Lamb Weston Hold Stock Price, News & Analysis

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.