2341 GMT - It's shaping up to be another transition year for Incitec Pivot, Morgan Stanley says following the explosives maker's FY 2024 result. While earnings for the completed year were ahead of expectations, Incitec's guidance points to meaningful downgrades in FY 2025, MS says. It highlights that net interest and tax are likely above its own expectations and those of the market. Added to those headwinds are a larger-than-expected turnaround impact and lower forecast output from Incitec's Phosphate Hill operation. So, MS cuts its FY 2025 net profit forecast by 12% to A$300 million. "With a resolution on Fertiliser separation still some way off, we see better value elsewhere," says analyst Andrew G. Scott. MS retains an equal-weight call on Incitec's stock. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
November 11, 2024 18:41 ET (23:41 GMT)
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