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Q4 net income slips at biggest Methane producer Methanex
30
Jan '14
For the fourth quarter of 2013, Methanex reported Adjusted EBITDA of $245 million and Adjusted net income of $167 million ($1.72 per share on a diluted basis).

This compares with Adjusted EBITDA of $184 million and Adjusted net income of $117 million ($1.22 per share on a diluted basis) for the third quarter of 2013.

For the year ended December 31, 2013, Methanex reported Adjusted EBITDA of $736 million and Adjusted net income of $471 million ($4.88 per share on a diluted basis). This compares with Adjusted EBITDA) of $429 million and Adjusted net income of $180 million ($1.90 per share on a diluted basis) for the year ended December 31, 2012.

John Floren, President and CEO of Methanex commented, "Demand remained healthy in the fourth quarter, driving methanol pricing higher amidst industry supply constraints. Increased production from our plants in New Zealand and Chile, together with strong methanol pricing, contributed to robust EBITDA and earnings results. We are pleased to report that 2013 Adjusted net income and annual sales volume were the highest in the Company's history."

Mr. Floren added, "2014 will be an exciting time for our business. We recently added one million tonnes of operating capacity through the growth projects completed in New Zealand and Medicine Hat. We continue to progress our Geismar relocation projects and all of the major equipment pieces for Geismar 1 are now on site in Louisiana.

"We are targeting to be producing methanol from Geismar 1 in late 2014 and from Geismar 2 in early 2016. These key projects support the 3 million tonne increase in our operating capacity to 8 million tonnes by 2016, a time when new market supply is expected to be limited."

Mr. Floren concluded, "With over $700 million of cash on hand, an undrawn credit facility, robust balance sheet, and strong cash flow generation, we are well positioned to deliver on our growth projects, continue to grow our business and deliver on our commitment to return excess cash to shareholders."

Methanex is a Vancouver-based, publicly traded company and is the world's largest producer and supplier of methanol to major international markets.

Methanex

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Courtesy: AWI

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