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

The New Zealand- and Australia-listed company on Wednesday said there was "uncertainty" about its near-term outlook 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 the 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, the third-largest by capitalization in the New Zealand stock market, has forecast 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%.

It has forecast first-half revenue of NZ$725 million to NZ$775 million.

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

(END) Dow Jones Newswires

11-17-20 1555ET