CHICAGO — Profits at Ardent Mills LLC rebounded in the third quarter, according to a Form 10-Q filed April 3 by Conagra Brands, Inc. with the Securities and Exchange Commission.

Equity method earnings at Conagra, which owns 44% of the Ardent Mills joint venture, were $47.4 million, up 15% from $41.2 million in fiscal 2024. Results in the current year include a charge of $3.6 million ($2.7 million after tax) related to restructuring activities of the Ardent Mills joint venture. Adjusted for the special charges, Ardent Mills earnings nearly equaled the $50.5 million of equity method earnings at Conagra in the third quarter of fiscal year 2023.

The improved earnings mark a reversal from the first two quarters of the year, when earnings were lower than the year before.

“Ardent Mills earnings for the third quarter of fiscal 2025 reflected improved product margins with recent volatility in the wheat markets, partially offset by continued lower volume trends as seen throughout the industry,” Conagra said.

In the first three quarters of fiscal 2025, Ardent Mills earnings were $125 million, down 4.6% from $131 million during the same period of fiscal year 2024. The current year’s figure includes the restructuring charges.

The Ardent Mills results appear to leave Conagra on track to reach its fiscal 2025 guidance of $150 million in equity method earnings.