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Methanex's Earnings and Revenues Surpass Estimates in Q3

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Methanex Corporation (MEOH - Free Report) logged third-quarter 2024 adjusted earnings of $1.21 per share compared with 2 cents in the year-ago quarter. The bottom line surpassed the Zacks Consensus Estimate of 44 cents.

Find the latest EPS estimates and surprises on Zacks Earnings Calendar.

Revenues rose around 13.6% year over year to $935 million in the quarter. The top line beat the Zacks Consensus Estimate of $920.1 million.

Adjusted EBITDA in the reported quarter climbed 105.7% year over year to $216 million.

Methanex Corporation Price, Consensus and EPS Surprise

Methanex Corporation Price, Consensus and EPS Surprise

Methanex Corporation price-consensus-eps-surprise-chart | Methanex Corporation Quote

MEOH’s Operational Highlights

Production in the quarter was 1,347,000 tons, down around 12.8% year over year. Total sales volume in the third quarter was 2,623,000 tons, lower than the prior-year quarter’s figure of 2,720,000 tons. The figure missed our estimate of 2,629,000 tons.

The average realized price for methanol was $356 per ton, up from $303 in the prior-year quarter. The figure was below our estimate of $360 per ton.

MEOH’s Financials

Cash flow from operating activities was $210 million. The company paid out $12.5 million in regular dividends to shareholders and concluded the third quarter with $511 million in cash.

MEOH’s Outlook

Methanex's production projection for the fourth quarter is about 1.9 million tons, which will be sold in the fourth quarter and the first quarter of 2025 as produced sales adjust to increasing production. Actual output may differ by quarter due to gas availability in Chile and New Zealand, turnarounds, other gas availability, unscheduled outages and unexpected events. 

The company expects adjusted EBITDA to remain flat sequentially, with higher produced sales and a higher average realized price offset by lower New Zealand gas sales and no benefit from Egypt's insurance recovery in the fourth quarter. Based on the company's October and November stated pricing, MEOH anticipates its average realized price range will be $365-$375 per ton for these months.

MEOH Stock’s Price Performance

Shares of Methanex have gained 0.1% in the past year compared with a 7.9% rise of the industry.

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MEOH's Zacks Rank & Other Chemicals Releases

MEOH currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

DuPont de Nemours, Inc. (DD - Free Report) logged adjusted earnings of $1.18 per share for the third quarter, topping the Zacks Consensus Estimate of $1.04. DD raised its full-year 2024 projections for operating EBITDA and adjusted earnings per share. 

The Chemours Company (CC - Free Report) recorded adjusted earnings of 40 cents for the third quarter, topping the Zacks Consensus Estimate of 32 cents. CC expects consolidated net sales to decline sequentially in the mid to high-single digits in the fourth quarter. Consolidated adjusted EBITDA is forecast to be down in the high teens to low 20% range from the third quarter. 

PPG Industries, Inc. (PPG - Free Report) logged third-quarter adjusted earnings per share of $2.13, missing the Zacks Consensus Estimate of $2.15. PPG anticipates flat organic sales and adjusted earnings per share at the bottom end of the $8.15 to $8.30 range for full-year 2024.

 

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