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Aug 30, 2020
Lamb Weston Q1 2021 Earnings Report
Lamb Weston's financial performance declined due to the impact of the COVID-19 pandemic on restaurant and foodservice operations, but retail sales increased.
Key Takeaways
Lamb Weston reported a decrease in net sales and net income for the first quarter of fiscal year 2021, primarily due to the decline in demand for frozen potato products outside the home as a result of the COVID-19 pandemic. However, the company saw increased sales in its Retail segment.
Net sales decreased by 12% to $872 million.
Income from operations decreased by 20% to $136 million, including $20 million of COVID-19 related costs.
Net income decreased by 23% to $89 million.
Diluted EPS decreased by 23% to $0.61.
Forward Guidance
Lamb Weston provided its outlook for fiscal year 2021, expecting interest expense, net, of approximately $125 million, and depreciation and amortization of approximately $190 million. The company increased its estimate for cash used for capital expenditures, excluding acquisitions, to approximately $180 million from approximately $140 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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