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BRIEF-Methanex Reports Second Quarter 2020 Results

Published 2020-07-29, 06:30 p/m
Updated 2020-07-29, 06:36 p/m
© Reuters.

July 29 (Reuters) - Methanex Corp MX.TO :

* METHANEX REPORTS SECOND QUARTER 2020 RESULTS

* Q2 ADJUSTED LOSS PER SHARE $0.84

* Q2 EARNINGS PER SHARE ESTIMATE $-0.96 -- REFINITIV IBES DATA

* Q2 LOSS PER SHARE $0.85

* QTRLY REVENUES $512 MILLION VERSUS $848 MILLION

* QTRLY ADJUSTED REVENUES $453 MILLION VERSUS $777 MILLION

* TOTAL SALES VOLUME FOR Q2 OF 2020 WAS 2.41 MILLION TONNES VERSUS 2.79 MILLION TONNES FOR Q1 OF 2020

* ESTIMATE THAT GLOBAL METHANOL DEMAND DECLINED BY APPROXIMATELY 5% IN Q2 OF 2020 COMPARED TO Q1

* PRODUCTION FOR Q2 OF 2020 WAS 1.63 MILLION TONNES VERSUS 2.01 MILLION TONNES FOR Q1 OF 2020

* METHANEX - ENDED QUARTER WITH LIQUIDITY POSITION OF $783 MILLION IN CASH ON BALANCE SHEET

* METHANEX- CONTINUE TO PLAN FOR SCENARIOS, INCLUDING ONES WHERE CO SEES PROLONGED PERIOD OF LOWER METHANOL DEMAND, CONTINUED LOW METHANOL PRICES

* METHANEX- BEGUN TO SEE EARLY SIGNS OF IMPROVING METHANOL DEMAND WITH GLOBAL ECONOMIC ACTIVITY BEGINNING TO RECOVER, OIL PRICING STABILIZING RECENTLY

* METHANEX - "NEAR-TERM OUTLOOK REMAINS UNCERTAIN"

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