Methanex Reports Third Quarter 2024 Results
Methanex (MEOH) reported Q3 2024 net income of $31 million ($0.35 per share) and Adjusted EBITDA of $216 million. Average realized price was $356 per tonne, up from $352 in Q2. The company announced a $2.05 billion acquisition of OCI Global's international methanol business. Geismar 3 plant achieved full operational rates in October, producing 154,000 tonnes monthly. In New Zealand, one Motunui plant was indefinitely idled, resulting in a $90 million non-cash impairment. The company extended gas contracts in Chile with ENAP and YPF until 2030 and 2027, respectively. Cash position ended at $511 million, with $12.5 million returned to shareholders through dividends.
Methanex (MEOH) ha riportato un reddito netto di 31 milioni di dollari nel terzo trimestre del 2024 (0,35 dollari per azione) e un EBITDA rettificato di 216 milioni di dollari. Il prezzo medio realizzato è stato di 356 dollari per tonnellata, in aumento rispetto ai 352 del secondo trimestre. L'azienda ha annunciato l'acquisizione della divisione internazionale di metanolo di OCI Global per 2,05 miliardi di dollari. L'impianto Geismar 3 ha raggiunto la piena operatività a ottobre, producendo 154.000 tonnellate mensili. In Nuova Zelanda, un impianto di Motunui è stato chiuso indefinitamente, risultando in un'imputazione non monetaria di 90 milioni di dollari. L'azienda ha rinnovato i contratti di gas in Cile con ENAP e YPF fino al 2030 e 2027, rispettivamente. La posizione di cassa è terminata a 511 milioni di dollari, con 12,5 milioni di dollari restituiti agli azionisti attraverso dividendi.
Methanex (MEOH) informó un ingreso neto en el tercer trimestre de 2024 de 31 millones de dólares (0,35 dólares por acción) y un EBITDA ajustado de 216 millones de dólares. El precio promedio realizado fue de 356 dólares por tonelada, aumentando desde 352 en el segundo trimestre. La empresa anunció la adquisición por 2,05 mil millones de dólares del negocio internacional de metanol de OCI Global. La planta Geismar 3 alcanzó tasas operativas completas en octubre, produciendo 154,000 toneladas mensuales. En Nueva Zelanda, una planta en Motunui fue cerrada indefinidamente, lo que resultó en una depreciación no monetaria de 90 millones de dólares. La compañía extendió los contratos de gas en Chile con ENAP y YPF hasta 2030 y 2027, respectivamente. La posición de efectivo terminó en 511 millones de dólares, con 12,5 millones de dólares devueltos a los accionistas a través de dividendos.
메타넥스(MEOH)는 2024년 3분기 순이익이 3,100만 달러(주당 0.35달러)이고 조정 EBITDA가 2억 1,600만 달러라고 보고했습니다. 평균 실현 가격은 톤당 356달러로, 2분기의 352달러에서 증가했습니다. 이 회사는 OCI Global의 국제 메탄올 사업을 20억 5천만 달러에 인수한다고 발표했습니다. 가이스마 3 플랜트는 10월에 전체 운영 비율에 도달하여 월 154,000톤을 생산했습니다. 뉴질랜드에서는 한 모툰유 공장이 무기한 가동 중단되어 9천만 달러의 비현금 손상이 발생했습니다. 이 회사는 칠레의 ENAP와 YPF와 가스 계약을 각각 2030년과 2027년까지 연장했습니다. 현금 잔고는 5억 1,100만 달러로 종료되었으며, 주주에게 배당금을 통해 1,250만 달러가 반환되었습니다.
Methanex (MEOH) a annoncé un bénéfice net de 31 millions de dollars pour le troisième trimestre 2024 (0,35 dollar par action) et un EBITDA ajusté de 216 millions de dollars. Le prix moyen réalisé était de 356 dollars la tonne, en hausse par rapport à 352 dollars au deuxième trimestre. L'entreprise a annoncé l'acquisition pour 2,05 milliards de dollars de l'activité internationale de méthanol d'OCI Global. L'usine Geismar 3 a atteint des taux opérationnels complets en octobre, produisant 154 000 tonnes par mois. En Nouvelle-Zélande, une usine Motunui a été mise à l'arrêt indéfiniment, entraînant une dépréciation non monétaire de 90 millions de dollars. L'entreprise a prolongé des contrats de gaz au Chili avec ENAP et YPF jusqu'en 2030 et 2027, respectivement. La position de liquidités s'est élevée à 511 millions de dollars, avec 12,5 millions de dollars restitués aux actionnaires sous forme de dividendes.
