On 8 December 2022, Fonterra Co-operative Group Limited upgraded its earnings guidance to 50 – 70 cents per share, 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, and reported a strong start to the 2023 financial year.
CEO Miles Hurrell said the Co-op is making good progress against its 2030 strategic ambitions, with the sale of its Chilean business, the development of a Net Zero Carbon dairy farm, and the introduction of a Flexible Shareholding capital structure.
Fonterra reported a 94% increase in Total Group normalised EBIT to $368 million and a 84% increase in normalised profit after tax to $214 million.
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