Fonterra provides Milk Price and performance update

Fonterra provides update on 2022/23 opening forecast Farmgate Milk Price and performance for 2021/22 season.

With a midpoint of $9.00 per kgMS, the 2022/23 opening forecast reflects continued demand for dairy and constrained global supply.

For the 2021/22 season, Fonterra has maintained its forecast Farmgate Milk Price of $9.10 - $9.50 per kgMS.

Total Group normalised EBIT was $825 million for the nine months ending 30 April 2022, down $134 million due to lower sales volumes, pressure on margins from the higher milk price, COVID-19 disruptions and the rapid decline of the Sri Lankan Rupee.

Fonterra is maintaining its forecast earnings guidance of 25-35 cents per share and is taking steps towards its long-term strategy.