Incitec Pivot Reports Softer-Than-Expected Earnings Decline; Upgrading Fair Value Estimate
Underlying fiscal 2016 NPAT fell 26% to AUD 295 million, 10% ahead of our AUD 269 million forecast. Underlying earnings excludes AUD 167 million in after-tax expenses including AUD 44 million in restructuring and redundancy costs and AUD 123 million in asset impairments. The impairments reflect lower forecast fertiliser prices and higher forecast gas prices. All segments featured in the decline, but Southern Cross fertilisers was particularly hard-hit, EBIT down two thirds to AUD 58 million on s...Incitec Pivot is engaged in the manufacturing and distribution of industrial explosives, industrial chemicals and fertilisers, and the provision of related service. Co.'s Asia Pacific business consists of the: Dyno Nobel Asia Pacific, which manufactures and sells industrial explosives and related products and services; Southern Cross International, which manufactures ammonium phosphates and is a distributor of its manufactured fertilizer product; and Incitec Pivot Fertilisers, which manufactures and distributes fertilizers in Eastern Australia. Co.'s Americas business comprises the Dyno Nobel Americas, which manufactures and sells industrial explosives and related products and services.
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