We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Methanex (MEOH) Provides Update on Egypt Methanol Operations
Read MoreHide Full Article
Methanex Corporation (MEOH - Free Report) said that an unplanned outage in mid-October caused by a mechanical breakdown in the synthesis gas compressor disrupted its 1.26-million-ton Egypt methanol production facility (Methanex 50% equity interest of 0.63 million tons per annum).
The facility has since been taken from operation and is being repaired on an accelerated basis at the manufacturer overseas. The company now expects production to restart toward the end of the first quarter of 2024.
Egypt produced 320,000 tons in the third quarter of 2023 (MEOH interest - 160,000 tons), compared with 326,000 tons (Methanex interest - 163,000 tons) in the previous quarter.
Shares of Methanex have gained 9% over the past year against a 14.7% decline of its industry.
Image Source: Zacks Investment Research
Methanex logged third-quarter 2023 adjusted earnings of 2 cents per share compared with 69 cents in the year-ago quarter. Third-quarter production was 1,545,000 tons, up around 23.4% from the previous year. The third quarter's total sales volume was 2,720,000 tons, which was more than 2,677,000 tons in the prior-year quarter.
Methanex anticipates that actual production in 2023 will be somewhat higher than the production outlook of about 6.5 million equity tons, excluding any G3 output. Actual output may vary per quarter due to turnaround timing, gas availability, unscheduled outages and unanticipated events, MEOH noted.
Methanex currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Denison Mines Corp. (DNN - Free Report) , Axalta Coating Systems Ltd. (AXTA - Free Report) and The Andersons Inc. (ANDE - Free Report) .
Denison Mines has a projected earnings growth rate of 100% for the current year. It currently carries a Zacks Rank #1 (Strong Buy). DNN delivered a trailing four-quarter earnings surprise of roughly 225%, on average. The stock is up around 52.9% in a year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Axalta has a projected earnings growth rate of 5.4% for the current year. It currently carries a Zacks Rank #1. AXTA delivered a trailing four-quarter earnings surprise of roughly 6.7%, on average. The stock is up around 15.7% in a year.
Andersons currently carries a Zacks Rank #2. The stock has gained roughly 36.5% in the past year. ANDE beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 64.4%, on average.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Methanex (MEOH) Provides Update on Egypt Methanol Operations
Methanex Corporation (MEOH - Free Report) said that an unplanned outage in mid-October caused by a mechanical breakdown in the synthesis gas compressor disrupted its 1.26-million-ton Egypt methanol production facility (Methanex 50% equity interest of 0.63 million tons per annum).
The facility has since been taken from operation and is being repaired on an accelerated basis at the manufacturer overseas. The company now expects production to restart toward the end of the first quarter of 2024.
Egypt produced 320,000 tons in the third quarter of 2023 (MEOH interest - 160,000 tons), compared with 326,000 tons (Methanex interest - 163,000 tons) in the previous quarter.
Shares of Methanex have gained 9% over the past year against a 14.7% decline of its industry.
Image Source: Zacks Investment Research
Methanex logged third-quarter 2023 adjusted earnings of 2 cents per share compared with 69 cents in the year-ago quarter. Third-quarter production was 1,545,000 tons, up around 23.4% from the previous year. The third quarter's total sales volume was 2,720,000 tons, which was more than 2,677,000 tons in the prior-year quarter.
Methanex anticipates that actual production in 2023 will be somewhat higher than the production outlook of about 6.5 million equity tons, excluding any G3 output. Actual output may vary per quarter due to turnaround timing, gas availability, unscheduled outages and unanticipated events, MEOH noted.
Methanex Corporation Price and Consensus
Methanex Corporation price-consensus-chart | Methanex Corporation Quote
Zacks Rank & Key Picks
Methanex currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Denison Mines Corp. (DNN - Free Report) , Axalta Coating Systems Ltd. (AXTA - Free Report) and The Andersons Inc. (ANDE - Free Report) .
Denison Mines has a projected earnings growth rate of 100% for the current year. It currently carries a Zacks Rank #1 (Strong Buy). DNN delivered a trailing four-quarter earnings surprise of roughly 225%, on average. The stock is up around 52.9% in a year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Axalta has a projected earnings growth rate of 5.4% for the current year. It currently carries a Zacks Rank #1. AXTA delivered a trailing four-quarter earnings surprise of roughly 6.7%, on average. The stock is up around 15.7% in a year.
Andersons currently carries a Zacks Rank #2. The stock has gained roughly 36.5% in the past year. ANDE beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 64.4%, on average.