to to We dividend continue and of a adjusted XX% expect to payout target of we’ll pay ratio a EPS. XX% competitive
if do return currently have expansion we capacity program, buyback one opportunities. we consider we not high acquisition don’t sufficient a see or would While share
well our we are and show, results performing operating quarter second as first environment. in half a favorable So
the how into visibility and sales of raised unfolding outlook growth good annual and our EBITDA have we see we for the rest have accordingly. We year
believe to shareholder create also value long-term. the we well-positioned We are that over
global leader a in a are We growing category.
and advantage, scale capabilities. have We
priorities focused returns-based a balanced and on on allocation. are of capital we executing approach clear strategic a We set to take
over second Now turn outlook for to provide the on the and me details to year. our the let quarter results call Rob updated our
