05:33 PM EST, 11/06/2024 (MT Newswires) -- Methanex ( MEOH ) after trade Wednesday said its third-quarter profit and revenue rose year-over-year.

The chemical manufacturer said its adjusted profit, excluding most one-time items, rose to US$82 million, or US$1.21 per share, in the quarter, up from US$1 million, or US$0.02, a year ago. The result beat the Capital IQ consensus forecast of US$0.56 per share.

Revenue for the quarter rose to US$935 million from US$823 million in the year-prior quarter. Analysts polled by Capital IQ projected US$859.2 million.

Production fell to nearly 1.35 million tonnes from 1.42 million tonnes in the second quarter mainly due to lower production in New Zealand, Chile, and Egypt, though higher production at Geismar helped offset some of the decline, the company said.

"Looking forward to the fourth quarter we expect to see an increase in our production levels with G3 at full rates and Chile receiving full gas supply along with higher pricing as the methanol markets have further tightened. We are focused on delivering strong cash flows from our existing business to de-lever and post close, our priority will be to seamlessly integrate OCI's methanol business," Chief Executive Rich Sumner said.

The company's shares closed down $0.17 to $54.30 on the Toronto Stock Exchange.