02:18:17 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Methanex Corp
Symbol MX
Shares Issued 92,506,487
Close 2015-01-28 C$ 57.42
Market Cap C$ 5,311,722,484
Recent Sedar Documents

Methanex earns $506.3-million (U.S.) in 2014

2015-01-28 22:27 ET - News Release

Mr. John Floren reports

METHANEX STARTS UP 1 MILLION TONNE GEISMAR 1 PLANT AND REPORTS HIGHER Q4 2014 EARNINGS

For the fourth quarter of 2014, Methanex Corp. had adjusted earnings before interest, taxes, depreciation and amortization of $150-million and adjusted net income of $80-million (85 cents per share on a diluted basis). This compares with adjusted EBITDA of $137-million and adjusted net income of $66-million (69 cents per share on a diluted basis) for the third quarter of 2014. For the year ended Dec. 31, 2014, Methanex reported adjusted EBITDA of $702-million and adjusted net income of $397-million ($4.12 per share on a diluted basis). This compares with adjusted EBITDA of $736-million and adjusted net income of $471-million ($4.88 per share on a diluted basis) for the year ended Dec. 31, 2013.

John Floren, president and chief executive officer of Methanex, commented: "We achieved solid results in Q4, with higher adjusted EBITDA and earnings versus Q3. A steep drop in oil and related downstream product prices this quarter lowered the affordability for methanol into certain energy applications, and this, along with strong industry supply, pressured global methanol pricing. We continue to see stable demand from chemical applications, and the recently lower methanol pricing has helped to restore the affordability of methanol for energy applications."

Mr. Floren added: "We announced earlier this week that our Geismar 1 plant has successfully started up on schedule and is producing methanol. This marks another key milestone in our 2013 commitment to grow our operating capacity by approximately three million tonnes over three years. We also continue to make excellent progress on the construction of our one-million-tonne Geismar 2 plant, and remain on target for methanol production in late Q1 2016.

"During the quarter, we returned over $100-million in cash to shareholders in the form of dividends and share repurchases, bringing total cash returned to shareholders in 2014 to just over $340-million. We announced today that we have increased our normal course issuer bid initiated on May 6, 2014, to allow for up to an incremental 3,751,519 common shares to be purchased, for a total of 8,577,716 common shares, or 10 per cent of our public float.

"In Q4, we issued $600-million in new bonds, bringing our total cash on hand as at Dec. 31, 2014, to over $900-million. With our cash on hand, undrawn credit facility, robust balance sheet and strong future 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 Jan. 29, 2015, at 12 p.m. ET (9 a.m. PT) to review these fourth quarter results. To access the call, dial the conferencing operator 10 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 Feb. 19, 2015, at 905-694-9451, or toll-free at 800-408-3053. The passcode for the playback version is 3241984. Presentation slides summarizing fourth quarter 2014 results and a simultaneous audio-only webcast of the conference call can be accessed from the company's website. The webcast will be available on the website for three weeks following the call.

 
                    CONSOLIDATED STATEMENTS OF INCOME 
        (thousands of U.S. dollars, except per-share amounts)

                              Three months ended              Years ended
                           Dec. 31,      Dec. 31,      Dec. 31,      Dec. 31,
                              2014          2013          2014          2013

Revenue               $    733,499  $    880,900  $  3,223,399  $  3,024,047
Cost of sales and
operating expenses        (509,855)     (681,978)   (2,425,821)   (2,365,520)
Depreciation and
amortization               (36,047)      (35,594)     (142,738)     (123,335)
Argentina gas
settlement                      --            --        42,000            --
Geismar project
relocation expenses
and charges                     --            --            --       (33,867)
Write-off of oil and
gas rights                      --        (7,939)           --       (24,798)
Operating income           187,597       155,389       696,840       476,527
Earnings of
associate                    3,074        24,365         9,132        22,554
Finance costs               (8,890)      (12,582)      (37,042)      (56,407)
Finance income and
other expenses              (3,348)        1,776        (7,285)        4,446
Income before income
taxes                      178,433       168,948       661,645       447,120
Income tax recovery
(expense)
Current                    (13,653)      (43,812)      (79,865)      (83,618)
Deferred                   (24,235)       18,767       (75,472)       13,498
Total                      (37,888)      (25,045)     (155,337)      (70,120)
Net income            $    140,545  $    143,903  $    506,308  $    377,000
Attributable to
Methanex
shareholders               133,144       127,795       454,610       329,167
Non-controlling
interests                    7,401        16,108        51,698        47,833
Total                 $    140,545  $    143,903  $    506,308  $    377,000
Income per share for
the period
attributable to
Methanex
shareholders
Basic net income
per common share      $       1.43  $       1.33  $       4.79  $       3.46
Diluted net income
per common share      $       1.11  $       1.32  $       4.55  $       3.41

We seek Safe Harbor.

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