Methanex (MEOH) berichtete für das dritte Quartal 2024 einen Nettogewinn von 31 Millionen Dollar (0,35 Dollar pro Aktie) und ein bereinigtes EBITDA von 216 Millionen Dollar. Der durchschnittlich realisierte Preis betrug 356 Dollar pro Tonne, ein Anstieg von 352 Dollar im zweiten Quartal. Das Unternehmen gab die Akquisition des internationalen Methanolgeschäfts von OCI Global für 2,05 Milliarden Dollar bekannt. Die Geismar 3-Anlage erreichte im Oktober volle Betriebsraten und produzierte monatlich 154.000 Tonnen. In Neuseeland wurde aufgrund eines stillgelegten Motunui-Werks eine nicht zahlungswirksame Wertminderung von 90 Millionen Dollar verbucht. Das Unternehmen verlängerte Gasverträge in Chile mit ENAP und YPF bis 2030 bzw. 2027. Die Liquiditätslage endete bei 511 Millionen Dollar, wobei 12,5 Millionen Dollar über Dividenden an die Aktionäre zurückgegeben wurden.
- Adjusted EBITDA increased to $216 million from $164 million in Q2 2024
- Average realized price improved to $356/tonne from $352/tonne in Q2
- Geismar 3 plant achieved full operational capacity of 1.8 MMT per annum
- Secured long-term gas contracts in Chile until 2030 with ENAP and 2027 with YPF
- $90 million non-cash impairment charge due to New Zealand plant idling
- Production decreased to 1,347,000 tonnes from 1,422,000 tonnes in Q2 2024
- Net income declined to $31 million from $35 million in Q2 2024
Insights
A significant quarter with mixed results. Net income of
Key positives include Geismar 3's successful commissioning and full-rate operation, extended gas contracts in Chile and strong liquidity with
The guidance for Q4 production of 1.9 million tonnes and expected price range of
The operational landscape shows significant transitions. Geismar 3 achieving full operational capacity at 1.8 MMT per annum marks a important milestone, despite initial calibration challenges. The strategic decision to idle one Motunui plant in New Zealand reflects pragmatic adaptation to gas supply constraints.
Production efficiency varies across facilities:
- USA operations showing strength with increased output
- Chile securing critical gas supply agreements through 2030
- Trinidad successfully transitioning from Atlas to Titan operations
Except where otherwise noted, all currency amounts are stated in United States dollars.
Financial and Production Highlights
- Net income attributable to Methanex shareholders of
$31 million and Adjusted EBITDA of$216 million in the third quarter. Our average realized price in the third quarter was$356 per tonne compared to$352 per tonne in the second quarter of 2024. - Announced the signing of a definitive agreement to acquire OCI Global's international methanol business for approximately
$2.05 billion , including OCI’s interest in two world class methanol facilities in Beaumont, Texas. The transaction is expected to close in the first half of 2025. - Geismar 3 ("G3") produced first methanol in July 2024 and has since passed its commercial and technical performance tests. During the third quarter, as the plant was being brought to full rates, two separate shutdowns were taken to calibrate the newly commissioned equipment to ensure reliability of plant operations at sustained full rates, which led to lower operating rates in the third quarter. G3 has been operating at full rates since early October, and in the last thirty days has produced approximately 154,000 tonnes and is running as designed at a 1.8 MMT per annum rate.
- In Chile, we agreed to extend the gas contracts with Chilean gas producer, ENAP, and Argentinean gas producer, YPF, until 2030 and 2027, respectively, on similar economic terms as the previous agreements. These two gas contracts underpin approximately
55% of the site's gas requirements. In addition, we have secured agreements to purchase gas from Argentina on a firm basis for the non-winter months (October-April) which will allow us to produce at full rates through to the end of April 2025. - In New Zealand, operations were temporarily idled in August as we entered short-term commercial arrangements to provide available natural gas into the New Zealand electricity market until the end of October 2024 as the country’s overall energy balances were very strained. Based on the medium-term gas outlook from our gas suppliers the decision was made to restart one plant and indefinitely idle the other Motunui plant. As a result, a non-cash, non-recurring asset impairment expense of
$90 million (net of tax) has been recorded in the third quarter. The site has optimized its operating and capital costs and we expect that these actions will substantially offset the adjusted EBITDA and free cash flow impact from idling one plant. - Returned
$12.5 million to shareholders through regular dividends and ended the third quarter with$511 million in cash.
