CHICAGO, ILLINOIS, US — Following a gain a quarter earlier, earnings were lower at Ardent Mills LLC in the third quarter.
Information regarding Ardent Mills’ financial results was published April 4 in a Form 10-Q filed with the Securities and Exchange Commission by Conagra Brands, Inc., which holds a 44% stake in the nation’s largest flour milling company.
Equity method investment earnings in the third quarter ended Feb. 25 were $41.2 million, down 18% from $50.5 million in the first quarter of fiscal 2023. Equity method earnings at Conagra year to date were $131 million, down 12% from $149 in the first nine months of the previous year. Third-quarter and year-to-date results in fiscal 2022 were $48.1 million and $97.8 million, respectively.
“Ardent Mills earnings for the third quarter of fiscal 2024 continued to reflect slightly lower volume trends as seen throughout the industry, partially offset by improved product margins,” Conagra said.
In its earnings announcement, Conagra reaffirmed its guidance for $170 million in equity method earnings for fiscal 2024, implying fourth-quarter earnings of $39 million, which would compare with $63 million in the final quarter last year.
