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Fonterra earnings

  • Forecasts 2020-21 milk price of nz$5.40-6.90/kg.
  • 9 month normalised ebit: $815m.
  • 9 month normalized gross margin: nz$2.5B.
  • Reaffirms fy20 earnings of 15-25 NZ cents/share.
  • Now sees 2019-20 milk price of NZ$7.10-NZ$7.30/kg.
  • FY20 earnings seen at top half of forecast range.
  • Midpoint of 2019-20 milk price forecast reduced due to softer global demand.

More to come…

We will have RBNZ Chief Economist speaking on monetary policy at the top of the hour.