Tom Ferguson: Thank you. Good morning.
Adam Thalhimer: High level, can you talk about back half of the year revenue growth? I’m just kind of curious if the trends we saw in Q2 is kind of in line with what you’re thinking for the back half, a little bit down in Precoat, a little bit up in Metal Coatings?
Tom Ferguson: Yeah. I think that’s going to continue as we look forward. Now on the Precoat side though, we’re lapping a pretty weak, particularly pretty weak fourth quarter. So even though we’ve sustained our sales down 5% on significantly lower volume in the first half, we don’t look for those volumes to continue down. We’re seeing that, as David talked about, the construction markets and other markets are stabilizing. So, we look for Precoat to perform well on a comparative basis in the second half from a sales perspective. And then our Metal Coatings folks, as I’ve joked at times, they wake up and fight 45 battles across their 45 plants every day and continue to win a significant majority of those battles. So we just look for them to continue providing that outstanding service that earns their customers’ business. So it should be another good half for them.
Adam Thalhimer: Okay. Great. And then one thing that struck me was really positive was the pricing in Precoat. I think you said plus 7%. Is that kind of a one-off this year or how should we think about pricing probably for both segments going forward?
Tom Ferguson: Well, I think part of the price on Precoat is the underlying sense paints there, by far, their largest cost component. And we had talked about that in previous quarters where the paint suppliers had continued to increase price. So that’s really the flow-through is what you’re seeing, the flow-through on that paint cost price relationship plus driving the pricing value on mix. So I think we continue to see that in terms of the metal coating side, they provide just outstanding value for their customers. So I think they’ll defend their price levels based on providing continued outstanding service and quality. And I do think, we also — when you have 45 plants, you’ve always got some of them you’re working on, and they’re continuing to do that and drive better value realization in those certain operations. So yeah, I think it’s defendable.
Adam Thalhimer: Okay. And then your — some of my clients are kind of stressed out about where rates are and electric utility stocks have gotten hit. But from where you said, it doesn’t sound like you’re seeing any impact of — I mean you said T&D is still strong, renewable is still strong. And I think you mentioned on the metal coating side that you’re still getting good feedback from your customers on backlogs and expectations.
Tom Ferguson: Yeah. For the most part, we’re seeing customers and it is — the diversity of the markets, infrastructure. A lot of these projects is — it’s like here in Texas, you’ve got all sorts of — you can’t drive around very far without seeing bridge and highway projects, new utility projects, growing population. So a lot of infrastructure, whether it be on the T&D, the solar front or on bridge and highway, things like that. So we do, as Dave said, we believe a lot of that spending is still in the early innings, but you got to have clean water, got to have improved roads, got to have transportation. So we feel comfortable with that and back to we have a great spread of our facilities. So whether the projects are going on in the East and contractors are in the West, we’re able to service them on both sides of that, depending on where they decide to buy from. So we view that as a significant advantage given our portfolio.
Adam Thalhimer: Great. Thank you, guys.
Operator: The next question is from Mike Heim of Noble Capital Markets. Please go ahead.
