Methanex Reports Higher First Quarter 2017 Earnings and Increases Dividend by 9%
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/26/17 -- For the first quarter of 2017, Methanex (TSX: MX)(NASDAQ: MEOH) reported net income attributable to Methanex shareholders of $132 million ($1.46 per common share on a diluted basis) compared to net income of $24 million ($0.28 per common share on a diluted basis) in the fourth quarter of 2016. Adjusted EBITDA for the first quarter of 2017 was $267 million and Adjusted net income was $140 million ($1.56 per common share). This compares with Adjusted EBITDA of $139 million and Adjusted net income of $41 million ($0.46 per common share) for the fourth quarter of 2016.
John Floren, President and CEO of Methanex, commented, "In what is proving to be a volatile methanol pricing environment, our average realized methanol price increased $87 per tonne in the quarter to $365 per tonne, which compares to $278 per tonne achieved in the fourth quarter of 2016. We achieved record sales volume for the fourth consecutive quarter, with sales of 2.6 million tonnes. Production volume in the first quarter of 2017 remained unchanged from the record level set in the fourth quarter of 2016 of 1.9 million tonnes. The significantly higher methanol prices, combined with continued record production and sales volume, contributed to a $128 million increase in Adjusted EBITDA to $267 million for the quarter."
John Floren continued, "I am pleased to announce that our Board of Directors has approved a 9% increase in our quarterly dividend to $0.30 per share. During the quarter we also announced a 5% share repurchase program allowing the Company to purchase for cancellation up to 4,492,141 common shares. To date we have repurchased 1,580,000 shares since commencement of the bid on March 13, 2017 for approximately $73 million. The increased dividend and new share repurchase program illustrate the Company''s commitment to return excess cash to shareholders."
Mr. Floren concluded, "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. We have relatively low maintenance capital and financing requirements in the medium term. At current methanol prices we expect to generate significant free cash flow. With $315 million of cash on hand at the end of the first quarter, an undrawn credit facility, a robust balance sheet, and strong future cash generation capability, we believe we are well positioned to meet our financial commitments, pursue our near-term growth opportunities in Chile and deliver on our commitment to return excess cash to shareholders through dividends and share repurchases."
FURTHER INFORMATION
The information set forth in this news release summarizes Methanex''s key financial and operational data for the first quarter of 2017. It is not a complete source of information for readers and is not in any way a substitute for reading the first quarter 2017 Management''s Discussion and Analysis ("MD&A") dated April 26, 2017 and the unaudited condensed consolidated interim financial statements for the period ended March 31, 2017, 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 March 31, 2017 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:
Key production and operational highlights during the first quarter include:
CONFERENCE CALL
A conference call is scheduled for April 27, 2017 at 12:00 noon ET (9:00 am PT) to review these first 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. 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 May 11, 2017 at (905) 694-9451, or toll free at (800) 408-3053. The passcode for the playback version is 5608437#. The webcast will be available on our website for two 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 first quarter 2017 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 first quarter 2017 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 three months ended March 31, 2017 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
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Datum: 26.04.2017 - 15:45 Uhr
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