CHICAGO, ILLINOIS, US — After a historically strong fiscal 2023, net earnings were lower at Ardent Mills LLC in fiscal 2024.

Information regarding Ardent Mills’ financial results was published July 11 in a Form 10-K filed with the Securities and Exchange Commission by Conagra Brands, Inc., which holds a 44% stake in the nation’s largest flour milling company.

According to the filing, Ardent Mills registered lower earnings in the year ended May 26. Ardent Mills’ earnings after income taxes were $361.5 million, down 21% from $453.2 million in fiscal 2023.

“The decrease in Ardent’s fiscal ‘24 results reflect slightly lower volume trends in the milling industry and a move toward a more normalized commodity revenue environment, which hit record levels in fiscal ’23,” noted David S. Marberger, executive vice president and chief financial officer, in prepared remarks accompanying the company’s 10-K filing.

Net sales were $4.6 billion in fiscal 2024, down 12% from $5.24 billion the year before.

Gross profits were $642 million, down 14% from $745.4 million in fiscal 2023 but up 24% from $516.5 million in fiscal 2022.

Ardent Mills’ net assets as of May 26, 2024, were $1.43 billion, down 17% from $1.72 billion a year ago and down 31% from $2.06 billion in fiscal 2022.

Conagra said total dividends received from equity investments in fiscal 2024 were $251.6 million, up from $138.4 million in fiscal 2023 and $79 million in fiscal 2022.