Methanex Corporation Reports Unaudited Consolidated Earnings and Production Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Earnings Guidance for the First Quarter of 2016
For the year, the company reported revenue of $2,225,602,000 against $3,223,399,000 for the same period a year ago. Operating income was $237,854,000 against $696,840,000 for the same period a year ago. Income before income taxes was $213,350,000 against $661,645,000 for the same period a year ago. Net income attributable to the company shareholders was $200,617,000 or $2.01 per diluted common share against $454,610,000 or $4.55 per diluted common share for the same period a year ago. Net cash flows from operating activities were $296,951,000 against $801,017,000 for the same period a year ago. Property, plant and equipment amount was $96,909,000 against $84,168,000 for the same period a year ago. Geismar plants under construction amount were $328,112,000 against $573,844,000 for the same period a year ago. For the year ended December 31, 2015, Methanex reported adjusted EBITDA of $401 million and adjusted net income of $110 million or $1.20 per share on a diluted basis. This compared with adjusted EBITDA of $702 million and adjusted net income of $397 million or $4.12 per share on a diluted basis for the year ended December 31, 2014. Adjusted net income was $397 million or $4.12 per common share for the year 2014. Adjusted revenue was $2,495 million against $3,261 million for the same period a year ago.
Production for the fourth quarter of 2015 was 1,389,000 tonnes compared with 1,207,000 tonnes for the fourth quarter of 2014.
Production for the year 2015 was 5,193,000 tonnes compared with 4,853,000 tonnes for the year 2014.
As well due to the declining methanol price in the first quarter of 2016, the company's margins are expected to be lower than they would be in a stable price environment because of higher cost inventory from prior periods being sold on the quarter. As a result, the company expects EBITDA to be lower in the first quarter of 2016 than the fourth quarter of 2015.