Lamb Weston Holdings, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended November 27, 2016. For the quarter, the company's net sales were $790.7 million compared with $740.3 million a year ago. Income from operations was $125.5 million compared with $109.5 million a year ago. The increase was largely due to favorable price/mix and volume, as well as supply chain efficiencies. Income before income taxes and equity method earnings was $118.7 million compared with $108.0 million a year ago. Net income attributable to the company was $87.2 million or $0.59 per diluted share compared with $73.3 million or $0.50 per diluted share a year ago. The increases were largely due to higher income from operations, partially offset by higher interest costs and lower equity method investment earnings. Adjusted income from operations was $134.5 million compared with $109.5 million a year ago. Adjusted net income attributable to the company was $92.9 million or $0.63 per diluted share. Adjusted EBITDA was $160.9 million compared with $133.6 million a year ago.

For the six months, the company's net sales were $1,567.0 million compared with $1,488.1 million a year ago. Income from operations was $250.5 million compared with $194.1 million a year ago. Income before income taxes and equity method earnings was $242.2 million compared with $191.3 million a year ago. Net income attributable to the company was $166.8 million or $1.13 per diluted share compared with $135.3 million or $0.92 per diluted share a year ago. Net cash provided by operating activities was $162.4 million compared with $172.9 million a year ago. Additions to property, plant and equipment was $127.8 million compared with $66.3 million a year ago. Adjusted income from operations was $269.2 million compared with $194.2 million a year ago. Adjusted net income attributable to the company was $178.6 million or $1.21 per diluted share. Adjusted EBITDA was $321.0 million compared with $242.1 million a year ago.

The company has updated its outlook for fiscal 2017. The company's net sales to grow at a mid-single digit rate, up from a previous estimate of a low single digit increase, with a relatively balanced contribution from price/mix and volume. Adjusted EBITDA including unconsolidated joint ventures to grow at a mid-teens rate, up from a previous estimate of a high single digit increase, reflecting solid sales growth and savings from supply chain efficiencies, partially offset by lower contribution from equity method investment earnings. Potato costs are expected to remain essentially flat. The company expects adjusted diluted EPS in the range of $2.20 - $2.28. In addition, the company expects total interest expense to be approximately $60 million and the effective tax rate to be approximately 34%.