DENVER — Profits at Ardent Mills L.L.C. tumbled in the third quarter ended Feb. 24, according to a filing April 3 by Conagra Brands, Inc., Chicago, with the U.S. Securities and Exchange Commission.
In the quarterly Form 10-Q, Conagra said its equity method investment earnings during the period were $12.7 million, down 56% from $29 million in the same period in fiscal 2018. Year-to-date investment earnings were $66.6 million for fiscal 2019, down 16% from $79.6 million in the first nine months of the previous fiscal year. Year-to-date results in fiscal 2019 included a gain of $15.1 million from the sale of an asset by Denver-based Ardent Mills.
“Ardent Mills earnings for the third quarter and first three quarters of fiscal 2019 reflected lower commodity margins and the timing of certain customer contracts that negatively impacted performance,” Conagra said.
Conagra holds a 44% stake in Denver-based Ardent Mills, which is a joint venture of Conagra, Cargill and CHS. First announced in March 2013, the venture was formally established more than a year later and will mark its five-year anniversary on May 27 of this year.