Fonterra has revised its 2018/19 Farmgate Milk Price range from $6.25-$6.50 per kilogram of milk solids to $6.00-$6.30.
Chairman John Monaghan says the revision is due to the global milk supply remaining stronger relative to demand, which has driven a downward trend on the Global DairyTrade index since May.
Sales volumes, revenue and gross margin are all down for Fonterra.
At the same time, operating expenses and capital expenditure are all up.
However, the Co-op is maintaining its forecast earnings per share range of 25-35 cents.