Methanex Reports Higher Fourth Quarter 2023 Earnings as Methanol Prices Strengthen; Geismar 3 in Start Up Process

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VANCOUVER, British Columbia, Jan. 31, 2024 (GLOBE NEWSWIRE) — For the fourth quarter of 2023, Methanex (TSX:MX) (NASDAQ:MEOH) reported net income attributable to Methanex shareholders of $33 million ($0.50 net income per common share on a diluted basis) compared to net income of $24 million ($0.36 net income per common share on a diluted basis) in the third quarter of 2023. Net income in the fourth quarter of 2023 was higher compared to the prior quarter primarily due to a higher average realized price, higher sales of Methanex-produced methanol and lower mark-to-market impact of share-based compensation due to changes in Methanex’s share price, offset by lower income from gas contract settlement recognized in the third quarter of 2023. Adjusted EBITDA for the fourth quarter of 2023 was $148 million and Adjusted net income was $35 million ($0.52 Adjusted net income per common share). This compares with Adjusted EBITDA of $105 million and Adjusted net income of $1 million ($0.02 Adjusted net income per common share) for the third quarter of 2023.

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