Lamb Weston Holdings Increases Quarterly Dividend, Approves Additional $250 Million for Share Repurchase Program
December 17 2021 - 4:15PM
Business Wire
The Board of Directors of Lamb Weston Holdings, Inc. (NYSE: LW)
today approved an increase to the quarterly dividend and an
additional $250 million for the company’s existing share repurchase
program.
Dividend
The Board of Directors declared a quarterly dividend of $0.245
per share of Lamb Weston common stock, a 4-cent annualized
increase. The dividend is payable on March 4, 2022, to stockholders
of record as of the close of business on Feb. 4, 2022.
Share Repurchase
The Board of Directors also authorized the Company to repurchase
up to an additional $250 million of its common stock. This is an
increase to the initial repurchase program, first approved in
December 2018. The program has no expiration date.
Under the share repurchase program, the Company is authorized to
repurchase shares of common stock in the open market, privately
negotiated transactions or a combination of the foregoing. The
timing and amount of stock repurchases will be subject to the
Company’s evaluation of market conditions, applicable legal
requirements and other factors.
About Lamb Weston
Lamb Weston, along with its joint venture partners, is a leading
supplier of frozen potato, sweet potato, appetizer and vegetable
products to restaurants and retailers around the world. For more
than 70 years, Lamb Weston has led the industry in innovation,
introducing inventive products that simplify back-of-house
management for its customers and make things more delicious for
their customers. From the fields where Lamb Weston potatoes are
grown to proactive customer partnerships, Lamb Weston always
strives for more and never settles. Because, when we look at a
potato, we see possibilities. Learn more about us at
lambweston.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. Words such as
“repurchase,” “will,” and variations of such words and similar
expressions are intended to identify forward-looking statements.
Examples of forward-looking statements include, but are not limited
to, statements regarding the Company’s dividends and share
repurchase program. These forward-looking statements are based on
management’s current expectations and are subject to uncertainties
and changes in circumstances. Readers of this press release should
understand that these statements are not guarantees of performance
or results. Many factors could affect the Company’s actual
financial results and cause them to vary materially from the
expectations contained in the forward-looking statements, including
those set forth in this press release. These risks and
uncertainties include, among other things: impacts on the Company’s
business due to health pandemics or other contagious outbreaks,
such as the COVID-19 pandemic, including impacts on demand for its
products, increased costs, disruption of supply or other
constraints in the availability of key commodities and other
necessary services; the availability and prices of raw materials;
levels of pension, labor and people-related expenses; the Company’s
ability to successfully execute its long-term value creation
strategies; the Company’s ability to execute on large capital
projects, including construction of new production lines or
facilities; the competitive environment and related conditions in
the markets in which the Company and its joint ventures operate;
political and economic conditions of the countries in which the
Company and its joint ventures conduct business and other factors
related to its international operations; disruption of the
Company’s access to export mechanisms; risks associated with
possible acquisitions, including the Company’s ability to complete
acquisitions or integrate acquired businesses; its debt levels;
changes in the Company’s relationships with its growers or
significant customers; the success of the Company’s joint ventures;
actions of governments and regulatory factors affecting the
Company’s businesses or joint ventures; the ultimate outcome of
litigation or any product recalls; the Company’s ability to pay
regular quarterly cash dividends and the amounts and timing of any
future dividends; and other risks described in the Company’s
reports filed from time to time with the Securities and Exchange
Commission. The Company cautions readers not to place undue
reliance on any forward-looking statements included in this press
release, which speak only as of the date of this press release. The
Company undertakes no responsibility for updating these statements,
except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211217005466/en/
Investor Relations: Dexter Congbalay 224-306-1535
Dexter.Congbalay@lambweston.com
Media: Shelby Stoolman 208-424-5461
shelby.stoolman@lambweston.com
Lamb Weston (NYSE:LW)
Historical Stock Chart
From Jun 2024 to Jul 2024
Lamb Weston (NYSE:LW)
Historical Stock Chart
From Jul 2023 to Jul 2024