VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 29, 2014) – For the third quarter of 2014, Methanex (TSX:MX)(NASDAQ:MEOH) reported Adjusted EBITDA1 of $137 million, compared to Adjusted EBITDA1 of $160 million reported in the second quarter of 2014 and $184 million reported in the quarter ended September 30, 2013. Adjusted net income1 was $66 million ($0.69 per share on a diluted basis) in the third quarter of 2014, compared to Adjusted net income1 of $91 million ($0.94 per share on a diluted basis) for the second quarter of 2014 and $117 million ($1.22 per share on a diluted basis) for the third quarter of 2013.
John Floren, President and CEO of Methanex commented, “Methanol market fundamentals remain strong and methanol pricing has been resilient in the wake of the recent drop in oil prices. We saw solid demand growth in Q3 and demand remains robust leading into Q4, driven by energy applications. Adjusted EBITDA and Earnings were somewhat lower versus Q2, largely attributable to lower average realized methanol pricing. The methanol prices we posted at the outset of Q3 held steady through the quarter and our average posted price is higher leading into Q4.”
Mr. Floren added, “We are making excellent progress on the relocation of two of our Chile plants to Geismar, Louisiana, and target construction completion by the end of 2014 and methanol production in January 2015 for our Geismar 1 facility and late Q1 2016 for methanol production for the Geismar 2 facility. Each of these plants will add an incremental one million tonnes to our operating capacity.”
“During the quarter, we returned over $100 million in cash to shareholders in the form of dividends and share repurchases. With over $475 million of cash on hand, an undrawn credit facility, robust balance sheet, and strong cash flow generation, we are well positioned to meet our financial commitments, invest to grow the Company and return excess cash to shareholders through dividends and our share buyback program.”
A conference call is scheduled for October 30, 2014 at 12:00 noon ET (9:00 am PT) to review these third quarter results. To access the call, dial the conferencing operator ten minutes prior to the start of the call at (416) 340-8530, or toll free at (800) 769-8320. A playback version of the conference call will be available until November 20, 2014 at (905) 694-9451, or toll free at (800) 408-3053. The passcode for the playback version is 3704002. Presentation slides summarizing Q3-14 results and a simultaneous audio-only webcast of the conference call can be accessed from our website at www.methanex.com. The webcast will be available on the website for three weeks following the call.
Methanex is a Vancouver-based, publicly traded company and is the world’s largest producer and supplier of methanol to major international markets. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol “MX” and on the NASDAQ Global Market in the United States under the trading symbol “MEOH”.
FORWARD-LOOKING INFORMATION WARNING
This Third Quarter 2014 press release contains forward-looking statements with respect to us and the chemical industry. Refer to Forward-Looking Information Warning in the attached Third Quarter 2014 Management’s Discussion and Analysis for more information.
| 1 | Adjusted EBITDA, Adjusted net income and Adjusted net income per common share are non-GAAP measures which do not have any standardized meaning prescribed by GAAP. These measures represent the amounts that are attributable to Methanex Corporation shareholders and are calculated by excluding the mark-to-market impact of share-based compensation as a result of changes in our share price and items considered by management to be non-operational. Refer to the Additional Information – Supplemental Non-GAAP Measures section of the attached Interim Report for the three months ended September 30, 2014 for reconciliations to the most comparable GAAP measures. |
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For further information, contact:
Sandra Daycock
Director, Investor Relations
Methanex Corporation
604-661-2600