WELLINGTON, New Zealand--Infant formula marketing company a2 Milk Ltd. reiterated its earnings guidance for the first half and full financial year, but underlined risks to the forecasts.

The company on Wednesday said there was "uncertainty to this forecast" because of market volatility stemming from the coronavirus pandemic.

"We also acknowledge the outlook provides for a significant increase in revenue in the second half, dependent on a number of key assumptions" including an improvement in surrogate shopping sales channel and continued growth in its China label business, a2 Milk said.

Market share expansion in China and other brand measures show that business fundamentals remain strong notwithstanding current headwinds, it said.

The company forecasts full-year revenue of 1.8 billion to 1.9 billion New Zealand dollars ($1.24 billion to $1.31 billion) and a profit margin of about 31%.

Write to Stephen Wright at stephen.wright@wsj.com

(END) Dow Jones Newswires

11-17-20 1514ET