Methanex Reports Higher First Quarter 2024 Earnings as Methanol Prices Increase
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.
- Key production and operational highlights during the first quarter include:
Geismar produced 571,000 tonnes in the first quarter of 2024 compared to 587,000 tonnes in the fourth quarter of 2023. - New Zealand produced 277,000 tonnes in the first quarter of 2024 compared to 344,000 tonnes in the fourth quarter of 2023.
- Atlas produced 258,000 tonnes (Methanex interest) in the first quarter of 2024 compared to 283,000 tonnes in the fourth quarter of 2023.
- Egypt produced 166,000 tonnes (Methanex interest - 83,000 tonnes) in the first quarter of 2024 compared to 40,000 tonnes (Methanex interest - 20,000 tonnes) in the fourth quarter of 2023.