CHICAGO — Equity method investment earnings at Conagra Brands, Inc. declined in the first quarter of fiscal year 2021.
A reference to the Ardent Mills results was included in the Conagra Form 10-Q filed Oct. 6 with the Securities and Exchange Commission.
Equity method investment earnings at Conagra were $6.5 million in the first quarter ended Aug. 30, down from $12.3 million for the first quarter of fiscal 2020. Contributing to the decline was a $5.4 million gain in the first quarter of fiscal 2020. The gain was related to the sale of an asset by the Ardent Mills joint venture, Conagra said. First-quarter earnings, adjusted for one-time items, were within 3.5% of year ago profits.
Conagra Brands and Cargill each own 44% of Ardent Mills, the largest milling company in the United States, with CHS the owner of the remaining 12%. Conagra Brands continues to report as part of its continuing operations its share of Ardent Mills sales and earnings.