Methanex Corporation (NASDAQ: MEOH) saw its stock price plummet 10.46% during intraday trading on Friday, extending losses from the pre-market session.

The sharp decline was triggered by the company's disappointing fourth-quarter financial results, which significantly missed analyst expectations. Methanex reported an adjusted loss of 14 cents per share, a stark contrast to the consensus estimate of earnings of 66 cents per share. Quarterly revenue of $969 million also fell short of the expected $1.041 billion.

The loss was largely driven by a noncash impairment charge of $82 million related to the company's operations in New Zealand. This unexpected swing to a loss from a profit of $45 million in the same period a year earlier prompted negative investor sentiment and selling pressure.