VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 28, 2015) – For the third quarter of 2015, Methanex (TSX:MX)(NASDAQ:MEOH) reported Adjusted EBITDA1 of $95 million and Adjusted net income1 of $23 million ($0.26 per share on a diluted basis1). This compares with Adjusted EBITDA1 of $129 million and Adjusted net income1 of $51 million ($0.56 per share on a diluted basis1) for the second quarter of 2015. Net income attributable to Methanex shareholders was $78 million in the third quarter compared to $104 million in the second quarter of 2015.
John Floren, President and CEO of Methanex commented, “Our third quarter Adjusted net income reflects lower average realized methanol pricing compared to the second quarter of 2015. Prices decreased as the affordability for methanol into certain energy applications moved lower relative to the second quarter, in alignment with lower oil and related product prices.”
Mr. Floren continued, “We expect to complete our one million tonne Geismar 2 plant with no change to our total cost estimate, and to achieve first methanol by the end of 2015. The plant will be an excellent addition to our asset portfolio and we expect strong, reliable production from that facility for years to come.”
“We returned over $50 million to shareholders in the third quarter of 2015 in the form of dividends and share repurchases. With cash on hand, an undrawn credit facility, a robust balance sheet, and strong future cash generation capability, we are well positioned to meet our financial commitments, invest to grow the Company and return excess cash to shareholders.”
A conference call is scheduled for October 29, 2015 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 19, 2015 at (905) 694-9451, or toll free at (800) 408-3053. The passcode for the playback version is 4600087. Presentation slides summarizing the Q3 2015 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 2015 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 2015 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 the impact of certain items associated with specific identified events. Refer to the Additional Information – Supplemental Non-GAAP Measures section of the attached Interim Report for the three and nine months ended September 30, 2015 for reconciliations to the most comparable GAAP measures.
For further information, contact:
Director, Investor Relations
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