Fonterra sees earnings at top end of guidance range

The news: New Zealand dairy giant Fonterra expects to report full-year earnings and a dividend at the top end of its guidance range.

The numbers: The company said it expects to end the year with earnings at the top end of its forecast range of $NZ0.65-$NZ0.80 cents($0.60-$0.74) per share. Full-year payout is also set to be at the top end of the 40% to 60% of normalised earnings dividend policy.

The context: CEO Miles Hurrell said Fonterra (dual listed on the ASX and NZX) has reported strong earnings through FY23 off the back of favourable ingredients business margins. The company will report its full-year financial results in September.