Incitec Pivot’s (ASX:IPL) first half results saw a beat on revenue but a miss on earnings, erasing a 7.5 per cent jump to a 4.3 per cent tumble to $3.58 at time of writing.
First half EBIT soared 416 per cent on an annualised basis to $568 million but came in weaker than analysts expected.
Jefferies cited that “it looks like this is mostly related to low realised ammonia prices in the 2Q, but the explosives result also looks a little underwhelming”.
While Citi said that its first half growth was not as strong as expected as favourable urea pricing improved earnings by US$36 million compared to the prior corresponding period.
Other than the disappointing miss, investors also found out that Incitec plans to split its Fertiliser and Dyno Nobel businesses into two separate listed companies in the first half of 2023, after spending $3.3 billion in 2008 to buy Dyno Nobel.