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Lamb Weston Holdings, Inc. (LW) SEC Filing 10-Q Quarterly report for the period ending Sunday, February 24, 2019

Lamb Weston Holdings, Inc.

CIK: 1679273 Ticker: LW

 

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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 Third Quarter 2019 Results and Updates Full Year Outlook

 

Third Quarter 2019 Highlights

·

Net sales increased 7% to $927 million

·

Income from operations increased 15% to $194 million; Adjusted Income from Operations(1) increased 13% to $194 million

·

Adjusted EBITDA including unconsolidated joint ventures(1) increased 7% to $253 million

·

Diluted EPS decreased to $0.95 from $1.06, because diluted EPS for the third quarter 2018 included a $0.16 net benefit from discrete items attributable to U.S. tax reform

·

Adjusted Diluted EPS(1) increased to $0.95 from $0.91

·

Returned $36 million of cash to stockholders in the form of both dividends and share repurchases

 

Updated FY 2019 Outlook

·

Net sales expected to increase high single digits, up from a previous estimate of mid-to-high single digits

·

Adjusted EBITDA including unconsolidated joint ventures(1) expected to be $895  million-$905  million, up from a previous estimate of $870 million-$880 million

 

EAGLE, ID (April 2, 2019) – Lamb Weston Holdings, Inc. (NYSE: LW) announced today its fiscal third quarter 2019 results and updated its full year outlook.

 

“Our base business in North America and Asia continued to drive solid sales and earnings growth in the third quarter, more than offsetting softer results in Europe that are being affected by a historically poor potato crop,” said Tom Werner, President and CEO. “Strong execution by our commercial teams drove an overall good balance of price/mix improvement and volume growth, while our supply chain team generated operating efficiencies and cost savings to expand gross margins. In addition, we continued to make good progress on our initiatives to invest in production capacity, as well as operating, sales and product innovation capabilities that we believe will support sustainable, profitable growth over the long term. With our solid third quarter results, operating momentum and favorable trends in global demand, we have again raised our annual outlook for sales growth and EBITDA.”

 

1


The following information was filed by Lamb Weston Holdings, Inc. (LW) on Tuesday, April 2, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Lamb Weston Holdings, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Combined And Consolidated Statements Of Comprehensive Income (Loss)
Combined And Consolidated Statements Of Earnings
Combined And Consolidated Statements Of Stockholders' Equity
Combined And Consolidated Statements Of Stockholders' Equity (Parenthetical)
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Accrued Liabilities
Accrued Liabilities (Details)
Accrued Liabilities (Tables)
Acquisition
Acquisition (Details)
Commitments, Contingencies, Guarantees And Legal Proceedings
Debt And Financing Obligations
Debt And Financing Obligations (Tables)
Debt And Financing Obligations - Additional Information (Details)
Debt And Financing Obligations - Credit Agreement (Details)
Debt And Financing Obligations - Tabular Disclosure - Components (Details)
Debt And Financing Obligations - Tabular Disclosure - Current And Noncurrent (Details)
Debt And Financing Obligations - Tabular Disclosure - Interest Rates (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Antidilutive Securities (Details)
Earnings Per Share - Computation Of Basic And Diluted Earnings Per Common Share (Details)
Earnings Per Share - Variable Interest Entity - Consolidated - Acquisition - Ownership Interest (Details)
Earnings Per Share - Variable Interest Entity - Consolidated - Acquisition - Pro Forma (Details)
Earnings Per Share - Variable Interest Entity - Consolidated - Noncontrolling Interest (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 - Components Of Net Periodic Benefit Cost (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Funding And Cash Flows - Contributions (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 - Goodwill Acquired (Details)
Goodwill And Other Identifiable Intangible Assets - Other Identifiable Intangible Assets (Details)
Goodwill And Other Identifiable Intangible Assets - Weighted Average Useful Life (Details)
Income Taxes
Income Taxes - General Information (Details)
Income Taxes - Income Taxes Paid (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Investments In Joint Ventures
Investments In Joint Ventures - Other Investments And Variable Interest Entity - Not Consolidated (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 - Acquisition - Consideration Transferred (Details)
Investments In Joint Ventures - Variable Interest Entity - Consolidated - Acquisition - Deferred Tax Assets (Details)
Investments In Joint Ventures - Variable Interest Entity - Consolidated - Acquisition - Ownership Interest (Details)
Investments In Joint Ventures - Variable Interest Entity - Consolidated - Acquisition - Pro Forma (Details)
Investments In Joint Ventures - Variable Interest Entity - Consolidated - Transactions (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 - General Information (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Ownership Interest (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Reportable Segments (Details)
Property, Plant And Equipment
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Components (Details)
Property, Plant And Equipment - Depreciation Expense (Details)
Property, Plant And Equipment - Interest Capitalized (Details)
Property, Plant And Equipment - Purchases In Accounts Payable (Details)
Related Party Transactions
Related Party Transactions (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Adoption Of Asu 2014-09 (Details)
Revenue From Contracts With Customers - Consolidated Balance Sheets (Details)
Revenue From Contracts With Customers - Consolidated Statements Of Cash Flows (Details)
Revenue From Contracts With Customers - Consolidated Statements Of Earnings (Details)
Revenue From Contracts With Customers - Practical Expedients And Exemptions (Details)
Revenue From Contracts With Customers - Segment Information (Details)
Segments
Segments (Tables)
Segments - Concentrations - Accounts Receivable (Details)
Segments - Concentrations - Net Sales (Details)
Segments - General Financial Information (Details)
Segments - General Information (Details)
Segments - Separation-Related Expenses (Details)
Segments - Variable Interest Entity - Consolidated - Acquisition - Ownership Interest (Details)
Segments - Variable Interest Entity - Consolidated - Tax Cuts And Jobs Act (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Compensation Expense (Details)
Stock-Based Compensation - General Information (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 - 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 - Dividends Declared (Details)
Stockholders' Equity - Dividends Paid (Details)
Stockholders' Equity - Settlement Gains On Pension And Post-Retirement Benefits Included In Aoci (Details)
Stockholders' Equity - Share Repurchase Program (Details)
Stockholders’ Equity (Tables)

Material Contracts, Statements, Certifications & more

Lamb Weston Holdings, Inc. provided additional information to their SEC Filing as exhibits

Ticker: LW
CIK: 1679273
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-19-002742
Submitted to the SEC: Tue Apr 02 2019 9:38:18 AM EST
Accepted by the SEC: Tue Apr 02 2019
Period: Sunday, February 24, 2019
Industry: Canned Frozen And Preservd Fruit Veg And Food Specialties

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