VANCOUVER, British Columbia, Nov. 06, 2024 (GLOBE NEWSWIRE) -- For the third quarter of 2024, Methanex (TSX:MX) (NASDAQ:MEOH) reported net income attributable to Methanex shareholders of
Our average realized price in the third quarter was
In the third quarter, we returned
Rich Sumner, President & CEO of Methanex, said, "I am pleased that G3 has passed its commercial and technical performance test and has been operating at full rates since early October. Looking forward to the fourth quarter we expect to see an increase in our production levels with G3 at full rates and Chile receiving full gas supply along with higher pricing as the methanol markets have further tightened. We are focused on delivering strong cash flows from our existing business to de-lever and post close, our priority will be to seamlessly integrate OCI's methanol business."
FURTHER INFORMATION
The information set forth in this news release summarizes Methanex's key financial and operational data for the third quarter of 2024. It is not a complete source of information for readers and is not in any way a substitute for reading the third quarter 2024 Management’s Discussion and Analysis ("MD&A") dated November 6, 2024 and the unaudited condensed consolidated interim financial statements for the period ended September 30, 2024, both of which are available from the Investor Relations section of our website at www.methanex.com. The MD&A and the unaudited condensed consolidated interim financial statements for the period ended September 30, 2024 are also available on the Canadian Securities Administrators' SEDAR+ website at www.sedarplus.ca and on the United States Securities and Exchange Commission's EDGAR website at www.sec.gov.
FINANCIAL AND OPERATIONAL DATA
| Three Months Ended | Nine Months Ended | |||||
| ($ millions except per share amounts and where noted) | Sep 30 2024 | Jun 30 2024 | Sep 30 2023 | Sep 30 2024 | Sep 30 2023 | |
| Production (thousands of tonnes) (attributable to Methanex shareholders) 1 | 1,347 | 1,422 | 1,545 | 4,490 | 4,863 | |
| Sales volume (thousands of tonnes) | ||||||
| Methanex-produced methanol | 1,378 | 1,580 | 1,473 | 4,639 | 4,743 | |
| Purchased methanol | 987 | 766 | 905 | 2,560 | 2,637 | |
| Commission sales | 258 | 266 | 342 | 706 | 927 | |
| Total sales volume 1 | 2,623 | 2,612 | 2,720 | 7,905 | 8,307 | |
| Methanex average non-discounted posted price ($ per tonne) 2 | 519 | 499 | 395 | 496 | 439 | |
| Average realized price ($ per tonne) 3 | 356 | 352 | 303 | 350 | 337 | |
| Revenue | 935 | 920 | 823 | 2,771 | 2,801 | |
| Net income (attributable to Methanex shareholders) | 31 | 35 | 24 | 119 | 141 | |
| Adjusted net income 4 | 82 | 42 | 1 | 168 | 118 | |
| Adjusted EBITDA 4 | 216 | 164 | 105 | 540 | 474 | |
| Cash flows from operating activities | 210 | 163 | 106 | 456 | 465 | |
| Basic net income per common share | 0.46 | 0.52 | 0.36 | 1.77 | 2.07 | |
| Diluted net income per common share | 0.35 | 0.52 | 0.36 | 1.62 | 2.07 | |
| Adjusted net income per common share 4 | 1.21 | 0.62 | 0.02 | 2.48 | 1.74 | |
| Common share information (millions of shares) | ||||||
| Weighted average number of common shares | 67 | 67 | 67 | 67 | 68 | |
| Diluted weighted average number of common shares | 68 | 67 | 67 | 68 | 68 | |
| Number of common shares outstanding, end of period | 67 | 67 | 67 | 67 | 67 | |
| 1 | Methanex-produced methanol represents our equity share of volume produced at our facilities and excludes volume marketed on a commission basis related to the |
| 2 | Methanex average non-discounted posted price represents the average of our non-discounted posted prices in North America, Europe, China and Asia Pacific weighted by sales volume. Current and historical pricing information is available at www.methanex.com |
| 3 | The Company has used Average realized price ("ARP") throughout this document. ARP is calculated as revenue divided by the total sales volume. It is used by management to assess the realized price per unit of methanol sold, and is relevant in a cyclical commodity environment where revenue can fluctuate in response to market prices. |
