For the second quarter of 2013, Methanex Corporation reported Adjusted EBITDA of $157 million and Adjusted net income of $99 million ($1.02 per share on a diluted basis.
This compares with Adjusted EBITDA of $149 million and Adjusted net incomeof $88 million ($0.92 per share on a diluted basis for the first quarter of 2013.
John Floren, President and CEO of Methanex commented, "The higher methanol pricing environment in the second quarter contributed to stronger EBITDA and earnings. Entering the third quarter, we continue to move forward on a number of growth projects. These projects are expected to expand our annual operating capacity by approximately three million tonnes over the next three years, representing a 60% capacity increase."
Mr. Floren added, "We are making solid progress on our initiatives in both New Zealand and Medicine Hat, which will add up to one million tonnes of annual production capacity by the end of 2013. Our project to relocate the first one million tonne plant from Chile to Geismar, Louisiana is on track to be completed by the end of 2014 with the second one million tonne plant in Geismar expected to be operational in early 2016."
Mr. Floren concluded, "This is an exciting time for our business as these growth projects offer significant upside to our earnings and cash flows. With over US$700 million of cash on hand, an undrawn credit facility, a robust balance sheet and strong cash flow generation, we are well positioned to grow our business and deliver on our commitment to return excess cash to shareholders."
Methanex is a Vancouver-based, publicly traded company and is the world's largest supplier of methanol to major international markets.
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