Conagra Brands' equity method investment earnings surged 72% to $50 million in fiscal 1Q, driven by favorable market conditions and effective management during recent wheat market volatility at its Ardent Mills joint venture. The windfall helped offset a 3.4% decline in gross profit, which fell to $619 million as cost of goods sold inflation and unfavorable operating leverage outweighed higher productivity. Higher equity earnings and reduced adjusted SG&A expenses lifted adjusted EPS 5.1% to $0.41, the company said
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