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    Caleb Boehnlein

    Research Analyst at BMO Capital Markets

    Caleb Boehnlein is an Equity Research Senior Associate at BMO Capital Markets, specializing in financial analysis with active coverage of companies such as Ecovyst Inc. and adjacent sectors in investment banking and financial services. With over 16 years of professional experience, Boehnlein has built a solid track record in equity research roles, providing detailed earnings analysis and company coverage, and has maintained notable tenure at BMO since 2021 following previous roles in global securitized products and investment banking analysis. He holds a Bachelor of Science degree from Arizona State University and brings a background that includes prior military experience as well as significant time in financial services. Boehnlein’s career reflects progressive responsibility across research and analysis, though detailed performance metrics and specific securities licenses were not publicly available.

    Caleb Boehnlein's questions to Tronox Holdings (TROX) leadership

    Caleb Boehnlein's questions to Tronox Holdings (TROX) leadership • Q1 2025

    Question

    Caleb Boehnlein asked how the Botlek closure would affect inventory reduction and free cash flow, and whether the $50-$60 million in higher mining costs would see any relief in the second half of 2025.

    Answer

    CFO John Srivisal and CEO John Romano stated the Botlek shutdown will generate significant cash by drawing down previously built inventory. Srivisal clarified that the majority of the mining cost headwind is concentrated in the first half of 2025, with some benefit expected in the latter half of the year as the Fairbreeze mine is commissioned.

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    Caleb Boehnlein's questions to Ecovyst (ECVT) leadership

    Caleb Boehnlein's questions to Ecovyst (ECVT) leadership • Q4 2024

    Question

    Caleb Boehnlein, on for John McNulty, sought clarification on the expected first-half versus second-half EBITDA split for 2025 and how to reconcile the very low Q1 guidance with the implied sharp recovery in Q2.

    Answer

    CFO Michael Feehan provided specific splits, projecting a 40/60 first-half/second-half EBITDA split for the Ecoservices segment and a more pronounced 30/70 split for the AM&C segment. He confirmed that the math implies a significant Q2 increase from the artificially low Q1 base, which is consistent with the company's expectations given the concentration of turnaround costs in Q1 and the lumpy nature of AM&C orders.

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