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Lamb Weston Holdings, Inc. (LW) SEC Filing 10-K Annual report for the fiscal year ending Sunday, May 27, 2018

Lamb Weston Holdings, Inc.

CIK: 1679273 Ticker: LW

 

Picture 5

News Release

 

 

 

 

For more information, please contact:

 

Investors:

 

Dexter Congbalay

 

224-306-1535

 

dexter.congbalay@lambweston.com

 

 

 

Media:

 

Shelby Stoolman

 

208-424-5461

 

shelby.stoolman@lambweston.com

 

 

 

Lamb Weston Reports Fiscal Fourth Quarter and Full Year 2018 Results; Provides Fiscal Year 2019 Outlook

 

Fourth Quarter 2018 Highlights

·

Net sales increased 10% to $918 million

·

Income from operations increased 9% to $134 million; Adjusted Income from Operations(1) increased 10%
to $134 million

·

Adjusted EBITDA including unconsolidated joint ventures(1) increased 15% to $203 million

·

Diluted EPS increased to $0.68 from $0.51; $0.13 of the increase related to U.S. tax reform, including a $0.03 benefit from provisional impacts and a $0.10 benefit from a lower tax rate as a result of U.S. tax reform

·

Adjusted Diluted EPS(1) increased to $0.65 from $0.51, and includes a $0.10 benefit from a lower tax rate as a result of U.S. tax reform

 

Full Year 2018 Highlights

·

Net sales increased 8% to $3,424 million

·

Income from operations increased 12% to $580 million; Adjusted Income from Operations(1) increased 9% to $589 million

·

Adjusted EBITDA including unconsolidated joint ventures(1) increased 16% to $820 million

·

Diluted EPS increased to $2.82 from $2.22; $0.44 of the increase related to U.S. tax reform, including a $0.19 benefit from provisional impacts and a $0.25 benefit from a lower tax rate as a result of U.S. tax reform

·

Adjusted Diluted EPS(1) increased to $2.66 from $2.32, and includes a $0.25 benefit from a lower tax rate as a result of U.S. tax reform

 

Fiscal Year 2019 Outlook

·

Net sales expected to increase at mid-single digit rate

·

Adjusted EBITDA including unconsolidated joint ventures(1) expected to be $860-$870 million

 

 

EAGLE, ID (July 25, 2018) – Lamb Weston Holdings, Inc. (NYSE: LW) announced today its fourth quarter and full year 2018 results, and provided its outlook for fiscal 2019. 

 

“We’re pleased with our strong performance in the quarter and for the full year, and feel good about the operating momentum that we’ve built,” said Tom Werner, President and CEO. “Our financial results reflect the favorable operating environment that we’ve enjoyed over the last couple of years. They also reflect our continued focus on delivering on our strategic and operational objectives through an ongoing commitment to support our customers’ growth by investing in additional capacity, maintaining high levels of service, and developing innovative products and limited time offerings.”

 

“For fiscal year 2019, we anticipate the operating environment will remain generally favorable, with continued solid global demand growth for frozen potato products and high processing capacity utilization levels in North America. As a

