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LambWeston ● SEEING POSSIBILITIES IN POTATOES Second Quarter 2021 Highlights ● Net sales declined 12 % to $ 896 million Income from operations declined 28 % to $ 140 million Diluted EPS declined 31 % to $ 0.66 News Release For more information , please contact : Investors : Dexter Congbalay 224-306-1535 Lamb Weston Reports Fiscal Second Quarter 2021 Results ; Provides Update for Third Quarter of Fiscal Year 2021 dexter.congbalay@lambweston.com Media : Shelby Stoolman 208-424-5461 shelby.stoolman@lambweston.com EBITDA including unconsolidated joint ventures ( ¹ ) declined 18 % to $ 213 million Paid $ 34 million in dividends to shareholders and announced a 2 % increase in quarterly dividend Plan to resume share repurchase program in January 2021 Third Quarter of Fiscal Year 2021 Business Update ( for 4 weeks ended December 27 , 2020 ) North America and Europe shipments were each approximately 85 % of prior - year levels , and will remain soft during the remainder of the quarter as government - imposed social restrictions to contain the spread of COVID 19 and colder weather restrict restaurant traffic Improvement in international shipments expected to be mixed as governments employ differing approaches to battling the pandemic 1 EAGLE , ID ( January 7 , 2021 ) - Lamb Weston Holdings , Inc. ( NY SE : LW ) announced today its fiscal second quarter 2021 results and provided a business update for the third quarter of fiscal 2021 . " We delivered solid financial results in the quarter , and we remain encouraged by the resiliency of consumer demand and the resourcefulness of our employees and our customers in adapting to this challenging environment , " said Tom Werner , President and CEO . " We are optimistic that the availability of COVID - 19 vaccines will enable a gradual return to normalcy as the year progresses , but we expect to continue to face difficult and volatile operating conditions until the virus is broadly contained . Specifically , we expect demand will remain soft in the coming months , especially at full service restaurants , as governments continue to impose broad social restrictions and as colder weather limits outdoor dining . That said , we expect demand at quick service restaurants and at retail outlets to offset some of that weakness . " " De these near - term pressures , we believe that restaurant traffic may approach pre - pandemic levels later this calendar year if vaccines and other measures are successful in helping to broadly contain the virus and restrictions on restaurants and other venues are lifted to permit a large - scale return to on - premise dining . In the meantime , our business fundamentals - pricing , capacity utilization , and potato supply - remain solid , and we continue to manage through the pandemic's impacts on our manufacturing operations . We believe our recently announced increase in our quarterly dividend and the planned resumption of our share repurchase program reinforce our conviction in the long - term strength of the category and our business , as well as our ability to support customers and create value for our stakeholders . "