Methanex (MEOH) Misses Q3 EPS by 12c

Methanex (NASDAQ: MEOH) reported Q3 EPS of $0.26, $0.12 worse than the analyst estimate of $0.38.

John Floren, President and CEO of Methanex commented, "Our third quarter Adjusted net income reflects lower average realized methanol pricing compared to the second quarter of 2015. Prices decreased as the affordability for methanol into certain energy applications moved lower relative to the second quarter, in alignment with lower oil and related product prices."

Mr. Floren continued, "We expect to complete our one million tonne Geismar 2 plant with no change to our total cost estimate, and to achieve first methanol by the end of 2015. The plant will be an excellent addition to our asset portfolio and we expect strong, reliable production from that facility for years to come."

"We returned over $50 million to shareholders in the third quarter of 2015 in the form of dividends and share repurchases. With 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."

For earnings history and earnings-related data on Methanex (MEOH) click here.

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