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The following information was filed by Lamb Weston Holdings, Inc. (LW) on Wednesday, July 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Combined And Consolidated Statements Of Cash Flows
Combined And Consolidated Statements Of Comprehensive Income (Loss)
Combined And Consolidated Statements Of Earnings
Combined And Consolidated Statements Of Stockholders' Equity
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Accrued Liabilities
Accrued Liabilities (Details)
Accrued Liabilities (Tables)
Commitments, Contingencies, Guarantees And Legal Proceedings
Commitments, Contingencies, Guarantees And Legal Proceedings (Tables)
Commitments, Contingencies, Guarantees And Legal Proceedings - Capital Commitments (Details)
Commitments, Contingencies, Guarantees And Legal Proceedings - Guarantees (Details)
Commitments, Contingencies, Guarantees And Legal Proceedings - Joint Venture (Details)
Commitments, Contingencies, Guarantees And Legal Proceedings - Lease Obligations (Details)
Commitments, Contingencies, Guarantees And Legal Proceedings - Minimum Lease Payments (Details)
Commitments, Contingencies, Guarantees And Legal Proceedings - Purchase Supply Agreements (Details)
Debt And Financing Obligations
Debt And Financing Obligations (Tables)
Debt And Financing Obligations - Additional Information (Details)
Debt And Financing Obligations - Aggregate Minimum Principal Maturities - Additional Information (Details)
Debt And Financing Obligations - Aggregate Minimum Principal Maturities - Tabular Disclosure (Details)
Debt And Financing Obligations - Financing Obligation (Details)
Debt And Financing Obligations - Other Credit Facilities (Details)
Debt And Financing Obligations - Senior Notes And Credit Agreement (Details)
Debt And Financing Obligations - Tabular Disclosure - Components (Details)
Debt And Financing Obligations - Tabular Disclosure - Current And Noncurrent (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Details)
Earnings Per Share - Computation Of Basic And Diluted Earnings Per Common Share (Details)
Earnings Per Share - Share-Based Awards Outstanding (Details)
Employee Benefit Plans And Other Post-Retirement Benefits
Employee Benefit Plans And Other Post-Retirement Benefits (Tables)
Employee Benefit Plans And Other Post-Retirement Benefits - Actuarial Assumptions (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Change In Benefit Obligation (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Changes In Plan Assets (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Changes In Plan Assets And Benefit Obligations (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Components Of Net Periodic Benefit Cost (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Components Of Net Periodic Benefit Cost And Other Comprehensive (Income) Loss - Additional Information (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Components Of Net Periodic Benefit Cost And Other Comprehensive (Income) Loss - Tabular Disclosure (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Condensed Combined And Consolidated Balance Sheets (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Fair Value Measurements Of Plan Assets - Cash And Cash Equivalents (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Fair Value Measurements Of Plan Assets - Investment Policy (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Fair Value Measurements Of Plan Assets - Redeemable Notice (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Fair Value Measurements Of Plan Assets - Tabular Disclosure (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Funding And Cash Flows - Contributions (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Funding And Cash Flows - Estimated Benefit Payments (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Health Care Cost Trend Rate Assumptions (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Other Plans - Conagra's Defined Contribution Plan (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Other Plans - Deferred Compensation Savings Plan (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Pension Cost Financial Statement Presentation - Additional Information (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Pension Cost Financial Statement Presentation - Tabular Disclosure (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Unfunded Status (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Debt Outstanding (Details)
Fair Value Measurements - Fair Value Hierarchy (Details)
Goodwill And Other Identifiable Intangible Assets
Goodwill And Other Identifiable Intangible Assets (Tables)
Goodwill And Other Identifiable Intangible Assets - Amortization Expense (Details)
Goodwill And Other Identifiable Intangible Assets - Carrying Amount Of Goodwill (Details)
Goodwill And Other Identifiable Intangible Assets - Estimated Intangible Assets Amortization Expense (Details)
Goodwill And Other Identifiable Intangible Assets - Other Identifiable Intangible Assets (Details)
Goodwill And Other Identifiable Intangible Assets - Total Intangible Assets, Net (Details)
Goodwill And Other Identifiable Intangible Assets - Weighted Average Useful Life (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Deferred Income Taxes - Consolidated Balance Sheets (Details)
Income Taxes - Deferred Income Taxes - Deferred Tax Assets (Details)
Income Taxes - Deferred Income Taxes - Deferred Tax Liabilities (Details)
Income Taxes - Deferred Income Taxes - Net Operating Loss Carryforwards (Details)
Income Taxes - Deferred Income Taxes - Statutory Rates (Details)
Income Taxes - Deferred Income Taxes - Tax Credit Carryforwards (Details)
Income Taxes - Deferred Income Taxes - Valuation Allowance (Details)
Income Taxes - Income Taxes Paid (Details)
Income Taxes - Pre-Tax Income (Details)
