Methanex Corp Files 6-K for Q2 2024

TL;DR

Methanex Corp (MEOH) filed a 6-K for Q2 2024, updating investors on its financial reporting.

AI Summary

Methanex Corporation filed a Form 6-K on July 30, 2024, reporting its financial information as of June 30, 2024. The filing is a report of a foreign private issuer and indicates that Methanex Corporation is furnishing information to the SEC pursuant to Rule 12g3-2(b).

Why It Matters

This filing provides an update on Methanex Corporation's financial status and regulatory compliance as a foreign private issuer, which is important for investors tracking the company's performance and reporting.

Risk Assessment

Risk Level: low — This is a routine financial filing (6-K) and does not contain new material information that would inherently increase risk.

Key Players & Entities

• Methanex Corporation (company) — Registrant
• 0001628280-24-033554 (filing_id) — Accession Number
• 20240730 (date) — Filing Date
• 20240630 (date) — Report Period End Date

FAQ

Key Financial Figures

• $35 million — ttributable to Methanex shareholders of $35 million and Adjusted EBITDA of $164 million in
• $164 million — s of $35 million and Adjusted EBITDA of $164 million in the second quarter. Our average real
• $352 — ealized price in the second quarter was $352 per tonne compared to $343 per tonne in
• $343 — quarter was $352 per tonne compared to $343 per tonne in the first quarter of 2024.
• $12.5 million — of 1.0 - 1.1 million tonnes. Returned $12.5 million to shareholders through regular dividen
• $426 million — dends and ended the second quarter with $426 million in cash. VANCOUVER, BRITISH COLUMBIA -
• $0.52 — o Methanex shareholders of $35 million ($0.52 net income per common share on a dilute
• $53 million — iluted basis) compared to net income of $53 million ($0.77 net income per common share on a
• $0.77 — compared to net income of $53 million ($0.77 net income per common share on a dilute
• $42 million — 164 million and Adjusted net income was $42 million ($0.62 Adjusted net income per common s
• $0.62 — nd Adjusted net income was $42 million ($0.62 Adjusted net income per common share).
• $160 million — . This compares with Adjusted EBITDA of $160 million and Adjusted net income of $44 million
• $44 million — $160 million and Adjusted net income of $44 million ($0.65 Adjusted net income per common s
• $0.65 — and Adjusted net income of $44 million ($0.65 Adjusted net income per common share) f
• $390 million — $426 million in cash, or approximately $390 million in cash excluding non-controlling inter

Filing Documents

• mdafsnotes_q22024.htm (6-K) — 1428KB
• mx_logoa07.jpg (GRAPHIC) — 43KB
• 0001628280-24-033554.txt ( ) — 1482KB

Management's Discussion and Analysis for the

Management's Discussion and Analysis for the Three and Six Months Ended June 30, 2024 At July 29, 2024 the Company had 67,387,492 common shares issued and outstanding and stock options exercisable for 1,444,879 additional common shares. SECOND QUARTER MANAGEMENT'S DISCUSSION AND ANALYSIS (MDA) Except where otherwise noted, all currency amounts are stated in United States dollars. This Second Quarter 2024 Management's Discussion and Analysis dated July 30, 2024 for Methanex Corporation (the Company) should be read in conjunction with the Company's unaudited condensed consolidated interim financial statements for the period ended June 30, 2024 as well as the 2023 Annual Consolidated Financial Statements and MDA included in the Methanex 2023 Annual Report. Unless otherwise indicated, the financial information presented in this interim report is prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The Methanex 2023 Annual Report and additional information relating to Methanex is available on our website at www.methanex.com, the Canadian Securities Administrators' SEDAR+ website at www.sedarplus.ca and on the United States Securities and Exchange Commission's EDGAR website at www.sec.gov . METHANEX CORPORATION 2024 SECOND QUARTER

