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Markets :: Basic Chemicals :: Petrochemicals :: Methanol

Methanex reports strong earnings, announces second plant relocation from Chile

8:45 AM MDT | April 25, 2013 | Clay Boswell

Methanex (Vancouver) reports quarterly and year-on-year earnings improvement for the first quarter of 2013, citing higher pricing. Adjusted net income of 92 cts/share easily exceeded the consensus estimate of 73 cts/share. The company also announced a decision to proceed with the relocation of a second 1 million m.t./year methanol plant from Chile to Geismar, LA. Net income for the quarter totaled $60 million, up 145% from the year-ago quarter. Sales of $652 million, were essentially flat with the year-ago quarter. The quarterly gain resulted...

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