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CFO Matt Mainer stated there were no changes to Eighth Avenue's expected contribution for the fiscal year but acknowledged a recent performance pullback due to pre-acquisition uncertainty. He noted no significant seasonality. On optimization, Mainer confirmed plant closures are on track for the end of the calendar year, which should bring utilization to the mid-80s. Further actions will depend on the cereal category's performance.

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COO Jeff Zadoks described a dichotomy where both premium and value-oriented products are performing well, squeezing the middle. He noted a slight improvement in cereal trends in April but was cautious about declaring a recovery. He added that the RTD shake ramp is slower than hoped but trending favorably, though it is not yet a material profit contributor.

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COO Jeff Zadoks agreed with the assessment, noting PCB's strong margins are expected to continue and that the segment outlook, excluding AI impacts, is unchanged. CFO Matt Mainer addressed CapEx, explaining that Q1 was elevated due to project timing and the full-year guidance remains appropriate, implying lower spending in subsequent quarters.

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CFO Matt Mainer detailed the updated long-term growth algorithm by segment and noted that for FY25, most segments are expected to perform in line with it, with the exception of Weetabix due to its ERP conversion. Regarding Refrigerated Retail, he specified the distribution losses were in eggs and cheese. The company will lap the egg loss in Q1 and the cheese loss in Q2 of fiscal 2025, but he noted that high egg prices remain a headwind for that business.

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CEO Billy Cyr affirmed that the U.S. dog food business remains the number one priority due to its enormous untapped potential, stating they will invest for good returns but not chase growth at any cost. CFO Todd Cunfer and COO Nikki Beatty highlighted the digital channel as a significant growth opportunity, noting its 40% growth rate and the large gap between Freshpet's 13% digital sales penetration and the category's 35%.

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CEO Billy Cyr emphasized that the U.S. dog food business remains the number one priority due to its enormous untapped potential. He stated they will invest for good returns but not chase growth at any cost. CFO Todd Comfort and COO Nikki Beatty added that the digital and e-commerce channel represents a significant, underdeveloped growth opportunity that they are actively focusing on, given its low share of Freshpet's sales compared to the overall pet category.

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CFO Todd Cunfer described the current market as a 'tale of two cities,' where the ultra-premium segment, including Freshpet, and the value segment are performing well, while the middle is being squeezed. He emphasized that Freshpet's target consumer is less impacted by inflation and continues to see the value in the product, driving strong performance.

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Executive Todd Cunfer described the market as a 'tale of two cities,' where the ultra-premium segment, including Freshpet, and the value segment are performing well while the middle is being squeezed. He stated that Freshpet's consumers recognize the value and are willing to spend, and this consumer group continues to be large and growing.

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CFO Brandon Gall attributed strong Branded Spirits margins to the Premium Plus portfolio mix but expects lighter margins in H2 due to pressure on value brands. He clarified that the A&P spend decrease was due to lapping a large campaign from the prior year and that the focus on key brands like Penelope is working well. Corporate Controller Mark Davidson added that the guided 50% sales decline in Distilling Solutions implies a significant H2 decrease, but gross profit will be better than the previously guided 65% decline due to favorable pricing negotiations.

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Brandon Gall, Interim CEO & CFO, stated that 100% of contracted customers have been contacted, with the vast majority confirming or modifying orders, which has improved visibility for 2025 and even led to extensions. He confirmed these modifications are factored into the full-year guidance. Mark Davidson, VP & Corporate Controller, added that the segment's full-year guidance for a 50% sales decline and 65% gross profit decline remains, noting Q1 was stronger due to contract timing, with weaker performance expected in the second half.

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Brandon Gall, Interim President, CEO, and CFO, affirmed that the vast majority of the 2025 distilling projection is contracted and that the guidance now proactively assumes some contracts will be renegotiated. Mark Davidson, VP and Corporate Controller, added that Q1 is expected to be the softest quarter. Gall addressed cash flow, stating that significant reductions in CapEx (to ~$36M) and net whiskey putaway (to $15M-$20M) will support strong free cash flow. He also clarified the Penelope earn-out is not due until Q1 2026.

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CEO David Bratcher affirmed strong confidence in the 2025 outlook for brown goods, explaining that they have analyzed all contracts and 'weeded out' less reliable business to establish a core plan. He noted that while perfect visibility on industry inventory is elusive, major players are more likely to 'age up' their products than dump inventory. CFO Brandon Gall added that MGP has already reduced its whiskey put-aways significantly in 2024 and will continue to do so in 2025 while actively working to mitigate the impact of fixed cost absorption from lower production.

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CFO Bernadette Madarieta explained that sales will be more pressured in the first half due to carryover pricing actions from FY25, with the 53rd week primarily boosting volume in the second half. For EBITDA, she detailed that gross profit would be lowest in Q1 and increase sequentially through Q3, returning to a more historical seasonal pattern as lower potato costs are realized starting in Q2.

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CEO Mike Smith stated that due to soft demand and some new international capacity announcements, he expects pricing to remain pressured in the near term. The international price/mix weakness was driven by deliberate pricing actions to remain competitive in key markets.

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President and CEO Thomas Werner stated that he believes Lamb Weston's utilization is generally in line with the industry standard. CFO Bernadette Madarieta explained that inventory levels are seasonally at their peak in the second and third quarters following the harvest and will be worked down through the remainder of the fiscal year.

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President and CEO Tom Werner explained the Connell closure was a strategic decision based on its cost structure and future capital requirements relative to the entire network. CFO Bernadette Madarieta highlighted that international growth is being driven by significant customer wins, particularly in the Asia Pacific and Latin America regions, which will be supported by new capacity coming online.

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