MANAGEMENT'S DISCUSSION AND ANALYSIS PAGE 1

MANAGEMENT'S DISCUSSION AND ANALYSIS PAGE 1 FINANCIAL AND OPERATIONAL DATA Three Months Ended Six Months Ended ($ millions except per share amounts and where noted) Jun 30 2024 Mar 31 2024 Jun 30 2023 Jun 30 2024 Jun 30 2023 Production (thousands of tonnes) (attributable to Methanex shareholders) 1 1,422 1,721 1,658 3,143 3,318 Sales volume (thousands of tonnes) Methanex-produced methanol 1,580 1,681 1,621 3,261 3,270 Purchased methanol 766 807 884 1,573 1,732 Commission sales 266 182 277 448 585 Total sales volume 1 2,612 2,670 2,782 5,282 5,587 Methanex average non-discounted posted price ($ per tonne) 2 499 471 450 485 460 Average realized price ($ per tonne) 3 352 343 338 348 354 Revenue 920 916 939 1,836 1,978 Net income (attributable to Methanex shareholders) 35 53 57 88 116 Adjusted net income 4 42 44 41 86 117 Adjusted EBITDA 4 164 160 160 324 369 Cash flows from operating activities 163 91 196 246 359 Basic net income per common share 0.52 0.78 0.84 1.30 1.71 Diluted net income per common share 0.52 0.77 0.73 1.27 1.70 Adjusted net income per common share 4 0.62 0.65 0.60 1.27 1.70 Common share information (millions of shares) Weighted average number of common shares 67 67 68 67 68 Diluted weighted average number of common shares 67 68 68 68 68 Number of common shares outstanding, end of period 67 67 67 67 67 1 Methanex-produced methanol represents our equity share of volume produced at our facilities and excludes volume marketed on a commission basis related to the 36.9% of the Atlas facility and 50% of the Egypt facility that we do not own. 2 Methanex average non-discounted posted price represents the average of our non-discounted posted prices in North America, Europe, China and Asia Pacific weighted by sales volume. Current and historical pricing information is available at www.methanex.com . 3 The Company has used Average realized price (ARP) throughout this document. ARP is calculated as revenue divided by th

MANAGEMENT'S DISCUSSION AND ANALYSIS PAGE 2

MANAGEMENT'S DISCUSSION AND ANALYSIS PAGE 2 FINANCIAL AND OPERATIONAL HIGHLIGHTS A reconciliation from net income attributable to Methanex shareholders to Adjusted net income and the calculation of Adjusted net income per common share is as follows Three Months Ended Six Months Ended ($ millions except number of shares and per share amounts) Jun 30 2024 Mar 31 2024 Jun 30 2023 Jun 30 2024 Jun 30 2023 Net income attributable to Methanex shareholders $ 35 $ 53 $ 57 $ 88 $ 116 Mark-to-market impact of share-based compensation, net of tax 7 (9) (13) (2) 5 Impact of Egypt gas contract revaluation, net of tax — — (3) — (4) Adjusted net income 1 $ 42 $ 44 $ 41 $ 86 $ 117 Diluted weighted average shares outstanding (millions) 67 68 68 68 68 Adjusted net income per common share 1 $ 0.62 $ 0.65 $ 0.60 $ 1.27 $ 1.70 1 The Company has used the terms Adjusted EBITDA, Adjusted net income and Adjusted net income per common share throughout this document. These items are non-GAAP measures and ratios that do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. Refer to Additional Information - Non-GAAP Measures on page 14 of the MDA for reconciliations to the most comparable GAAP measures. We recorded net income attributable to Methanex shareholders of $35 million in the second quarter of 2024 compared to net income of $53 million in the first quarter of 2024. Net income in the second quarter of 2024 was lower compared to the prior quarter primarily due to lower sales of Methanex-produced methanol and the negative impact of the mark-to-market portion of share-based compensation due to changes in Methanex's share price, offset by a higher average realized price and by the one-time impact of the cost of the ineffective portion of natural gas hedges at our Geismar site recognized during the first quarter of 2024. We recorded Adjusted EBITDA of $164 million for the second q

View Full Filing

View this 6-K filing on SEC EDGAR