CHICAGO — Profits gave ground at Ardent Mills LLC in the second quarter of fiscal 2021, according to a Form 10-Q filed Jan. 7 with the Securities and Exchange Commission by Conagra Brands, Inc. Conagra holds a 44% stake in Ardent Mills.
According to the filing, Conagra equity method earnings in the quarter ended Nov. 29, 2020, were $23 million, down 17% from the $27.6 million in the second period of fiscal 2020. Adjusted earnings were down 18%.
In the first half of the fiscal year, equity method investment earnings at Conagra were $29.5 million, down 26% from $39.9 million the year before. Adjusted earnings were down 16%.
Results in the second quarter of fiscal 2020 included a charge against profits of $600,000 and results in the first half included a gain of $4.8 million. The special items were in connection with the sale of an unspecified Ardent Mills asset.
Other owners of Ardent Mills, the largest milling company in the United States, include Cargill (44%) and CHS (12%).