The dairy co-op's confirmed a final farmgate milk price of 10-dollars-16 for the past season, and earnings of 71 cents per share.
That's well above the nine-dollar forecast, and the 40 to 60 cents earnings, it was forecasting a year ago.
But business reporter Michael Sergel says Fonterra's continuing to signal a lower payout in the current season with a forecast midpoint of 10-dollars.
He says that's a reflection of ongoing global volatility.
