15. QUARTERLY FINANCIAL DATA (unaudited; dollars in millions, except per-share amounts and stock price information)


	2018 (a)
	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
Net sales	$	817.5	$	824.6	$	863.4	$	918.2
Gross profit		196.3		208.2		242.3		232.7
Income before income taxes and equity method earnings		112.4		112.4		140.7		105.8
Income tax expense		44.1		41.5		7.5		28.1
Net income attributable to Lamb Weston Holdings, Inc.		83.4		76.6		156.8		100.0
Earnings per share
Basic		0.56		0.52		1.07		0.68
Diluted		0.56		0.52		1.06		0.68
Dividends declared		0.1875		0.1875		0.19125		0.19125
Stock price - high (b)		47.38		54.44		60.32		68.03
Stock price - low (b)		42.74		44.88		53.51		54.05


	2017 (a)
	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
Net sales	$	776.3	$	790.7	$	768.5	$	832.5
Gross profit		179.7		196.5		204.9		197.7
Income before income taxes and equity method earnings		123.5		118.7		118.9		95.9
Income tax expense		51.0		33.9		44.0		41.2
Net income attributable to Lamb Weston Holdings, Inc.		79.6		87.2		84.2		75.9
Earnings per share
Basic		0.54		0.59		0.57		0.52
Diluted		0.54		0.59		0.57		0.51
Dividends declared		N/A		N/A		0.1875		0.1875
Stock price - high (b)		N/A		33.02		39.90		45.66
Stock price - low (b)		N/A		29.89		32.51		39.19

(a)

The sum of quarterly amounts may not agree to our annual results due to rounding.

The first, second, third, and fourth quarters of fiscal 2018 included $2.2 million ($1.4 million net of taxes), $4.0 million ($2.5 million net taxes), $1.7 million ($1.2 million net of taxes), and $0.8 million ($0.6 million net of taxes), respectively, of expenses related to the Separation.

The third and fourth quarters of fiscal 2018 include a $47.0 million and $17.7 million benefit, respectively, related to the Tax Act; approximately $23.0 million and $13.3 million, respectively, relates to a lower U.S. corporate tax rate and $24.0 million and $4.4 million, respectively, relate to the provisional impacts of the Tax Act.

The first, second, third, and fourth quarters of fiscal 2017 included $9.7 million ($6.1 million net of taxes), $9.0 million ($5.7 million net of taxes), $5.1 million ($3.2 million net of taxes), and $2.8 million ($1.8 million net of taxes), respectively, of expenses related to the Separation.

The fourth quarter of fiscal 2017 includes a $3.1 million ($2.0 million net of taxes) non-cash gain on assets.

(b)

Our common stock is listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “LW.” All stock prices are closing prices as reported by the NYSE.