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Lamb Weston Holdings, Inc. (LW) SEC Filing 10-Q Quarterly report for the period ending Sunday, November 29, 2020

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 Second Quarter 2021 Results; Provides Update for

Third Quarter of Fiscal Year 2021

Second Quarter 2021 Highlights

Net sales declined 12% to $896 million
Income from operations declined 28% to $140 million
Diluted EPS declined 31% to $0.66
EBITDA including unconsolidated joint ventures(1) declined 18% to $213 million
Paid $34 million in dividends to shareholders and announced a 2% increase in quarterly dividend
Plan to resume share repurchase program in January 2021

Third Quarter of Fiscal Year 2021 Business Update (for 4 weeks ended December 27, 2020)

North America and Europe shipments were each approximately 85% of prior-year levels, and will remain soft during the remainder of the quarter as government-imposed social restrictions to contain the spread of COVID-19 and colder weather restrict restaurant traffic
Improvement in international shipments expected to be mixed as governments employ differing approaches to battling the pandemic

EAGLE, ID (January 7, 2021) – Lamb Weston Holdings, Inc. (NYSE: LW) announced today its fiscal second quarter 2021 results and provided a business update for the third quarter of fiscal 2021.

“We delivered solid financial results in the quarter, and we remain encouraged by the resiliency of consumer demand and the resourcefulness of our employees and our customers in adapting to this challenging environment,” said Tom Werner, President and CEO. “We are optimistic that the availability of COVID-19 vaccines will enable a gradual return to normalcy as the year progresses, but we expect to continue to face difficult and volatile operating conditions until the virus is broadly contained. Specifically, we expect demand will remain soft in the coming months, especially at full-service restaurants, as governments continue to impose broad social restrictions and as colder weather limits outdoor dining. That said, we expect demand at quick service restaurants and at retail outlets to offset some of that weakness.”

“Despite these near-term pressures, we believe that restaurant traffic may approach pre-pandemic levels later this calendar year if vaccines and other measures are successful in helping to broadly contain the virus and restrictions on restaurants and other venues are lifted to permit a large-scale return to on-premise dining. In the meantime, our business fundamentals – pricing, capacity utilization, and potato supply – remain solid, and we continue to manage through the pandemic’s impacts on our manufacturing operations. We believe our recently announced increase in our quarterly dividend and the planned resumption of our share repurchase program reinforce our conviction in the long-term strength of the category and our business, as well as our ability to support customers and create value for our stakeholders.”

1


The following information was filed by Lamb Weston Holdings, Inc. (LW) on Thursday, January 7, 2021 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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Lamb Weston Holdings, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

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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
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Earnings
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Accrued Liabilities
Accrued Liabilities (Details)
Accrued Liabilities (Tables)
Commitments, Contingencies, Guarantees And Legal Proceedings
Debt And Financing Obligations
Debt And Financing Obligations (Tables)
Debt And Financing Obligations - General Information (Details)
Debt And Financing Obligations - Interest Paid (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 - Tabular Disclosure (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 - Amortizing Intangible Assets (Details)
Goodwill And Other Identifiable Intangible Assets - Carrying Amount Of Goodwill (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 - Equity Method Investments - Agreement - Equity Method Investee Information (Details)
Investments In Joint Ventures - Equity Method Investments - Agreement - Related Party Information (Details)
Investments In Joint Ventures - Equity Method Investments - Dividends (Details)
Investments In Joint Ventures - Equity Method Investments - General Information (Details)
Investments In Joint Ventures - Equity Method Investments - Sales And Payments (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 - New And Recently Issued Accounting Standards (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)
Segments
Segments (Tables)
Segments - Concentrations (Details)
Segments - General Information (Details)
Segments - Tabular Disclosure (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Awards Granted (Details)
Stock-Based Compensation - Compensation Expense (Details)
Stock-Based Compensation - General Information (Details)
Stock-Based Compensation - Unrecognized Compensation Expense (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Changes In Aoci (Details)
Stockholders' Equity - Dividends Declared (Details)
Stockholders' Equity - Dividends Paid (Details)
Stockholders' Equity - Share Repurchase Program (Details)

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: 0001558370-21-000077
Submitted to the SEC: Thu Jan 07 2021 2:10:07 PM EST
Accepted by the SEC: Thu Jan 07 2021
Period: Sunday, November 29, 2020
Industry: Canned Frozen And Preservd Fruit Veg And Food Specialties

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