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Lamb Weston Holdings, Inc. (LW) SEC Filing 10-Q Quarterly Report for the period ending Sunday, August 29, 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 First Quarter 2022 Results; Updates Fiscal Year 2022 Outlook

First Quarter Fiscal 2022 Highlights

Net sales increased 13% to $984 million
Income from operations declined 56% to $60 million
Net income declined 67% to $30 million
Diluted EPS declined 67% to $0.20 from $0.61
Adjusted EBITDA including unconsolidated joint ventures(1) declined 39% to $123 million
Returned $60 million of cash to stockholders, including $34 million in dividends and $26 million in share repurchases

Updated FY 2022 Outlook

Net sales growth above long-term target range of low-single digits
Net income and Adjusted EBITDA including joint ventures(1) to be pressured through fiscal 2022

EAGLE, ID (October 7, 2021) – Lamb Weston Holdings, Inc. (NYSE: LW) announced today its fiscal first quarter 2022 results.

“Our first quarter sales results reflect the ongoing broad recovery within the frozen potato category, with overall demand in North America near pre-pandemic levels, and our shipments improving in each of our core restaurant and foodservice sales channels,” said Tom Werner, President and CEO. “However, the impact of extreme summer heat that negatively affected potato crops in the Pacific Northwest, combined with industrywide operational challenges, including highly inflationary input and transportation costs, labor availability, and upstream and downstream supply chain disruptions, will result in higher costs as the year progresses, and significantly pressure our earnings. Accordingly, we expect our gross profit margins to remain below pre-pandemic levels through fiscal 2022.”

Our experienced team is taking specific actions intended to mitigate these challenges, most notably executing pricing actions to offset commodity inflation, restructuring freight policies, modifying production and crewing schedules to reduce labor volatility, adopting new policies and practices to attract and retain manufacturing employees, and rationalizing our product portfolio. We expect our team’s focus on resolving these challenges, as well as our investments in productivity, technology and capacity to support customer growth, will have us back on track to drive profitable growth and create value for our stakeholders over the long term.”

1


The following information was filed by Lamb Weston Holdings, Inc. (LW) on Thursday, October 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
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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)
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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)
Equity Method Investments
Equity Method Investments - Agreement - Equity Method Investee Information (Details)
Equity Method Investments - Agreement - Related Party Information (Details)
Equity Method Investments - Dividends (Details)
Equity Method Investments - General Information (Details)
Equity Method Investments - Sales And Payments (Details)
Fair Value Measurements
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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
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Income Taxes - Income Taxes Paid (Details)
Income Taxes - Unrecognized Tax Benefits (Details)
Inventories
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Inventories (Tables)
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
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Stock-Based Compensation
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Stockholders' Equity
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Stockholders' Equity - Changes In Aoci (Details)
Stockholders' Equity - Dividends Declared (Details)
Stockholders' Equity - Dividends Paid (Details)
Stockholders' Equity - Share Repurchase Program (Details)
Ticker: LW
CIK: 1679273
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-21-013063
Submitted to the SEC: Thu Oct 07 2021 2:26:59 PM EST
Accepted by the SEC: Thu Oct 07 2021
Period: Sunday, August 29, 2021
Industry: Canned Frozen And Preservd Fruit Veg And Food Specialties

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