| 4 | Note that Adjusted net income, Adjusted net income per common share, and Adjusted EBITDA are non-GAAP measures and ratios that do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. Refer to the Additional Information - Non-GAAP Measures section on page 15 of our third quarter MD&A dated November 6, 2024 for a description of each non-GAAP measure. |
- A reconciliation from net income attributable to Methanex shareholders to Adjusted EBITDA, Adjusted net income and the calculation of Adjusted net income per common share is as follows:
| Three Months Ended | Nine Months Ended | |||||||||||||||
| ($ millions) | Sep 30 2024 | Jun 30 2024 | Sep 30 2023 | Sep 30 2024 | Sep 30 2023 | |||||||||||
| Net income attributable to Methanex shareholders | $ | 31 | $ | 35 | $ | 24 | $ | 119 | $ | 141 | ||||||
| Mark-to-market impact of share-based compensation | (18 | ) | 8 | 8 | (20 | ) | 13 | |||||||||
| Gas contract settlement, net of tax | — | — | (31 | ) | — | (31 | ) | |||||||||
| Depreciation and amortization | 99 | 101 | 98 | 295 | 292 | |||||||||||
| Finance costs | 28 | 28 | 26 | 83 | 87 | |||||||||||
| Finance income and other | (42 | ) | (3 | ) | (2 | ) | (49 | ) | (29 | ) | ||||||
| Income tax expense (recovery) | 11 | 5 | (18 | ) | 21 | 16 | ||||||||||
| Asset impairment charge | 125 | — | — | 125 | — | |||||||||||
| Earnings of associate adjustment | 14 | 16 | 23 | 41 | 51 | |||||||||||
| Non-controlling interests adjustment | (32 | ) | (26 | ) | (23 | ) | (75 | ) | (66 | ) | ||||||
| Adjusted EBITDA | $ | 216 | $ | 164 | $ | 105 | $ | 540 | $ | 474 | ||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| ($ millions except number of shares and per share amounts) | Sep 30 2024 | Jun 30 2024 | Sep 30 2023 | Sep 30 2024 | Sep 30 2023 | ||||||||||
| Net income attributable to Methanex shareholders | $ | 31 | $ | 35 | $ | 24 | $ | 119 | $ | 141 | |||||
| Mark-to-market impact of share-based compensation, net of tax | (15 | ) | 7 | 6 | (17 | ) | 11 | ||||||||
| Impact of Egypt gas contract revaluation, net of tax | 1 | — | 2 | 1 | (3 | ) | |||||||||
| Impact of New Zealand gas contract revaluation, net of tax | (25 | ) | — | — | (25 | ) | — | ||||||||
| Gas contract settlement, net of tax | — | — | (31 | ) | — | (31 | ) | ||||||||
| Asset impairment charge, net of tax | 90 | — | — | 90 | — | ||||||||||
| Adjusted net income | $ | 82 | $ | 42 | $ | 1 | $ | 168 | $ | 118 | |||||
| Diluted weighted average shares outstanding (millions) | 68 | 67 | 67 | 68 | 68 | ||||||||||
| Adjusted net income per common share | $ | 1.21 | $ | 0.62 | $ | 0.02 | $ | 2.48 | $ | 1.74 | |||||
- We recorded net income attributable to Methanex shareholders of
$31 million in the third quarter of 2024 compared to net income of$35 million in the second quarter of 2024. Net income in the third quarter of 2024 was similar compared to the prior quarter as a non-recurring asset impairment charge was offset by the recognition in the quarter of gas sale net proceeds in New Zealand and the non-recurring impact of the Egypt insurance recovery. Also, lower sales of Methanex-produced methanol was offset by a higher average realized price and the impact of the mark-to-market changes in fair-value of assets and share-based compensation. - We sold 2,623,000 tonnes in the third quarter of 2024 compared to 2,612,000 tonnes in the second quarter of 2024. Sales of Methanex-produced methanol were 1,378,000 tonnes in the third quarter of 2024 compared to 1,580,000 tonnes in the second quarter of 2024.
- Production for the third quarter of 2024 was 1,347,000 tonnes compared to 1,422,000 tonnes for the second quarter of 2024. Production was lower in the third quarter of 2024 compared to the second quarter of 2024 mainly due to lower production in New Zealand, Chile and Egypt which was partially offset by higher production in Geismar.
