Fonterra 2013 earnings to lag forecasts over NZ drought, Australian competition

Wed, 24 Jul 2013

By Tina Morrison July 25 (BusinessDesk) – Fonterra Cooperative Group, the world’s largest exporter of dairy products, said earnings would miss its forecast by about 7.3 percent because of the drought in New Zealand and intense competition in Australia. Earnings before interest, tax and one-time items would be about $1 billion in the year ending July 31, down from the $1.079 billion forecast in its Shareholders’ Fund Prospectus last year, the Auckland-based company said in a statement. Earnings per share were likely to be at the lower end of...

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