Fonterra has announced an opening 2023/24 season forecast Farmgate Milk Price of $7.25 to $8.75 per kgMS, with a midpoint of $8.00 per kgMS, updated its current season forecast Farmgate Milk Price, increased its full year earnings guidance, and brought forward the payment date of its proposed capital return.
CEO Miles Hurrell says the Co-op remains on track for a strong full year dividend despite reduced demand, particularly from China, impacting the current season forecast Farmgate Milk Price.
Fonterra reported a profit after tax of $1,326 million, equivalent to 81 cents per share, for the third quarter of FY23, and has lifted its FY23 full year forecast normalised earnings to 65-80 cents per share.
The Co-op has also completed the divestment of Soprole and finalised its exit of China Farms, and is bringing forward the payment date of its proposed capital return of around 50 cents per share and unit, from October 2023 to August 2023.
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