Fonterra said its earnings for the financial year to July 2022 should be towards the top end of its guidance range of 25 to 35 cents per share.

Chief executive Miles Hurrell said the co-op was still finalising and auditing its numbers but there was enough certainty to provide an update ahead of its annual results announcement, scheduled for September 22.

"Our co-op has made good progress against our strategy over the past 12 months, and we look forward to updating our stakeholders when we release our results in September," he said in a statement.

"Looking ahead, we see a positive outlook for dairy.

"We continue to see favourable supply and demand dynamics and remain well-positioned to keep delivering against our strategy," Hurrell said.

The co-op's July 2021 earnings per share came to 34 cents.

Fonterra paid a 20 cent dividend, comprising a 5 cent interim dividend and 15 cent final dividend for the year.

Its reported 2021 profit after tax was $599m, down $60m and group normalised EBIT for the year was $952m, up $73m.