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Lamb Weston Holdings, Inc. (LW) SEC Filing 10-Q Quarterly Report for the period ending Sunday, February 27, 2022

Lamb Weston Holdings, Inc.

CIK: 1679273 Ticker: LW

Exhibit 99.1

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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 2022 Results; Updates Fiscal Year 2022 Outlook

Third Quarter Fiscal 2022 Highlights

Compared to Third Quarter Fiscal 2021:
oNet sales increased 7% to $955 million
oIncome from operations increased 33% to $134 million
oNet income increased 61% to $107 million
oDiluted EPS increased 62% to $0.73 from $0.45
oAdjusted EBITDA including unconsolidated joint ventures(1) increased 31% to $220 million
Capital Returned to Shareholders:
oPaid $34 million in cash dividends
oRepurchased $50 million of common stock

Updated Fiscal 2022 Outlook

Net sales growth above long-term target range of low-to-mid single digits
Net income and Adjusted EBITDA including unconsolidated joint ventures(1) expected to be pressured through the remainder of fiscal 2022 due to higher potato, input and transportation costs
Gross margin of 19% to 20%; previous gross margin estimate was 18% to 20%

EAGLE, ID (April 7, 2022) – Lamb Weston Holdings, Inc. (NYSE: LW) announced today its fiscal third quarter 2022 results and updated its fiscal 2022 outlook.

“We continued to make financial and operating progress in the quarter through strong execution of pricing actions to manage significant input, manufacturing and supply chain cost inflation,” said Tom Werner, President and CEO. “Our pricing actions, along with manufacturing productivity and cost mitigation efforts, drove sequential and year-over-year improvement in our gross margin despite the Omicron variant affecting demand across our restaurant and foodservice channels, and disrupting production and distribution operations more than we anticipated. In addition, constraints in global logistics networks continued to significantly limit our international sales volumes.”

“We are managing through this challenging macro environment well and remain on track to deliver our financial targets for fiscal 2022. The increase in our potato costs resulting from the exceptionally poor crop harvested in fall 2021 in the Pacific Northwest is in line with expectations, and we have secured enough raw potatoes to meet our near-term production forecast. We plan to continue to execute on our pricing, productivity and cost management actions to mitigate the effect of inflation, and drive run-rate and throughput improvements in our factories. Our capacity expansions in Idaho and China are on schedule, and we remain confident that continuing to invest in our business and executing on our strategies will have us well positioned to support the needs of customers and drive long-term growth.”

1


The following information was filed by Lamb Weston Holdings, Inc. (LW) on Thursday, April 7, 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)
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 - 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 - Concentration Risk (Details)
Equity Method Investments - Dividends (Details)
Equity Method Investments - General Information (Details)
Equity Method Investments - Russian Joint Venture (Details)
Equity Method Investments - Sales And Payments (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)
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 - Recently Issued Accounting Pronouncements Not Yet Adopted (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 - Debt (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: 0001558370-22-005152
Submitted to the SEC: Thu Apr 07 2022 1:09:25 PM EST
Accepted by the SEC: Thu Apr 07 2022
Period: Sunday, February 27, 2022
Industry: Canned Frozen And Preservd Fruit Veg And Food Specialties

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