- Geismar 3 ("G3") produced first methanol in July 2024 and has since passed its commercial and technical performance tests. During the third quarter, as the plant was being brought to full rates, two separate shutdowns were taken to calibrate the newly commissioned equipment to ensure reliability of plant operations at sustained full rates, which led to lower operating rates in the third quarter. G3 has been operating at full rates since early October, and in the last thirty days has produced approximately 154,000 tonnes and is running as designed at a 1.8 MMT per annum rate.
- In the third quarter of 2024 we paid a quarterly dividend of
$0.18 5 per common share for a total of$12.5 million . - At September 30, 2024, we had a strong liquidity position including a cash balance of
$511 million , or$490 million excluding non-controlling interests and including our share of cash in the Atlas joint venture. In addition, the majority of the New Zealand gas sales ($45 million ) and the Egypt insurance recovery ($30 million ) will be received in cash in the fourth quarter of 2024. As at the end of the third quarter, we also have undrawn revolving credit facilities of$500 million , which we subsequently extended to$600 million , to provide additional financial flexibility. The extension is subject to the closing of the OCI acquisition.
PRODUCTION HIGHLIGHTS
| Q3 2024 | Q2 2024 | Q3 2023 | YTD Q3 2024 | YTD Q3 2023 | ||
| (thousands of tonnes) | Operating Capacity 1 | Production | Production | Production | Production | Production |
| USA (Geismar) | 1,000 | 605 | 514 | 574 | 1,690 | 1,555 |
| Trinidad (Methanex interest) 2 | 490 | 262 | 231 | 287 | 751 | 791 |
| New Zealand 3 | 430 | 72 | 178 | 226 | 527 | 1,037 |
| Chile | 425 | 173 | 229 | 168 | 793 | 590 |
| Egypt ( | 158 | 93 | 129 | 160 | 305 | 484 |
| Canada (Medicine Hat) | 150 | 142 | 141 | 130 | 424 | 406 |
| 2,653 | 1,347 | 1,422 | 1,545 | 4,490 | 4,863 | |
| 1 | The operating capacity of our production facilities may be higher or lower than original nameplate capacity as, over time, these figures have been adjusted to reflect ongoing operating efficiencies at these facilities. Actual production for a facility in any given year may be higher or lower than operating capacity due to a number of factors, including natural gas availability, feedstock composition, the age of the facility's catalyst, turnarounds and access to CO2 from external suppliers for certain facilities. We review and update the operating capacity of our production facilities on a regular basis based on historical performance. |
| 2 | The operating capacity of Trinidad is made up of the Titan ( |
| 3 | The operating capacity of New Zealand is made up of the two Motunui facilities, one of which is idle. Refer to the New Zealand section below. |
Key production and operational highlights during the third quarter include:
United States
Geismar produced 605,000 tonnes in the third quarter of 2024 compared to 514,000 tonnes in the second quarter of 2024. Production was higher in the third quarter with the start up of the Geismar 3 plant. The plant produced first methanol at the end of July and successfully passed its commercial and technical performance test in early October. During Q3, as the plant was being brought to full rates, two separate shutdowns were taken to calibrate the newly commissioned equipment to ensure reliability of plant operations at sustained full rates, which led to lower operating rates in the third quarter. G3 has been operating at full rates since early October, and in the last thirty days has produced approximately 154,0000 tonnes and is running as designed at a 1.8 MMT per annum rate.
Trinidad
Trinidad produced 262,000 tonnes (Methanex interest) in the third quarter of 2024 compared to 231,000 tonnes in the second quarter of 2024. Production was higher in the third quarter compared to the second quarter due to two unplanned outages during the second quarter. In mid-September the Atlas plant (Methanex interest
New Zealand
New Zealand produced 72,000 tonnes in the third quarter of 2024 compared to 178,000 tonnes in the second quarter of 2024. Production in the third quarter was lower compared to the second quarter as operations were temporarily idled in August as we entered short-term commercial arrangements to provide contracted natural gas into the New Zealand electricity market until the end of October 2024 as the country’s overall energy balances were very strained. Based on the medium-term gas outlook from our gas suppliers for the next few years, the decision was made in September to indefinitely idle one of the two Motunui plants. The site has optimized its operating and capital costs and we expect that these actions will substantially offset the adjusted EBITDA and free cash flow impact from idling one plant. Future production will be dependent on gas availability and any on-selling of gas into the electricity market to support New Zealand’s energy needs. We are in continuing discussions with our gas suppliers to ensure our contractual entitlements, which are in place until 2029, are being respected as well as engaging with our gas suppliers and government agencies in supporting efforts to improve energy balances in the country. Based on production year to date and expectations for the fourth quarter, we expect 2024 production will be approximately 600,000 tonnes.
