Australia's Incitec Pivot beats FY24 earnings estimate, Citi says

Dyno Nobel

11/11/2024 22:58

** Citi remains upbeat on Incitec Pivot  IPL.AX  after the
firm's FY24 earnings before interest and tax (EBIT) beat Citi
estimates
    ** The diversified chemical manufacturer reported adjusted
EBIT of A$580 million, beating Citi's estimate of A$510 mln to
A$516 mln
    ** Brokerage retains "neutral" rating and lifts price target
by 10 Australian cents to A$3.20 per share
    ** IPL's Dyno Nobel (DN) APAC segment, its explosives
business, reported EBIT of A$257 mln, 10% ahead of Citi
estimates
    ** Citi upgrades EBIT by 3% and 5% for fiscals 2025 and
2026, respectively, on increase of DN APAC margin
    ** IPL up 26.7% YTD as of last close, outpacing a 12.8%
decline on the ASX Materials index  .AXMJ 


($1 = 1.5211 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)
 ((Nikita.Jino@thomsonreuters.com))