Lamb Weston Holdings, Inc. (NYSE:LW) Q3 2020 Earnings Conference Call - Final Transcript

Apr 01, 2020 • 10:00 am ET


Lamb Weston Holdings, Inc. (NYSE:LW) Q3 2020 Earnings Conference Call - Final Transcript


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Good day and welcome to the Lamb Weston Third Quarter 2020 Earnings Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Dexter Congbalay, VP, Investor Relations of Lamb Weston. Please go ahead.

Dexter Congbalay

Good morning and thanks for joining us for Lamb Weston's third quarter 2020 earnings call. This morning, we issued our earnings press release, which is available on our website,

Please note that during our remarks, we'll make some forward-looking statements about the Company's performance. These statements are based on how we see things today. Actual results may differ materially due to risks and uncertainties. Please refer to the cautionary statements and risk factors contained in our filings with the SEC for more details on our forward-looking statements.

Some of today's remarks include non-GAAP financial measures. These non-GAAP financial measures should not be considered a replacement for and should be read together with our GAAP results. You can find the GAAP to non-GAAP reconciliations in our earnings release.

With me today are Tom Werner, our President and Chief Executive Officer; and Rob McNutt, our Chief Financial Officer. Tom will provide an overview of our priorities for managing through the COVID-19 pandemic crisis, as well as some thoughts on the near-term demand environment. Rob will then provide some details on our third quarter results, financial liquidity and capital structure.

With that, let me now turn the call over to Tom.

Tom Werner

Thank you, Dexter. Good morning, everyone, and thank you for joining our call today. We are clearly in a time of considerable uncertainty as it relates to the scope and speed of the COVID pandemic and the impact on the global economy, our industry and each of our lives. We'll do our best to answer your questions relating to consumer demand and our response to the crisis, but please recognize that much is still unknown. As a consequence of this uncertainty, we've withdrawn our financial outlook, despite only two months remaining in our fiscal fourth quarter. At this time, it's extremely difficult to reasonably forecast customer and consumer demand in North America and our key international markets.

In a few minutes, Rob will provide details on our performance for the third quarter, but let me start by sharing with you our priorities as it relates to our Lamb Weston team, our operations and our customers. First, I want to thank the entire Lamb Weston team. I'm proud of how we're managing through this adversity, including all the efforts to protect and support our employees, families, neighbors and local communities, meeting our obligation to continue to provide food to help feed people all over the globe, working with our customers, and continuing to support our business. We're rallying together to care for one another. It's that spirit of teamwork, as well as our service-oriented culture that serves as a cornerstone for making Lamb Weston so great.

It's paramount to ensure the health, safety and emotional well-being of our Lamb Weston team. People