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Lamb Weston Holdings, Inc. supplies frozen potato products to restaurants and retailers around the world, with a portfolio anchored by french fries and related potato offerings such as sweet potato fries, tater tots, diced potatoes, mashed potatoes and hash browns. News about LW commonly centers on fiscal results, sales volume and price/mix trends, North America and international demand, customer wins, operating efficiency programs, capital expenditures and dividend declarations.
Company updates also include investor conference participation, shareholder engagement, board and executive compensation actions, and NYSE-required announcements for employment inducement equity awards. Recent disclosures have also addressed manufacturing footprint decisions and cost-reduction initiatives tied to its global frozen potato supply chain.
Lamb Weston Holdings (NYSE: LW) will release its fiscal fourth quarter and full year 2022 financial results on July 27, 2022, at 8:30 a.m. EDT. A conference call will follow on the same day at 10:00 a.m. EDT for discussion of the results. The call can be accessed by dialing 800-458-4121 in the U.S. and Canada or +1-323-794-2093 internationally, using conference ID 2130194. A rebroadcast will be available from July 29 after 2 p.m. EDT.
Lamb Weston (NYSE: LW) reported a 7% increase in net sales for Q3 Fiscal 2022, totaling $955 million, boosted by a 12% price/mix improvement. Income from operations surged 33% to $134 million, while net income leaped 61% to $107 million, driving diluted EPS to $0.73, up 62%. Despite these gains, the company anticipates pressure on net income and adjusted EBITDA due to rising potato and transportation costs. They revised their fiscal 2022 gross margin outlook to 19%-20%, previously 18%-20%.
The Board of Directors of Lamb Weston Holdings (NYSE: LW) declared a quarterly dividend of $0.245 per share, payable on June 3, 2022, to shareholders on record by May 6, 2022. This announcement underscores the company's continued commitment to returning value to its investors. With over 70 years in the frozen potato market, Lamb Weston is a key supplier globally, known for innovation and quality in products that enhance customer experience in restaurants and retail.
Lamb Weston Holdings (NYSE: LW) will release its Q3 2022 financial results on April 7, 2022, at 8:30 a.m. EDT. A conference call will follow at 10:30 a.m. EDT, allowing investors to discuss the results. U.S. participants can dial 888-204-4368, while international callers should use 1-323-994-2093 with conference ID 1882707. A rebroadcast will be available on April 8, 2022, after 2 p.m. EDT at their investor website.
Lamb Weston Holdings (NYSE: LW) has appointed Steven J. Younes as Chief Human Resources Officer, effective immediately. Younes brings over 30 years of experience in human resources and employment law, previously serving as EVP and CHRO at Loews Hotels & Co. He has also held key positions in healthcare and legal roles, enhancing his expertise in talent strategies. CEO Tom Werner expressed confidence in Younes's ability to lead people strategies at Lamb Weston.
Lamb Weston reported its fiscal second quarter 2022 results, showing a 12% increase in net sales to $1,007 million, driven by strong demand across restaurant and foodservice channels. However, net income declined by 66% to $33 million, with diluted EPS dropping 67% to $0.22. Adjusted EBITDA fell 15% to $181 million. The company is facing challenges with cost inflation and supply chain disruptions, leading to an updated gross margin forecast of 18% to 20%, below pre-pandemic levels. Lamb Weston is committed to mitigating these pressures through pricing actions and operational improvements.
The Board of Directors of Lamb Weston Holdings (NYSE: LW) has approved a quarterly dividend increase to $0.245 per share, reflecting a 4-cent annualized rise. This dividend is payable on March 4, 2022, to stockholders recorded by Feb. 4, 2022. Additionally, the company authorized an increase of $250 million to its share repurchase program, initially approved in December 2018, with no expiration date, to enhance shareholder value.
Lamb Weston Holdings, Inc. (NYSE: LW) will announce its second quarter 2022 financial results on January 6, 2022, at approximately 9:30 a.m. EST. A conference call to discuss the results will occur the same day at 10 a.m. EST. Participants can join via phone or access a live internet stream. A rebroadcast of the call will be available on January 7, 2022, after 2 p.m. EST. Lamb Weston is a leading supplier of frozen potato products globally, known for innovation and quality.
Lamb Weston Holdings, Inc. (NYSE: LW) has announced the pricing of a private offering totaling $970 million for 4.125% senior notes due 2030 and $700 million for 4.375% senior notes due 2032. The offering size for the 2030 notes was increased from $835 million, while the 2032 notes were decreased. The proceeds will be used to redeem outstanding 4.625% Senior Notes due 2024 and 4.875% Senior Notes due 2026. The closing of the offering is expected on or around November 8, 2021.
Lamb Weston Holdings, Inc. (NYSE: LW) plans to offer $835 million in senior notes due 2030 and $835 million in senior notes due 2032, subject to market conditions. The proceeds will be used to redeem existing notes due 2024 and 2026. The offering is exempt from registration under the Securities Act and aims to improve the company's financial position. The notes will be guaranteed by the company's material domestic subsidiaries. This press release contains forward-looking statements regarding the company's financial strategies and performance.