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LambWeston SEEING POSSIBILITIES IN POTATOES News Release For more information , please contact : Investors : Dexter Congbalay 224-306-1535 dexter.congbalay@lambweston.com Media : Shelby Stoolman 208-424-5461 shelby.stoolman@lambweston.com Lamb Weston Reports Fiscal Third Quarter 2021 Results ; Provides Update for Fourth Quarter Fiscal Year 2021 Third Quarter Fiscal 2021 Highlights , as Compared to Third Quarter Fiscal 2020 • Net sales declined 4 % to $ 896 million • Income from operations declined 38 % to $ 101 million • • • • Net income declined 41 % to $ 66 million Diluted EPS declined 41 % to $ 0.45 Adjusted EBITDA including unconsolidated joint ventures ( 1 ) declined 27 % to $ 167 million Paid $ 34 million in dividends to shareholders Repurchased 164,678 shares for $ 13 million Fourth Quarter Fiscal 2021 Business Update ( for 4 weeks ended March 28 , 2021 ) , as Compared to Fourth Quarter Fiscal 2019 Levels ( 2 ) • North America shipments were approximately 90 % of fourth quarter fiscal 2019 levels Europe shipments were approximately 85 % of fourth quarter fiscal 2019 levels Other International shipments were approximately 75 % of fourth quarter fiscal 2019 levels - EAGLE , ID ( April 7 , 2021 ) – Lamb Weston Holdings , Inc. ( NYSE : LW ) announced today its third quarter fiscal 2021 results and provided a business update for the fourth quarter fiscal 2021 . " We delivered solid sales volumes during the quarter as consumers and full - service restaurant traffic responded favorably to the gradual easing of broad social restrictions as the quarter progressed , as well as to the benefit of relatively mild winter weather for much of the period , ” said Tom Werner , President and CEO . " However , COVID - 19 continued to significantly disrupt our manufacturing and distribution operations across our entire supply chain network , which resulted in higher costs . " " In the coming months , we believe the gradual improvement in frozen potato demand will continue to the extent governments further lift social restrictions , and as warmer weather provides more outside dining opportunities . The ongoing disruptive effects of COVID - 19 on our supply chain will continue to pressure near - term costs , but should also lessen after vaccines become more widely available for our manufacturing teams and our supply chain partners . In addition , we remain optimistic that overall demand in the U.S. will steadily return to pre - pandemic levels around the end of calendar 2021 , and that global category growth will resume at historical rates soon thereafter . Our recently - announced investments to construct a new manufacturing facility in China , as well as the expansion of our chopped and formed product capacity in the U.S. , underscore our confidence in the long - term health of the global category , as well as our strategy to support the growth of our customers as they continue to expand across our key markets . ”