May 24 (Reuters) - Fonterra Co-operative Group Ltd
* Fonterra lifts farmgate milk price and updates on earnings
* Fonterra co-operative group today increased its 2016/17 forecast farmgate milk price by 15 cents to $6.15 per kgms
* Confirmed its forecast earnings per share range of 45 to 55 cents for 2017 FY, as it continues to target a FY dividend of 40 cents per share
* Stronger production in March and April has partly offset lower peak milk production and collections are now expected to be down 3 pct for season
* Is forecasting an improved farmgate milk price of $6.50 per kgms for 2018 season
* "We are on track to exceed our target of moving an additional 400 million lme into higher value products by year-end"
* "Capital expenditure is in line with expectations and expected to reduce in 2017/18 year"
* Gearing is forecast to be in target range of 40 pct -45 pct at conclusion of year
* "While there is work to be done in final quarter outlook for earnings remains achievable"
* Revenue of $13.9 billion for first nine months of 2016/17 is up 8 pct on same period last year, as a result of higher milk prices
* All figures in NZ$ Source text for Eikon: Further company coverage: