Methanex Reports Higher Fourth Quarter 2016 Earnings and Record Production and Sales Volume
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/25/17 -- For the fourth quarter of 2016, Methanex (TSX: MX)(NASDAQ: MEOH) reported net income attributable to Methanex shareholders of $24 million ($0.28 net income per common share on a diluted basis) compared to a net loss of $11 million ($0.12 net loss per common share on a diluted basis) in the third quarter of 2016. Adjusted EBITDA for the fourth quarter of 2016 was $139 million and Adjusted net income was $41 million ($0.46 Adjusted net income per common share). This compares with Adjusted EBITDA of $74 million and an Adjusted net loss of $1 million ($0.01 Adjusted net loss per common share) for the third quarter of 2016.
For the year ended December 31, 2016, Methanex reported a net loss attributable to Methanex shareholders of $13 million ($0.14 net loss per common share on a diluted basis), Adjusted EBITDA of $287 million, and an Adjusted net loss of $15 million ($0.17 Adjusted net loss per common share). This compares with net income attributable to Methanex shareholders of $201 million ($2.01 net income per common share on a diluted basis), Adjusted EBITDA of $401 million and Adjusted net income of $110 million ($1.20 Adjusted net income per common share) for the year ended December 31, 2015.
John Floren, President and CEO of Methanex commented, "Methanol pricing increased significantly through the fourth quarter and into 2017 due to solid supply and demand fundamentals, resulting in higher Adjusted EBITDA and earnings during the fourth quarter. Our average realized methanol price was $278 per tonne compared to $236 per tonne achieved in the third quarter. Strong demand continues to be led by methanol-to-olefins (MTO), as two new MTO facilities, capable of consuming over three million tonnes of methanol, built methanol inventory through the quarter and started up at the end of December. We estimate that total demand was 11% higher in the fourth quarter of 2016 when compared to the same period in 2015."
"We achieved record sales volume for the third consecutive quarter, with sales of 2.5 million tonnes during the fourth quarter of 2016. Annual sales volume grew 12% in 2016 versus 2015, to a new annual record of 9.5 million tonnes. Our improving sales volume was supported by record quarterly and annual production of 1.9 million tonnes and 7.0 million tonnes, respectively, both up 35% from the comparable periods of 2015."
John Floren continued, "I am very pleased with the Company''s track record of growing our production over the past four years, as the production growth has significantly increased our leverage to higher methanol pricing. In Chile, our fourth quarter production was the highest since the first quarter of 2011. We continue to make progress on securing additional natural gas in Chile and, during the fourth quarter of 2016, we signed a tolling agreement with YPF SA in Argentina through April 2018. We expect the first volume of natural gas under this tolling contract to be delivered in the first quarter of 2017. We continue to be optimistic that our underutilized 1.7 million tonne Chile facilities represent a very low capital cost growth opportunity for Methanex due to the significant progress in developing natural gas reserves in the area."
Mr. Floren concluded, "During the quarter, we paid a $25 million dividend to shareholders. With $224 million of 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."
FURTHER INFORMATION
The information set forth in this news release summarizes Methanex''s key financial and operational data for the fourth quarter of 2016. It is not a complete source of information for readers and is not in any way a substitute for reading the fourth quarter 2016 Management''s Discussion and Analysis ("MD&A") dated January 25, 2017 and the unaudited condensed consolidated interim financial statements for the period ended December 31, 2016, both of which are available from the Investor Relations section of our website at . The MD&A and the unaudited condensed consolidated interim financial statements for the period ended December 31, 2016 are also available on the Canadian Securities Administrators'' SEDAR website at and on the United States Securities and Exchange Commission''s EDGAR website at .
A reconciliation from net income (loss) attributable to Methanex shareholders to Adjusted net income (loss) and the calculation of Adjusted net income (loss) per common share is as follows:
Production for the fourth quarter of 2016 was a record 1,859,000 tonnes compared with 1,749,000 tonnes for the third quarter of 2016. Key production and operational highlights during the fourth quarter include:
CONFERENCE CALL
A conference call is scheduled for January 26, 2017 at 12:00 noon ET (9:00 am PT) to review these fourth 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. Presentation slides summarizing the Q4 2016 results and a simultaneous audio-only webcast of the conference call can be accessed from our website at . A playback version of the conference call will be available until February 16, 2017 at (905) 694-9451, or toll free at (800) 408-3053. The passcode for the playback version is 9850965. The webcast will be available on the website for three weeks following the call.
ABOUT METHANEX
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 fourth quarter 2016 press release contains forward-looking statements with respect to us and the chemical industry. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond the Company''s control. Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Methanex does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law. Refer to Forward-Looking Information Warning in the fourth quarter 2016 Management''s Discussion and Analysis for more information which is available from the Investor Relations section of our website at , the Canadian Securities Administrators'' SEDAR website at and on the United States Securities and Exchange Commission''s EDGAR website at .
NON-GAAP MEASURES
The Company has used the terms Adjusted EBITDA, Adjusted net income (loss), Adjusted net income (loss) per common share, Adjusted revenue, and operating income throughout this document. These items are non-GAAP measures that 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 Additional Information - Supplemental Non-GAAP measures on page 12 of the Company''s MD&A for the year ended December 31, 2016 for reconciliations to the most comparable GAAP measures. Unless otherwise indicated, the financial information presented in this release is prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").
Contacts:
Sandra Daycock
Director, Investor Relations
Methanex Corporation
604-661-2600
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 25.01.2017 - 16:05 Uhr
Sprache: Deutsch
News-ID 1482673
Anzahl Zeichen: 2752
contact information:
Contact person:
Town:
VANCOUVER, BRITISH COLUMBIA
Phone:
Kategorie:
Commodity Chemicals
Typ of Press Release:
type of sending:
Date of sending:
Anmerkungen:
Diese Pressemitteilung wurde bisher 384 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Methanex Reports Higher Fourth Quarter 2016 Earnings and Record Production and Sales Volume
"
steht unter der journalistisch-redaktionellen Verantwortung von
Methanex Corporation (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
