Floods, fertiliser, gas: Why Incitec Pivot tanked on results day

There's more work to be done simplifying; indeed, the crowning simplification piece is splitting the company into separate explosives (Dyno Nobel) and fertiliser (Incitec Pivot Fertilisers) companies, as announced this time last year. Dyno Nobel should be exposed to commodity prices and the mining cycle, while the other is about farmers and urea. Weather will likely impact both. A demerger is still on the cards but was delayed once, following investor feedback, to review the group's valuable and strategic Waggaman ammonia plant in the United States. Waggaman, pegged for the Dyno Nobel side of the split, was sold to trade…