Fonterra is expecting record earnings this year.

The dairy co-operative is increasing its forecast earnings per share range for the current financial year to between 45 and 55 cents.

That's up from an earlier forecast of between 40 and 50 cents and equates to a payout of $4.95 and $5.00 per kilo of milk solids after retentions.

Fonterra chairman John Wilson said this will be the highest earnings before interest and tax that the co-operative's ever achieved.  

"Importantly they're also seeing our leverage, or our debt to debt plus equity, drop down over the coming six months," said Mr Wilson. 

Mr Wilson also said it's too soon to say what impact the Paris attacks will have on its business or the global market.  

He said his heart goes out to everyone who's impacted by the terror attack

"The reality is we've got significant geo-political tension in some of our key markets around the world and we continue to sell into those markets."