Ardent Mills financial results improve in quarter

by Josh Sosland
Share This:
Search for similar articles by keyword: [Ardent Mills]

Ardent Mills logo wall

CHICAGO — Reflecting improved results at Ardent Mills, L.L.C., equity method investment earnings at Conagra Brands, Inc. in the third quarter ended Feb. 25 were $29 million, up 33% from $21.8 million in the third quarter of fiscal 2017.

The results were included in Conagra’s Form 10-Q filed April 3 with the Securities and Exchange Commission. Conagra’s net income in the third quarter was $362.8 million.

Year-to-date equity method investment earnings at Conagra were $79.6 million, up 53% from $52.1 million for the first three quarters of fiscal 2017. A benefit of $4.3 million was included in the earnings of the third quarter and first three quarters of fiscal 2018 in connection with a gain on the substantial liquidation of an international joint venture. No further details were offered about this transaction.

“In addition, Ardent Mills earnings were higher than they were in the prior-year periods due to more favorable market conditions and continued improvement in operating effectiveness,” Conagra said.

Ardent Mills was established in 2014 through the combined North American milling operations of ConAgra Foods and Horizon Milling (a joint venture of Cargill and CHS). Conagra holds a 44% stake in Ardent Mills. In fiscal 2017, Ardent Mills accounted for 94% of Conagra’s equity method investment earnings. 
Comment on this Article
We welcome your thoughtful comments. Please comply with our Community rules.



The views expressed in the comments section of Baking Business News do not reflect those of Baking Business News or its parent company, Sosland Publishing Co., Kansas City, Mo. Concern regarding a specific comment may be registered with the Editor by clicking the Report Abuse link.