Caleb Boehnlein's questions to Ecovyst Inc (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.