Methanex (MEOH) Raises Quarterly Dividend 9.1% to $0.36; 2.5% Yield

Methanex (NASDAQ: MEOH) declared a quarterly dividend of $0.36 per share, or $1.44 annualized. This is a 9.1% increase from the prior dividend of $0.33.

The dividend will be payable on June 30, 2019, to stockholders of record on June 16, 2019, with an ex-dividend date of June 13, 2019.

The annual yield on the dividend is 2.5 percent.

John Floren, President and CEO of Methanex, commented, “In the quarter, we successfully completed our first major turnaround at our Geismar 1 facility and subsequently achieved a daily production record from the plant. We continued our long track record of returning excess cash to shareholders by returning $31 million through our regular dividend and share repurchases. On March 18, 2019, we commenced a normal course issuer bid to purchase up to 3,863,298 common shares. To March 31, 2019, we have repurchased 99,893 common shares for $5.8 million. In addition, I am pleased to announce that the Board of Directors has approved a 9% increase to the quarterly dividend to shareholders, to $0.36 per share from $0.33 per share."

“We have $285 million of cash on hand at the end of the first quarter, a committed revolving credit facility, and a robust balance sheet. The strategic investments we have made in our business have strengthened our asset base, significantly increased our global production capacity, enhanced our ability to serve customers and substantially improved our earnings capabilities and cash generation potential over a wide range of methanol prices.

"Our balanced approach to capital allocation remains unchanged. We believe we are well positioned to meet our financial commitments, pursue our growth opportunities and deliver on our commitment to return excess cash to shareholders through dividends and share repurchases," Floren said.

For a dividend history and other dividend-related data on Methanex (MEOH) click here.

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