CHICAGO — Financial results of Ardent Mills L.L.C. rebounded in the second quarter, based on a Securities and Exchange Commission filing by Conagra Brands, Inc. Excluding special items, quarterly earnings were up from year-earlier results.
According to the Form 10-Q filed Jan. 2, equity method investment earnings of Conagra in the second quarter ended Nov. 24, 2019, were $27.6 million, versus $37.7 million in the second quarter of fiscal 2019 and $20.6 million in the same period in fiscal 2018.
In the first six months of fiscal 2020, Conagra equity investment earnings were $39.9 million, down from $53.9 million in the first half of fiscal 2019.
Results in the second quarter included a charge of $600,000 in connection with the sale of an asset by the Ardent Mills venture. For the first half of fiscal 2020, a $4.2 million gain was recorded in connection with the asset sale. In the second quarter and first half of fiscal 2019, a $15.1 million gain from the sale of the asset by the Ardent Mills joint venture was recorded.
“Ardent Mills’ earnings for the second quarter of fiscal 2020 reflected favorable market conditions after adjusting for the items mentioned above,” Conagra said in the S.E.C. filing.
The company has not elaborated on the gain from the asset sale. Ardent in October 2018 said it was selling its Tampa, Fla., flour mill and would build a new mill in Florida.
Conagra holds a 44% stake in Denver-based Ardent Mills, which is a joint venture of Conagra, Cargill and CHS.