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

Second Quarter Fiscal 2022 Highlights

Compared to Second Quarter Fiscal 2021:
Net sales increased 12% to $1,007 million
Income from operations declined 18% to $114 million
Net income declined 66% to $33 million
Diluted EPS declined 67% to $0.22 from $0.66
Adjusted Diluted EPS(1) declined 24% to $0.50 from $0.66
Adjusted EBITDA including unconsolidated joint ventures(1) declined 15% to $181 million
Capital Return to Shareholders:
Paid $34 million in cash dividends and announced a 4% increase in the quarterly dividend
Repurchased $50 million of common stock and increased share repurchase authorization by $250 million

Updated FY 2022 Outlook

Net sales growth above long-term target range of low-to-mid single digits
Net income and Adjusted EBITDA including joint ventures(1) expected to be pressured through fiscal 2022 due to higher potato, input and transportation costs
Gross margin of 18% to 20% or 600 to 700 basis points below pre-pandemic gross margin of 25% to 26%; previous gross margin estimate was 17% to 21%

EAGLE, ID (January 6, 2022) – Lamb Weston Holdings, Inc. (NYSE: LW) announced today its fiscal second quarter 2022 results and updated its fiscal 2022 outlook.

We are pleased with our financial and operating progress in the quarter as we continue to navigate through a difficult and volatile macro environment defined by cost inflation, supply chain disruptions and production challenges due primarily to a tight labor market,” said Tom Werner, President and CEO. “We generated strong sales as solid demand across our restaurant and foodservice sales channels in North America drove volume growth, and as we continued to implement pricing actions in each of our business segments. These pricing actions, along with the other strategic actions we’ve taken to offset cost pressures and improve throughput in our factories, led to sequential gross margin gains in the quarter.”

“Looking ahead, we are on track to deliver our financial targets for the year. We expect our pricing actions, productivity improvements in our factories, and product optimization efforts to mitigate the effect of the ongoing macro-operational challenges and higher potato costs resulting from an exceptionally poor harvest in the Pacific Northwest. We remain confident in the strong long-term outlook for the global frozen potato category, and believe that executing on our strategies and ongoing investments in our business will keep us on a path to deliver sustainable, profitable growth and create value for our stakeholders.”

1


The following information was filed by Lamb Weston Holdings, Inc. (LW) on Thursday, January 6, 2022 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
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 - Tabular Disclosure - Components (Details)
Debt And Financing Obligations - Tabular Disclosure - Current And Noncurrent (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Antidilutive Securities (Details)
Earnings Per Share - Tabular Disclosure (Details)
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 - 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)
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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)
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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: 0001558370-22-000090
Submitted to the SEC: Thu Jan 06 2022 1:04:56 PM EST
Accepted by the SEC: Thu Jan 06 2022
Period: Sunday, November 28, 2021
Industry: Canned Frozen And Preservd Fruit Veg And Food Specialties

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