On 8 December 2022, Fonterra Co-operative Group Limited reported a strong start to its 2023 financial year and upgraded its earnings guidance to 50 – 70 cents per share from 45 - 60 cents per share.

In addition, it lowered and narrowed its forecast Farmgate Milk Price range of $8.50 - $10.00 per kgMS to $8.50 - $9.50 per kgMS with a midpoint of $9.00.

CEO Miles Hurrell said it was a positive start to the year despite the current global operating environment and higher costs at every point in their supply chain.

Fonterra is making progress against its 2030 strategic ambitions, including the sale of its Chilean business, the release of its Sustainable Finance Framework and the development of a Net Zero Carbon dairy farm with Nestlé.

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