Analysts are expecting a rebound in Fonterra's half-year earnings when it reports on Wednesday, thanks in part to lower milk costs.
The company reported a 50 percent drop in last year's six monthly profit to $217 million because of high raw materials costs squeezing margins.
Head of private wealth at Craigs Investment Partners Mark Lister said some of those factors would reverse and help lower production costs.
He was picking earnings before interest and tax would jump by 50 percent, with the interim dividend rising from 5 to 15 cents a share.
Mr Lister said the stronger result masked what was a terrible result last time round.
"Those sorts of very high numbers probably give an artificially solid view on how things are looking at Fonterra.
"You do need to bear in mind that they had a very poor period a year ago, so the period we are comparing this result to was pretty abysmal.
"And that's why you're seeing such a massive rebound," he said.
Listen to the full interview with head of private wealth at Craigs Investment Partners Mark Lister