Adds details on forecast hike in paragraphs 2 and 3, Q1 update in paragraph 4
Dec 7 (Reuters) – New Zealand dairy firm Fonterra Co-operative FCG.NZ on Thursday increased its fiscal 2024 earnings and farmgate milk price forecasts, citing a strong performance in the first quarter.
The company hiked the forecast range for its farmgate milk price – the price it pays to farmers – to between NZ$7.00 and NZ$8.00 per kilogram of milk solids (kgMS) from its prior range of between NZ$6.50 and NZ$8.00 per kgMS.
The dairy giant also increased its fiscal 2024 earnings per share outlook to between 50 and 65 NZ cents per share from prior expectation of between 45 and 60 NZ cents.
In the first quarter, Fonterra’s profit after tax jumped 61.7% to NZ$346 million ($212.55 million) on the back of strong margins across operations.
($1 = 1.6279 New Zealand dollars)
(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Maju Samuel)
((Adwitiya.Srivastava@thomsonreuters.com;))
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