Income Taxes - Provision For Income Taxes (Details)
Income Taxes - Reconciliation Of Income Tax Expenses - Additional Information (Details)
Income Taxes - Reconciliation Of Income Tax Expenses - Statutory Rates (Details)
Income Taxes - Reconciliation Of Income Tax Expenses - Tabular Disclosure (Details)
Income Taxes - Tax Act - Statutory Rates (Details)
Income Taxes - Uncertain Tax Positions - Additional Information (Details)
Income Taxes - Uncertain Tax Positions - Changes In Unrecognized Tax Benefits (Details)
Investments In Joint Ventures
Investments In Joint Ventures (Tables)
Investments In Joint Ventures - Combined Financial Information For Equity Method Investments - Additional Information (Details)
Investments In Joint Ventures - Combined Financial Information For Equity Method Investments - Balance Sheet (Details)
Investments In Joint Ventures - Combined Financial Information For Equity Method Investments - General Information (Details)
Investments In Joint Ventures - Combined Financial Information For Equity Method Investments - Income Statement (Details)
Investments In Joint Ventures - Other Investments (Details)
Investments In Joint Ventures - Transactions With Ventures - Carrying Value (Details)
Investments In Joint Ventures - Transactions With Ventures - Dividends Received (Details)
Investments In Joint Ventures - Transactions With Ventures - Sales And Payments (Details)
Investments In Joint Ventures - Variable Interest Entity - Consolidated - General Information (Details)
Investments In Joint Ventures - Variable Interest Entity - Consolidated - Reported In Condensed Combined And Consolidated Balance Sheets (Details)
Investments In Joint Ventures - Variable Interest Entity - Consolidated - Transactions (Details)
Investments In Joint Ventures - Variable Interest Entity - Not Consolidated (Details)
Nature Of Operations And Summary Of Significant Accounting Policies
Nature Of Operations And Summary Of Significant Accounting Policies (Policies)
Nature Of Operations And Summary Of Significant Accounting Policies (Tables)
Nature Of Operations And Summary Of Significant Accounting Policies - Advertising And Promotion (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Asu (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Basis Of Presentation (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Cash And Cash Equivalents (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Foreign Currency (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - General Information (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Inventories (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Property, Plant And Equipment - Components (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Property, Plant And Equipment - Depreciation Expense (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Property, Plant And Equipment - Interest Capitalized (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Property, Plant And Equipment - Purchases In Accounts Payable (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Property, Plant And Equipment - Useful Lives (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Reportable Segments (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Research And Development (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Trade Accounts Receivable And Allowance For Doubtful Accounts (Details)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Tables)
Quarterly Financial Data (Unaudited) - Financial Information (Details)
Quarterly Financial Data (Unaudited) - Non-Cash Gain On Assets (Details)
Quarterly Financial Data (Unaudited) - Separation Expenses (Details)
Quarterly Financial Data (Unaudited) - Stock Price (Details)
Quarterly Financial Data (Unaudited) - Tax Act (Details)
Related Party Transactions
Related Party Transactions (Details)
Schedule Ii Valuation And Qualifying Accounts
Schedule Ii Valuation And Qualifying Accounts - Additional Information (Details)
Schedule Ii Valuation And Qualifying Accounts - Tabular Disclosure (Details)
Segments
Segments (Tables)
Segments - Conagra Sponsored Plans (Details)
Segments - Concentrations (Details)
Segments - General Financial Information (Details)
Segments - General Information (Details)
Segments - Labor (Details)
Segments - Other Information - Long-Lived Assets (Details)
Segments - Other Information - Net Sales By Geographical Area (Details)
Segments - Other Information - Net Sales By Product (Details)
Segments - Pension Plan Of Joint Venture (Details)
Segments - Separation-Related Expenses (Details)
Segments - Tax Act (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Assumptions (Details)
Stock-Based Compensation - Compensation Expense (Details)
Stock-Based Compensation - General Information (Details)
Stock-Based Compensation - Grants (Details)
Stock-Based Compensation - Restricted Stock Unit And Performance-Based Restricted Stock Unit - Additional Information (Details)
Stock-Based Compensation - Restricted Stock Unit And Performance-Based Restricted Stock Unit - General Information (Details)
Stock-Based Compensation - Restricted Stock Unit And Performance-Based Restricted Stock Unit - Tabular Disclosure (Details)
Stock-Based Compensation - Stock Option Activity (Details)
Stock-Based Compensation - Unrecognized Compensation Expense, Net Of Estimated Forfeitures (Details)
Stockholders' Equity
Stockholders' Equity - Changes In Aoci (Details)
Stockholders' Equity - Common And Preferred Stock (Details)
Stockholders' Equity - Dividends (Details)
Stockholders’ Equity (Tables)
Ticker: LW
CIK: 1679273
Form Type: 10-K Annual Report
Accession Number: 0001558370-18-005726
Submitted to the SEC: Wed Jul 25 2018 5:59:46 PM EST
Accepted by the SEC: Thu Jul 26 2018
Period: Sunday, May 27, 2018
Industry: Canned Frozen And Preservd Fruit Veg And Food Specialties

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