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Lamb Weston Holdings, Inc. (LW) SEC Filing 10-Q Quarterly report for the period ending Sunday, February 28, 2021

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 2021 Results; Provides Update for

Fourth Quarter Fiscal Year 2021

Third Quarter Fiscal 2021 Highlights, as Compared to Third Quarter Fiscal 2020

Net sales declined 4% to $896 million
Income from operations declined 38% to $101 million
Net income declined 41% to $66 million
Diluted EPS declined 41% to $0.45
Adjusted EBITDA including unconsolidated joint ventures(1) declined 27% to $167 million
Paid $34 million in dividends to shareholders
Repurchased 164,678 shares for $13 million

Fourth Quarter Fiscal 2021 Business Update (for 4 weeks ended March 28, 2021

), as Compared to Fourth Quarter Fiscal 2019 Levels (2)

North America shipments were approximately 90% of fourth quarter fiscal 2019 levels
Europe shipments were approximately 85% of fourth quarter fiscal 2019 levels
Other International shipments were approximately 75% of fourth quarter fiscal 2019 levels

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

“We delivered solid sales volumes during the quarter as consumers and full-service restaurant traffic responded favorably to the gradual easing of broad social restrictions as the quarter progressed, as well as to the benefit of relatively mild winter weather for much of the period,” said Tom Werner, President and CEO. “However, COVID-19 continued to significantly disrupt our manufacturing and distribution operations across our entire supply chain network, which resulted in higher costs.”

“In the coming months, we believe the gradual improvement in frozen potato demand will continue to the extent governments further lift social restrictions, and as warmer weather provides more outside dining opportunities. The ongoing disruptive effects of COVID-19 on our supply chain will continue to pressure near-term costs, but should also lessen after vaccines become more widely available for our manufacturing teams and our supply chain partners. In addition, we remain optimistic that overall demand in the U.S. will steadily return to pre-pandemic levels around the end of calendar 2021, and that global category growth will resume at historical rates soon thereafter. Our recently-announced investments to construct a new manufacturing facility in China, as well as the expansion of our chopped and formed product capacity in the U.S., underscore our confidence in the long-term health of the global category, as well as our strategy to support the growth of our customers as they continue to expand across our key markets.”

1


The following information was filed by Lamb Weston Holdings, Inc. (LW) on Wednesday, April 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:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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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 (Details)
Earnings Per Share (Tables)
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 - Agreement - Equity Method Investee Information (Details)
Investments In Joint Ventures - Agreement - Related Party Information (Details)
Investments In Joint Ventures - Consolidated Joint Venture (Details)
Investments In Joint Ventures - Dividends (Details)
Investments In Joint Ventures - General Information (Details)
Investments In Joint Ventures - 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: 0001558370-21-004037
Submitted to the SEC: Wed Apr 07 2021 2:00:11 PM EST
Accepted by the SEC: Wed Apr 07 2021
Period: Sunday, February 28, 2021
Industry: Canned Frozen And Preservd Fruit Veg And Food Specialties

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