Shares of Methanex Corporation (MEOH) surged 7.78% in pre-market trading on Wednesday, November 7th, after the company reported strong third-quarter earnings that exceeded analyst expectations.
Methanex, a leading producer and supplier of methanol, announced a 13.6% year-over-year increase in revenue to $935 million for the quarter ended September 2024. The company's earnings per share (EPS) of $1.21 also significantly outperformed the Zacks Consensus Estimate of $0.44, representing a 175% surprise.
The robust financial results, driven by higher sales volumes and improved pricing, were well-received by investors and analysts. UBS, while lowering its price target on Methanex slightly to $53 from $54, maintained a "Buy" rating on the stock, reflecting continued optimism about the company's prospects.
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