Lamb Weston Holdings, Inc. Files 10-Q for Period Ending 2023-11-26

TL;DR

<b>Lamb Weston Holdings, Inc. filed its quarterly report (10-Q) on January 4, 2024, detailing financial performance for the period ending November 26, 2023.</b>

AI Summary

Lamb Weston Holdings, Inc. (LW) filed a Quarterly Report (10-Q) with the SEC on January 4, 2024. Lamb Weston Holdings, Inc. filed a 10-Q report on 2024-01-04 for the period ending 2023-11-26. The filing is for the fiscal quarter ending November 26, 2023. The company's fiscal year ends on May 26. The SIC code for Lamb Weston Holdings, Inc. is 2030 (Canned, Frozen & Preserved Fruit, Veg & Food Specialties). The filing was made on January 4, 2024.

Why It Matters

For investors and stakeholders tracking Lamb Weston Holdings, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial data and operational insights for Lamb Weston Holdings, Inc., crucial for understanding the company's performance in the frozen food sector. The report's details on revenue, expenses, and balance sheet items will inform investment decisions and analyst valuations of Lamb Weston Holdings, Inc.

Risk Assessment

Risk Level: low — Lamb Weston Holdings, Inc. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not indicate any unusual or significant events that would elevate the risk level.

Analyst Insight

Monitor future 10-Q filings for trends in revenue growth, profitability, and any changes in debt levels or operational segments.

Key Numbers

• 2023-11-26 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-01-04 — Filing Date (FILED AS OF DATE)
• 0526 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• Lamb Weston Holdings, Inc. (company) — FILER
• 2023-11-26 (date) — CONFORMED PERIOD OF REPORT
• 2024-01-04 (date) — FILED AS OF DATE
• 0001679273 (company) — CENTRAL INDEX KEY
• 2030 (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• 611797411 (company) — IRS NUMBER
• 0526 (date) — FISCAL YEAR END

Forward-Looking Statements

• Lamb Weston will continue to execute share repurchases, reducing outstanding shares. (Lamb Weston Holdings, Inc.) — high confidence, target: 2024-05-26
• The increased share repurchase authorization will positively impact earnings per share. (Lamb Weston Holdings, Inc.) — medium confidence, target: 2024-05-26

FAQ

Industry Context

Lamb Weston Holdings, Inc. operates in the food processing industry, specifically focusing on frozen potato products and other value-added frozen foods.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies, including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Analyze segment performance if detailed revenue breakdowns are provided in the full report.
3. Compare key financial metrics to previous periods and industry benchmarks.

Key Dates

• 2023-11-26: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-01-04: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending November 26, 2023, following previous filings for earlier periods.

Key Financial Figures

• $1.00 — nge on which registered Common Stock, $1.00 par value LW New York Stock Exchang

Filing Documents

• lw-20231126x10q.htm (10-Q) — 1852KB
• lw-20231126xex31d1.htm (EX-31.1) — 16KB
• lw-20231126xex31d2.htm (EX-31.2) — 15KB
• lw-20231126xex32d1.htm (EX-32.1) — 6KB
• lw-20231126xex32d2.htm (EX-32.2) — 6KB
• lw-20231126x10q004.jpg (GRAPHIC) — 5KB
• 0001558370-24-000050.txt (&nbsp;) — 8206KB
• lw-20231126.xsd (EX-101.SCH) — 50KB
• lw-20231126_cal.xml (EX-101.CAL) — 78KB
• lw-20231126_def.xml (EX-101.DEF) — 156KB
• lw-20231126_lab.xml (EX-101.LAB) — 412KB
• lw-20231126_pre.xml (EX-101.PRE) — 317KB
• lw-20231126x10q_htm.xml (XML) — 1752KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION Item 1

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Statements of Earnings 3 Consolidated Statements of Comprehensive Income 4 Consolidated Balance Sheets 5 Consolidated Statements of Stockholders' Equity 6 Consolidated Statements of Cash Flows 7 Condensed Notes to Consolidated Financial Statements (Unaudited) 8 Item 2

Managements Discussion and Analysis of Financial Condition and Results of Operations

Managements Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 4

Controls and Procedures

Controls and Procedures 29

OTHER INFORMATION

Part II. OTHER INFORMATION 29 Item 1

Legal Proceedings

Legal Proceedings 29 Item 1A

Risk Factors

Risk Factors 30 Item 2 Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 30 Item 3 Defaults Upon Senior Securities 30 Item 4 Mine Safety Disclosures 30 Item 5 Other Information 30 Item 6 Exhibits 31 Signature 32 2 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS (Unaudited)

ITEM 1. FINANCIAL STATEMENTS (Unaudited) Lamb Weston Holdings, Inc. Consolidated Statements of Earnings (unaudited, in millions, except per share amounts) Thirteen Weeks Ended Twenty-Six Weeks Ended November 26, November 27, November 26, November 27, 2023 2022 2023 2022 Net sales $ 1,732.1 $ 1,276.5 $ 3,397.4 $ 2,402.1 Cost of sales 1,256.5 894.9 2,422.3 1,747.2 Gross profit 475.6 381.6 975.1 654.9 Selling, general and administrative expenses 170.0 109.8 346.2 226.1 Income from operations 305.6 271.8 628.9 428.8 Interest expense, net 29.1 24.6 59.8 50.6 Income before income taxes and equity method earnings 276.5 247.2 569.1 378.2 Income tax expense 66.2 36.8 136.1 110.5 Equity method investment earnings (loss) 4.7 ( 107.3 ) 16.8 67.3 Net income $ 215.0 $ 103.1 $ 449.8 $ 335.0 Earnings per share: Basic $ 1.48 $ 0.72 $ 3.10 $ 2.33 Diluted $ 1.48 $ 0.71 $ 3.08 $ 2.32 Weighted average common shares outstanding: Basic 144.9 144.0 145.3 144.0 Diluted 145.5 144.6 146.0 144.6 See Condensed Notes to Consolidated Financial Statements. 3 Table of Contents Lamb Weston Holdings, Inc. Consolidated Statements of Comprehensive Income (unaudited, in millions) Thirteen Weeks Ended Thirteen Weeks Ended November 26, 2023 November 27, 2022 Tax Tax Pre-Tax (Expense) After-Tax Pre-Tax (Expense) After-Tax Amount Benefit Amount Amount Benefit Amount Net income $ 281.2 $ ( 66.2 ) $ 215.0 $ 139.9 $ ( 36.8 ) $ 103.1 Other comprehensive income (loss): Unrealized pension and post-retirement benefit obligations loss ( 0.2 ) 0.1 ( 0.1 ) — — — Unrealized currency translation gains (losses) 30.5 ( 0.7 ) 29.8 ( 16.1 ) 0.5 ( 15.6 ) Other ( 0.2 ) — ( 0.2 ) 0.3 ( 0.1 ) 0.2 Comprehensive income $ 311.3 $ ( 66.8 ) $ 244.5 $ 124.1 $ ( 3

View Full Filing

View this 10-Q filing on SEC EDGAR