As a result of the outlook for gas supply and the idling of one of the Motunui plants, a non-cash before-tax asset impairment charge of
Chile
Chile produced 173,000 tonnes in the third quarter of 2024 compared to 229,000 tonnes in the second quarter of 2024. Production was lower in the third quarter compared to the second quarter primarily due to lower seasonal gas supply from Argentina during the third quarter. Planned maintenance at Chile 1 and a turnaround at Chile 4 were successfully completed which we expect will improve efficiency and production. Based on production year to date and progress we have made securing gas from Argentina for the non-winter period this year, we expect 2024 production will be slightly above the high-end of our guidance of 1.1-1.2 million tonnes.
In Q3, we successfully agreed to extend the gas contracts with Chilean gas producer, ENAP, and Argentinean gas producer, YPF, until 2030 and 2027, respectively on similar economic terms as the previous agreements. These two gas contracts underpin approximately
Egypt
Egypt produced 186,000 tonnes (Methanex interest - 93,000 tonnes) in the third quarter of 2024 compared to 258,000 tonnes (Methanex interest - 129,000 tonnes) in the second quarter of 2024. Production decreased compared to the second quarter due to fluctuating operating rates based on gas availability. In Egypt, industrial plants were impacted by gas curtailments due to increased seasonal demand for power generation due to elevated temperatures coupled with lower domestic supply. The plant is currently operating at full rates. There has been stabilization of gas balances in the country as temperatures have moderated but some continued limitations on supply to industrial plants are expected going forward, particularly during the summer months.
Canada
Medicine Hat produced 142,000 tonnes in the third quarter of 2024 compared to 141,000 tonnes in the second quarter of 2024.
Outlook
Our expected production guidance for Q4 2024 is approximately 1.9 million tonnes (Methanex interest) which will be sold through in the fourth quarter of 2024 and the first quarter of 2025 as produced sales normalize to the increased production. Actual production may vary by quarter based on gas availability in Chile and New Zealand, turnarounds, other gas availability, unplanned outages and unanticipated events.
In the fourth quarter, we expect similar Adjusted EBITDA compared to the third quarter, with higher produced sales and a higher average realized price offset by lower New Zealand gas sales and no contribution from Egypt insurance recovery in the fourth quarter. Based on our October and November posted prices we expect that our average realized price range will be between approximately
CONFERENCE CALL
A conference call is scheduled for November 7, 2024 at 11:00 am ET (8:00 am PT) to review these third quarter results. To access the call, dial the conferencing operator fifteen minutes prior to the start of the call at (647) 932-3411, or toll free at (800) 715-9871. The conference ID for the call is #2019292. A simultaneous audio-only webcast of the conference call can be accessed from our website at www.methanex.com/investor-relations/events and will also be available following the call.
ABOUT METHANEX
Methanex is a Vancouver-based, publicly traded company and is the world’s largest producer and supplier of methanol to major international markets. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol "MX" and on the NASDAQ Global Market in the United States under the trading symbol "MEOH".
FORWARD-LOOKING INFORMATION WARNING
This third quarter 2024 press release contains forward-looking statements with respect to us and the chemical industry. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond the Company's control. Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Methanex does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law. Refer to Forward-Looking Information Warning in the third quarter 2024 Management's Discussion and Analysis for more information which is available from the Investor Relations section of our website at www.methanex.com, the Canadian Securities Administrators' SEDAR+ website at www.sedarplus.ca and on the United States Securities and Exchange Commission's EDGAR website at www.sec.gov.
NON-GAAP MEASURES
The Company has used the terms Adjusted EBITDA, Adjusted net income, and Adjusted net income per common share throughout this document. These items are non-GAAP measures and ratios that do not have any standardized meaning prescribed by GAAP. These measures represent the amounts that are attributable to Methanex Corporation shareholders and are calculated by excluding the mark-to-market impact of share-based compensation as a result of changes in our share price, the impact of the Egypt gas contract revaluation and the impact of certain items associated with specific identified events. Refer to Additional Information - Non-GAAP Measures on page 15 of the Company's MD&A for the period ended September 30, 2024 for reconciliations to the most comparable GAAP measures. Unless otherwise indicated, the financial information presented in this release is prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").
For further information, contact:
Sarah Herriott
Director, Investor Relations
Methanex Corporation
604-661-2600
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