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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.