Methanex reports Q1 adjusted EPS 73c, consensus 88c
Reports Q1 revenue $733M, consensus $795.57M. Reports Q1 adjusted EBITDA $194M vs. $306M last year. Methanex CEO John Floren: "The lower Adjusted EBITDA and earnings in the first quarter primarily reflects lower average realized prices compared to the last quarter which was partially offset by higher sales of Methanex-produced methanol. In addition, in a declining price environment, our margins tend to be lower than in a stable price environment due to inventory timing differences. Our average realized methanol price decreased by $70 per tonne in the quarter to $331 per tonne, which compares to $401 per tonne realized in the fourth quarter. We were pleased to see methanol pricing stabilize, supported by steady demand combined with a number of supply outages globally."