Methanex (NASDAQ: MEOH) reported Q2 EPS of ($0.85), $0.10 better than the analyst estimate of ($0.95). Revenue for the quarter came in at $512 million versus the consensus estimate of $484.76 million.

• Strong liquidity position with $783 million in cash on balance sheet and negotiated meaningful financial covenant relief
• Records net loss attributable to Methanex shareholders of $65 million and Adjusted EBITDA of $32 million
• Global methanol demand declined by 5% in the second quarter due to impacts from the COVID-19 pandemic and lower oil price environment
• Extensive preventative measures ongoing to protect the health and safety of our employees, contractors and communities where we do business
• Continue to deliver secure and reliable methanol supply to customers around the world amid challenging market conditions and well-positioned to capitalize on a global market recovery

Outlook

Mr. Floren, President and CEO of Methanex concluded, “We have begun to see some early signs of improving methanol demand with global economic activity beginning to recover and with oil pricing stabilizing in recent weeks. However, the near-term outlook remains uncertain as we believe that it is not possible to accurately predict the full extent and duration of the COVID-19 pandemic and lower oil price environment.”

"We remain focused on operating our plants safely and reliably, delivering secure and reliable supply to our customers and protecting our balance sheet during this very uncertain time. We believe that with our resilient business model and strong liquidity, we are well-positioned to sustain our business in this uncertain environment and generate significant long-term value when market conditions recover.”

For earnings history and earnings-related data on Methanex (MEOH) click here.