VANCOUVER – Canadian methanol producer Methanex Corp. (TSX:MX) handily beat analyst estimates last quarter, as its profit rose 150 per cent from a year earlier amid stable demand and pricing for its products.
The Vancouver-based company, which has operations around the world, had $ 63.9 million of net income in the fourth quarter of 2011, up from $ 25.5 million a year earlier.
On a per-share basis, EPS was 69 cents per diluted share before unusual items, up from 28 cents per share a year earlier. Unusual items trimmed a penny per share from the results in both periods.
Estimates compiled by Thomson Reuters showed analysts had expected about 58 cents per share of profit including usual items.
Methanex reported late Wednesday that revenue for the quarter was $ 692.4 million, up from $ 570.3 million in the comparable period of 2010.
For the year ended Dec. 31, 2011, Methanex had $ 201 million of net income attributable to shareholders or $ 2.06 per share. That was up from $ 96 million, or $ 1.03 per share, for the 2010 financial year.
“Methanol demand and pricing has been relatively stable and we reported another good quarter of earnings,” said Methanex president and CEO Bruce Aitken.
“For 2011, we are also pleased to have reported record sales volumes and significantly higher earnings, as a result of a healthy methanol pricing environment and higher production due to the start up of the Egypt and Medicine Hat plants over the past year.”
Methanex shares gained 68 cents or about two per cent Thursday to trade at $ 28.35 per cent on the Toronto Stock Exchange.
Local news from metronews.ca/vancouver
About The Reporter
