UPDATE 1-Australia's Incitec Pivot profit more than triples

(Adds full-year earnings guidance)

SYDNEY, May 5 (Reuters) - Incitec Pivot Ltd's (IPL.AX: Quote, Profile, Research, Stock Buzz) first-half profit more than tripled, spurred by a massive increase in fertiliser prices which should propel full-year earnings above forecast, the Australian fertiliser maker said.

It said on Monday it expects growth in demand for agricultural inputs to continue unabated, particularly from China and India, leading to continued strength in fertiliser prices.

Earnings before interest and tax (EBIT) would likely rise to A$850 million ($794 million), based on an industry forecast price of US$1,100 a tonne for diammonium phosphate in the second half, Incitec Chief Financial Officer James Fazzino said in a statement.

The company previously forecast EBIT of A$700-730 million.

"Clearly our existing guidance now looks conservative," Fazzino said.

Analysts had already been expecting A$886 million EBIT this year, according to the average of nine Reuters Knowledge forecasts taken before the announcement. EBIT was A$250 million in the first half.

The company, which has made a A$2.6 billion bid for explosives group Dyno Nobel Ltd DXL.AX, posted a net profit excluding items of A$171.1 million for the six months to March, up from A$49.6 million in the same period a year earlier.

Five analysts on average had expected a net profit of A$170.3 million before one-offs.