Methanex Corp
> Methanex Reports Excellent First Quarter 2022 Results
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Betteryear2 on Apr 27, 2022 6:09pm
Methanex Reports Excellent First Quarter 2022 Results
Except where otherwise noted, all currency amounts are stated in United States dollars.
- Continued strong methanol pricing generated net income attributable to Methanex shareholders of $119 million and Adjusted EBITDA of $337 million.
- Methanol industry fundamentals remain solid entering the second quarter. High global energy prices have shifted the industry cost curve up and continue to provide methanol pricing support.
- Geismar 3 ("G3") project continues to progress safely, on schedule and on budget and is expected to reach commercial production by late 2023/early 2024. The remaining capital spend of $625 to $725 million is fully funded with cash on hand.
- Closed the strategic shipping partnership with Mitsui O.S.K. Lines, Ltd. and received proceeds of approximately $145 million.
- In April 2022, we released our 2021 Sustainability Report which outlines our solutions-focused Environmental, Social and Governance (ESG) commitments.
- The Board approved a 16% dividend increase to $0.145 per share per quarter, and an increase to the existing Normal Course Issuer Bid increasing the number of common shares that may be purchased from 3,810,464 to 6,094,171, representing 10% of the public float.
VANCOUVER, British Columbia, April 27, 2022 (GLOBE NEWSWIRE) -- For the first quarter of 2022, Methanex (TSX:MX) (NASDAQ:MEOH) reported net income attributable to Methanex shareholders of $119 million ($1.60 net income per common share on a diluted basis) compared to net income of $201 million ($2.51 net income per common share on a diluted basis) in the fourth quarter of 2021. The decrease in net income is primarily due to the change in the mark-to-market impact of share-based compensation, and the effective tax rate which was lower in the fourth quarter of 2021 due to a reduced tax rate in Chile and the resolution of outstanding tax matters not recurring in the first quarter of 2022. Adjusted EBITDA for the first quarter of 2022 was $337 million, and Adjusted net income was $159 million ($2.16 Adjusted net income per common share). This compares with Adjusted EBITDA of $340 million and Adjusted net income of $185 million ($2.43 Adjusted net income per common share) for the fourth quarter of 2021.
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