- Fonterra has recently entered financial year FY23 leaving behind a strong FY22.
- The company has performed well in FY22 and is expecting to touch the higher limits in its earning guidance.
- The final and audited financial results for FY22 will be revealed in September.
Followed by the update, the shares of Fonterra were spotted trading in the green zone on Friday morning. Fonterra’s share price stood at AU$2.88 per share after losing by 3.971% at 10:27 AM AEST on the ASX today (12 August).
Meanwhile, Fonterra’s share price has declined almost by 22% on the ASX in the past 12 months. Furthermore, Fonterra’s YTD-based share price fell over 21.57% (as of 1:11 PM AEST on the ASX today).
Details of Fonterra’s FY22 guidance:
Fonterra shared an update on its FY22 guidance on the ASX today for the financial year ended on 31 July 2022. The company mentioned that it would be ‘towards the top end’ of its existing guidance of 25 cents to 35 cents per share.
Miles Hurrell, CEO, Fonterra, said that the company had made prior commitments to update the earnings guidance to the farmers and unit holders as soon as it became available. However, the company is still in the ongoing process of auditing and finalising its financials for FY22. Therefore, the company is likely to release the final numbers in September.
Fonterra’s CEO also added that the company is expecting a positive outlook in its dairy business in the upcoming financial year (FY23). He mentioned that the company might continue to see strong supply and demand dynamics and remain well positioned to keep delivering against our strategy.
Fonterra is expected to release its financial results for the year ending 31 July 2022 (FY22) on Thursday, 22 September 2022.
Fonterra Shareholders’ Limited is an ASX-listed dairy business that holds a market capitalisation of AU$297.54 million. The company is owned by almost 10,500 farmers in New Zealand. Fonterra contributes about 30% of the global dairy products supply, and it is also known as the largest company in New Zealand.