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    Henry Hearle

    Research Analyst at B. Riley Securities

    Henry Hearle is an Equity Research Associate at B. Riley Securities, specializing in coverage of industrial and energy companies including SunCoke Energy. He is noted for supporting sector analysts and contributing research coverage, and has participated in detailed earnings commentary for companies in his sector. Since joining B. Riley Securities, Henry has built expertise in quantitative and qualitative analysis supporting investment decisions, although comprehensive public performance metrics or industry rankings are not currently available. His early career represents progressive experience in investment research roles and he holds the necessary FINRA licensure and securities credentials typical of equity research professionals.

    Henry Hearle's questions to SunCoke Energy (SXC) leadership

    Henry Hearle's questions to SunCoke Energy (SXC) leadership • Q2 2025

    Question

    Henry Hearle, on behalf of Nick Giles, inquired about the key drivers for the anticipated second-half EBITDA improvement, the macro factors influencing the newly acquired Phoenix Global, and the status of contract renewal discussions with SunCoke's largest customer.

    Answer

    VP of Finance & Treasurer, Shantanu Agrawal, explained that second-half performance will be driven by a normalization of the contract and spot coke sales mix, bringing EBITDA per ton back to the yearly average. He also noted logistics volumes are expected to recover in Q3. President and CEO Katherine Gates added that while more details on Phoenix Global will follow post-acquisition, its historical EBITDA remains a reasonable baseline, and the focus is on organic growth. Regarding customer contracts, she expressed surprise at public comments from Cliffs but confirmed that active renewal discussions are ongoing.

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    Henry Hearle's questions to SunCoke Energy (SXC) leadership • Q2 2025

    Question

    Henry Hearle of B. Riley Securities inquired about the key drivers for the projected EBITDA increase in the second half of 2025, the underlying assumptions for coke sales volumes, the long-term macro drivers for the newly acquired Phoenix Global, and the status of contract renewal discussions for the Haverhill facility with its largest customer.

    Answer

    VP of Finance Shantanu Agrawal explained the expected EBITDA ramp-up is due to a normalization of the contract-to-spot coke sales mix, targeting a $46-$48/ton margin, and a recovery in logistics volumes. CEO Katherine Gates added that Phoenix Global's growth will be driven by expanding services to new EAF customers and reiterated its ~$61M trailing EBITDA is a reasonable baseline. She also confirmed SunCoke is in active contract renewal discussions with Cliffs, despite recent public comments from the customer.

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    Henry Hearle's questions to SunCoke Energy (SXC) leadership • Q2 2025

    Question

    Henry Hearle of B. Riley Securities inquired about the key drivers for the projected 22% quarterly EBITDA increase in the second half of 2025, the underlying assumptions for coke sales volumes, the long-term macro drivers for the newly acquired Phoenix Global, and the status of contract renewal discussions with Cleveland-Cliffs for the Haverhill facility.

    Answer

    Shantanu Agrawal, VP - Finance & Treasurer, explained that the second half EBITDA improvement is driven by a normalization of the contract and spot coke sales mix, with an expected return to the average full-year EBITDA per ton of $46-$48. He also noted logistics volumes are expected to recover in Q3. Katherine Gates, President & CEO, added that while more details on Phoenix Global will follow post-closing, its ~$61M trailing EBITDA remains a reasonable figure, and SunCoke sees significant organic growth opportunities. Regarding the Haverhill contract, she expressed surprise at public comments from Cliffs, confirming that active renewal discussions are ongoing.

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    Henry Hearle's questions to SunCoke Energy (SXC) leadership • Q2 2025

    Question

    Henry Hearle of B. Riley Securities inquired about the key drivers for the projected quarterly EBITDA increase in the second half of 2025, specifically asking for assumptions around coke sales volumes. He also sought more detail on the long-term macro drivers for the newly acquired Phoenix Global and asked about the status of contract renewal discussions with SunCoke's largest customer for the Haverhill facility.

    Answer

    Shantanu Agrawal, VP - Finance & Treasurer, explained that the second-half EBITDA improvement is expected from a normalization of the contract and spot coke sales mix, with about 2.0 to 2.1 million tons of coke sales anticipated. He also noted a recovery in logistics volumes is expected. Katherine Gates, President & CEO, added that while full details on Phoenix Global will be shared post-acquisition, its growth will be driven by expanding services to new and existing customers, including EAF operators. Regarding the Haverhill contract, Ms. Gates stated that SunCoke is in active renewal discussions with Cliffs, expressing surprise at their recent public comments.

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    Henry Hearle's questions to Alcoa (AA) leadership

    Henry Hearle's questions to Alcoa (AA) leadership • Q2 2025

    Question

    Henry Hearle, on behalf of Nick Giles, asked about the 50,000 metric tons of spare capacity at the Warrick smelter and what is preventing Alcoa from restarting it to capitalize on the high Midwest premium.

    Answer

    President, CEO & Director William Oplinger explained that restarting the idled fourth line at Warrick would require a substantial investment of approximately $100 million and would take about a year to complete. He stated that the company would need more certainty on the longevity of the current tariff environment before committing to the restart.

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    Henry Hearle's questions to HECLA MINING CO/DE/ (HL) leadership

    Henry Hearle's questions to HECLA MINING CO/DE/ (HL) leadership • Q1 2025

    Question

    Henry Hearle, on behalf of Nick Giles, asked for an update on the potential sale of Casa Berardi, how higher gold prices are influencing the strategic review, and whether proceeds would be earmarked for debt paydown. He also inquired how the permitting timeline might impact the asset's valuation in any potential transaction.

    Answer

    Robert Krcmarov, President & CEO, stated that a sale is not a foregone conclusion and all strategic alternatives are being evaluated, with an update expected by the next quarter. He noted that while the permitting hiatus impacts valuation, the recent surge in gold prices provides a 'refreshed lens.' Russell Lawlar, SVP & CFO, confirmed that proceeds from any transaction would likely be used to delever the balance sheet.

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