Nov 16 (Reuters) - Fonterra Co-Operative Group Ltd FCG.NZ :
* Fonterra increases forecast earnings per share range
* Fonterra Co Operative Group Limited is increasing its forecast earnings per share range for the current financial year to 45-55 cents
* The co-operative is continuing to forecast a reduction in milk collections in New Zealand for the current season of at least 5 per cent
* Forecast farmgate milk price of $4.60 this lifts the total available for payout to $5.05-5.15 per kgms
* Says increasing the rate at which farmers are paid the co-operative support of 50 cents per kgms
* Says "capital expenditure of $258 million is down 37 per cent, in line with the target"
* First quarter initiatives are expected to generate a one-time cash benefit of NZ$110 million this financial year"
* Initiatives generating recurring benefits implemented in Q1 are expected to deliver a cash benefit of $170 million in current financial year
* Initiatives in second quarter are expected to increase recurring cash benefits to NZ$340 million and contribute to both EBIT, and farmgate milk
price in current FY"
* All figures in nz$ Source text for Eikon ID:nNZW1cSdPl