Fonterra Co-operative Group Limited today revised its 2023 forecast earnings guidance to 45 to 60 cents per share and forecast milk collections for the 2022/23 season down to 1,495 million kgMS.
CEO Miles Hurrell has attributed the lift in forecast earnings to strong demand for dairy, particularly in cheese and protein products, and a reversal of the recent easing in prices driving the Farmgate Milk Price.
He also commented on the reduction in milk collections due to weather conditions in some parts of New Zealand.
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