After reducing its forecast milk price forecast last week, Fonterra updated its FY23 earnings guidance, forecasting a full year dividend at the top end of its range of 65c – 80c per share. Fonterra is still in the process of finalising and auditing its FY23 numbers, but CEO Miles Hurrell said Fonterra was in a position to provide further guidance due to strong earnings reported through FY23 as a result of favourable Ingredients margins.

The full year dividend is expected to be paid in October and includes 10c per share already paid. Fonterra will report its financial results in September when it confirms the full year dividend.