a2 Milk (ASX:A2M) share price on watch after downgrading guidance again

The A2 Milk Company Ltd (ASX: A2M) share price will be one to watch on Thursday.

This follows the release of the fresh milk and infant formula company’s half year results this morning.

How did a2 Milk perform in the first half?

The good news for shareholders and the a2 Milk share price is that the company delivered a result in line with its downgraded guidance.

For the six months ended 31 December, the company reported a 16% decline in revenue to NZ$677.4 million. This compares to its guidance of ~NZ$670 million for the half.

In respect to earnings, a2 Milk posted a 32.2% decline in earnings before interest, tax, depreciation and amortisation (EBITDA) to NZ$178.5 million.

While this means that its EBITDA margin came in below its…