The co-operative is also on track with plans to reduce debt.
Chief executive Miles Hurrell says adding flexibility to the business has allowed the co-op to stick to its share earnings guidance.
Fonterra's China business seems to be turning a corner with March revenue still below normal, but recovering from February falls.
Last month the co-op confirmed a payout forecast of seven dollars to seven dollars and 60 cents per kilogram of milk solids.
