Methanex Revenues Almost Double in Q3

Canada-based methanol producer and supplier Methanex Corp. (MEOH) posted strong financial results for the third quarter of 2021.

However, the stock price dipped 1.4% on Wednesday to close at $45.04.

Headquartered in Vancouver, the company caters to North America, South America, Europe and the Asia Pacific, with production sites in Canada, Chile, Egypt, New Zealand, the U.S., and Trinidad and Tobago.

The company’s earnings per share (EPS) came in at $1.29, rising above Street’s estimate of $1.23. MEOH had recorded a loss of $1.03 per share last year.

Revenues almost doubled year-over-year to $1.08 billion, surpassing analysts’ expectations of $982.64 million. (See Insiders’ Hot Stocks on TipRanks)

Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) rose to $264 million from $40 million in the third quarter of 2020, and the company ended Q3 with $932 million in cash.

John Floren, President and CEO of Methanex, said, “We are well-positioned to maintain our business, pursue value accretive growth opportunities and continue our long track record of returning excess cash to shareholders through a sustainable dividend and share buybacks.”

Overall, the stock has a Moderate Buy consensus rating based on 7 Buys and 3 Holds. The average Methanex price target of $52.92 implies 17.5% upside potential. Shares have gained 54% over the past year.

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