Fonterra has raised its earnings guidance for the full fiscal year on the back of a well-contracted sales book.
The cooperative forecasts earnings to be in the upper half of its previously announced estimates of 40 cents to 60 cents per share and expects farmgate milk price to be at the midpoint of $10 per kgMS.
Fonterra noted it anticipates favourable weather conditions, which may increase its milk collections to up to 1510 million kgMS.
“Fonterra’s earnings and the forecast farmgate milk price have both benefitted from solid demand for our high value Ingredients products, and our sales book is well contracted for the season,” said Miles Hurrell, Fonterra CEO.
“Considering these factors, we expect to be in a position to pay a strong interim dividend.”
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