Methanex Reports Higher First Quarter 2024 Earnings Except where otherwise noted, all currency amounts are stated in United States dollars.
- Net income attributable to Methanex shareholders of $53 million and Adjusted EBITDA of $160 million in the first quarter. Our average realized price in the first quarter was $343 per tonne compared to $322 per tonne in the fourth quarter of 2023.
- Work is progressing to safely repair the Geismar 3 ("G3") plant and we believe that the plant is on track to start up in the third quarter of 2024. Repair costs are expected to be $15 million and the total capital cost for the project is expected to remain at approximately $1.30 billion. The remaining capital cost of $70 million is fully funded with cash on hand. The operating cost impact of the delay is approximately $5 million per month and in the first quarter delay costs were approximately $25 million due to take-or-pay on utilities contracts, the organization build-up of fixed costs, and the accounting recognition of over-hedged gas costs. These operating costs are included in Adjusted EBITDA.
- Successfully completed repairs at the Egypt plant and reached full operating rates in February.
- In April 2024, the existing $300 million revolving credit facility was renewed to April 2028 and an additional $200 million tranche was added which expires in April 2026. This additional financial capacity provides increased flexibility to manage our business.
- Returned $12.5 million to shareholders through regular dividends in the first quarter and ended the first quarter with $407 million in cash.
VANCOUVER, British Columbia, April 24, 2024 (GLOBE NEWSWIRE) -- For the first quarter of 2024, Methanex (TSX:MX) (NASDAQ:MEOH) reported net income attributable to Methanex shareholders of $53 million ($0.77 net income per common share on a diluted basis) compared to net income of $33 million ($0.50 net income per common share on a diluted basis) in the fourth quarter of 2023. Net income in the first quarter of 2024 was higher compared to the prior quarter primarily due to a higher average realized price and the positive impact of the mark-to-market portion of share-based compensation due to changes in Methanex's share price. Adjusted EBITDA for the first quarter of 2024 was $160 million and Adjusted net income was $44 million ($0.65 Adjusted net income per common share). This compares with Adjusted EBITDA of $148 million and Adjusted net income of $35 million ($0.52 Adjusted net income per common share) for the fourth quarter of 2023.
Methanex Reports Higher First Quarter 2024 Earnings as (globenewswire.com)