The Australian Financial Review reports that Incitec Pivot has faced significant headwinds from the rising Australian dollar this year, and earnings could shed as much as 8 per cent in this and the next reporting period due to currency movements.

According to Credit Suisse, for every US5¢ rise in the currency as much as $20 million to $25 million is wiped off the group's net profit after tax.

Incitec has tipped earnings for the financial year ended September 30, 2009, at $380 million, but Credit Suisse thinks profit will come in a bit lower at $322 million.

But Incitec could surprise after its rival, Orica, last week delivered a record underlying net profit after tax, excluding one-off items, of $646 million for the year to September 30, up 13 per cent on 2008 and well ahead of consensus forecasts of $600 million.