The Incitec Pivot Ltd (ASX: IPL) share price has been quietly climbing in recent weeks. Shares in the Aussie manufacturer have climbed 18.2% higher in the past month while investors focus on the August reporting season.
At the time of writing, the Incitec Pivot share price is up 1.07%, trading at $2.83.
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Why is the Incitec Pivot share price climbing?
It's been a couple of weeks since the last price-sensitive ASX announcement from the fertiliser and chemicals manufacturer.
The most recent announcement was an investor market update on 29 July. Its shares climbed higher after the company announced a strong second-half performance. Firming commodity prices and a solid manufacturing performance were key factors behind the result.
Incitec Pivot reported strong electronic detonator sales growth in its explosives segment as it targets technology-driven segment earnings growth of 10% by FY22.
The Incitec Pivot share price also jumped 5.8% higher on 13 July after a positive manufacturing update.
Incitec Pivot reported changes to its manufacturing model including a shift from global to regional management structures. The company said it would improve and drive delivery of its manufacturing operations, particularly while COVID-19 travel restrictions remain.
The manufacturer also reported its Waggaman ammonia plant in Louisiana had restarted and reached full production.
The news sent the Incitec Pivot share price soaring and kickstarted a strong month on the markets.
A July 15 update on Incitec Pivot's Range Gas Project joint venture with Central Petroleum Limited (ASX: CTP) drew a muted response. Central Petroleum reported all three wells in the pilot program had been operating continuously since pumping commenced on 14 June.
The joint venture was also running a competitive tender process to select an infrastructure provider to deliver gas processing facilities required to support full-field development.
The Incitec Pivot share price was subdued following the joint venture news. However, things have been good in the past month based on the recent strong gains.
