Lamb Weston Holdings, INC. 10-Q Filing

Ticker: LW · Form: 10-Q · Filed: Oct 2, 2024 · CIK: 1679273

Sentiment: neutral

Filing Stats: 4,688 words · 19 min read · ~16 pages · Grade level 7.1 · Accepted 2024-10-02 12:45:35

Key Financial Figures

Filing Documents

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

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4

Controls and Procedures

Controls and Procedures 25

OTHER INFORMATION

Part II. OTHER INFORMATION 25 Item 1

Legal Proceedings

Legal Proceedings 25 Item 1A

Risk Factors

Risk Factors 25 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 3 Defaults Upon Senior Securities 26 Item 4 Mine Safety Disclosures 26 Item 5 Other Information 26 Item 6 Exhibits 27 Signature 28 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, dollars in millions, except per share amounts) Thirteen Weeks Ended August 25, 2024 August 27, 2023 Net sales $ 1,654.1 $ 1,665.3 Cost of sales 1,298.1 1,165.8 Gross profit 356.0 499.5 Selling, general and administrative expenses 143.9 176.2 Income from operations 212.1 323.3 Interest expense, net 45.2 30.7 Income before income taxes and equity method earnings 166.9 292.6 Income tax expense 50.8 69.9 Equity method investment earnings 11.3 12.1 Net income $ 127.4 $ 234.8 Earnings per share: Basic $ 0.89 $ 1.61 Diluted $ 0.88 $ 1.60 Weighted average common shares outstanding: Basic 143.6 145.7 Diluted 144.2 146.6 See Condensed Notes to Consolidated Financial Statements. 3 Table of Contents Lamb Weston Holdings, Inc. Consolidated Statements of Comprehensive Income (unaudited, dollars in millions) Thirteen Weeks Ended August 25, 2024 Thirteen Weeks Ended August 27, 2023 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Net income $ 178.2 $ ( 50.8 ) $ 127.4 $ 304.7 $ ( 69.9 ) $ 234.8 Other comprehensive income (loss): Unrealized pension and post-retirement benefit obligations loss ( 0.2 ) — ( 0.2 ) ( 0.2 ) — ( 0.2 ) Unrealized currency translation gains 56.6 ( 0.6 ) 56.0 0.8 0.4 1.2 Other ( 0.2 ) 0.1 ( 0.1 ) — — — Comprehensive income $ 234.4 $ ( 51.3 ) $ 183.1 $ 305.3 $ ( 69.5 ) $ 235.8 See Condensed Notes to Consolidated Financial Statements. 4 Table of Contents Lamb Weston Holdings, Inc. Consolidated Balance Sheets (unaudited, dollars in millions, except share data) August 25, 2024 May 26, 2024 ASSETS Current assets: Cash and cash equivalents $ 120.8 $ 71.4 Receivables, net of allowances of $ 0.9 and $ 0.9 720.9 743.6 Inventories 1,135.7 1,138.6 Prepaid expenses and other current assets 86.2 136.4 Total current assets 2,063.6 2,090.

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