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Lamb Weston Holdings, Inc. (Symbol: LW) is a leading global supplier of frozen potato, sweet potato, appetizer, and vegetable products. With a history spanning over 60 years, the company has consistently been at the forefront of innovation in the frozen potato industry.
Headquartered in Eagle, Idaho, Lamb Weston's manufacturing operations are primarily located in the Pacific Northwest, particularly in the Columbia River Basin, recognized as one of the world’s premier potato-growing regions. This strategic location supports their commitment to quality and sustainability.
Lamb Weston boasts an extensive product portfolio that includes French fries, sweet potato fries, tater tots, diced potatoes, mashed potatoes, hash browns, and chips. The company's products are available in over 100 countries worldwide, with North America accounting for nearly 70% of its revenue. Notably, McDonald's stands as their largest customer, contributing to 13% of fiscal 2023 sales.
Since becoming an independent entity in 2016 following its spin-off from Conagra, Lamb Weston has maintained a robust financial condition and achieved significant milestones. The company employs over 6,000 people globally, working across sales offices, manufacturing plants, and corporate offices.
Lamb Weston’s commitment to innovation is evident through their continuous introduction of inventive products designed to meet the evolving needs of their customers, which include restaurants and retailers. This dedication has cemented their position as North America's largest and the world's second-largest producer of branded and private-label frozen potato products.
Recent achievements and current projects reflect Lamb Weston's strategic focus on expanding their market reach and enhancing product quality. Through strategic partnerships and investments in state-of-the-art manufacturing technologies, the company aims to drive growth and maintain its leadership in the frozen potato industry.
Lamb Weston Holdings, Inc. (NYSE: LW) has appointed Mike Smith as Chief Operating Officer, effective May 29, 2023. In this newly created position, Smith will oversee the Commercial, Supply Chain, Agriculture, Marketing, and Innovation sectors, enhancing the company’s integrated operations for future growth. Tom Werner, President and CEO, expressed confidence in Smith’s leadership, noting his track record of driving growth since joining the company in 2007. Smith will also lead key executives Sharon Miller and Marc Schroeder in their new roles. This change aims to unlock efficiencies and support scalable growth opportunities within Lamb Weston, a leading supplier of frozen potato products worldwide.
Lamb Weston Holdings reported robust fiscal Q3 2023 results, with net sales reaching $1,254 million, a 31% increase year-over-year. Net income surged 64% to $175 million, driving diluted EPS up 66% to $1.21. Adjusted metrics also showed significant growth, with adjusted net income up 125% to $207 million and adjusted diluted EPS increasing 127% to $1.43. The company anticipates net sales for fiscal 2023 to fall between $5.25 billion and $5.35 billion, up from prior estimates. However, challenges such as rising costs for raw materials and consumer demand fluctuations due to inflation remain concerns. Despite this, the leadership expresses confidence in the company’s long-term growth prospects.
The Board of Directors of Lamb Weston Holdings (NYSE: LW) declared a quarterly dividend of $0.28 per share. This dividend is payable on June 2, 2023, to stockholders of record by the close of business on May 5, 2023. Lamb Weston is a prominent supplier of frozen potato and vegetable products, recognized for its innovation and quality over more than 70 years in the industry.
Lamb Weston Holdings, Inc. (NYSE: LW) will announce its fiscal third quarter 2023 financial results on April 6, 2023, at approximately 8:30 a.m. EDT. A conference call to discuss the results will follow at 10:00 a.m. EDT. U.S. and Canadian participants can join at 877-502-9276, while international participants should dial +1-313-209-4906, using conference ID 7608560. The call will also be accessible online. A rebroadcast will be available on April 7, 2023, after 2:00 p.m. EDT.
Lamb Weston Holdings, Inc. (NYSE: LW) has completed its acquisition of the remaining equity interests in its European joint venture with Meijer Frozen Foods B.V. The transaction is valued at €525 million in cash and includes 1,952,421 shares of Lamb Weston common stock. Following this acquisition, Lamb Weston now owns 100% of Lamb-Weston/Meijer, previously a 50/50 joint venture. This move adds five manufacturing facilities in Europe, significantly boosting production capacity to nearly two billion pounds of frozen products annually. The financial results of Lamb-Weston/Meijer will be fully consolidated into Lamb Weston's statements moving forward.
Lamb Weston Holdings reported robust second quarter fiscal 2023 results, highlighting a 27% increase in net sales to $1,277 million and a 217% rise in net income to $103 million. Diluted EPS surged 223% to $0.71. Adjusted results also reflected impressive growth with Adjusted EBITDA rising 92% to $335 million. The company has raised its fiscal 2023 outlook, projecting net sales between $4.8 billion and $4.9 billion. Despite strong financial performance, challenges include supply chain constraints and inflation affecting volume in the second half.
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