Part of the benefit in this quarter was, of course, the growth in Minerals and Nutrients business, but also the decline in the Animal Nutrition & Health business. So you have to weigh that into the picture as well.
Kyle May: Got it. Okay. That’s helpful. And then also in the Animal Nutrition & Health, I was wondering if maybe you or Martin could expand on kind of the sequential change from what we saw in the fourth quarter to 1Q and I appreciate the commentary of kind of the big picture, but just maybe wondering what was more impactful in the first quarter.
Martin Bengtsson: Yes. On an ANH perspective, in the first quarter, if you compared it to the fourth quarter, was down a couple of million on sales of top line. And that was actually particularly driven on the ruminant side. So U.S. dairy, the monogastric piece was a little bit more stable sequentially while the ruminant came down a little bit, which also has a negative mix impact on margins for ANH. And that’s driven primarily by this. I wouldn’t call it an all time low, but exceptionally low milk protein prices right now. So that’s having a negative impact on the value proposition on some of our key products. And therefore it’s driven a little bit of a sequential decline. As we look forward, it’s hard to predict exactly how prices will evolve and market pricing and so on, but one would have to assume that this will normalize over some period of time here.
And whether it will start normalizing next quarter or the quarter after that, or the quarter after that, I can’t guarantee. But our assumption, based on history, is that it will sort of cycle back and improve, and with that, our sales will come back in more normalized levels, so to speak.
Kyle May: Got it. And maybe following on with that, I understand that prices are one of the leading dictators. But in the meantime, is there anything the company can do to maybe boost sales of that category, whether it’s other marketing or product placement or anything like that?
Martin Bengtsson: We’re certainly trying, so to speak, and looking at what the options are to do as well as we can in what is a very tough market. We have been successful on the choline side with our reassure our flagship product, where both new science and expanded science, together with refreshed marketing materials and how to bring this message out into the marketplace has helped. So if we look at our reassure product compared to some of our other products, that one has held up much better as a result of that in this market. So we’re looking across the portfolio of how we can do similar things also for our other products and get the message out there around the value propositions. So we’re certainly trying to do that at the moment and hopefully we’ll get some success there going soon.
Kyle May: Okay, great. Thanks for the time this morning.
Ted Harris: Thanks Kyle.
Martin Bengtsson: Thanks Kyle.
Operator: Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I’ll turn the floor back to Mr. Harris for any final comments.
Ted Harris: Thank you, Melissa. And once again, thank you all for being with us today. We really appreciate your time and we look forward to reporting out our Q2 2024 results in July. In the meantime, we will be participating in a few investor conferences. The BMO Farm to Market Conference in New York City on May 16, the Deutsche Bank Global Consumers Conference – Consumer Conference, sorry, in Paris on June 4, and the Wells Fargo Industrials Conference in Chicago on June 12. So hopefully we’ll see some of you at one or more of those events over the course of the next month or so. So thanks again for joining. Have a great day.
Operator: Thank you. This concludes today’s conference call. You may disconnect your lines at this time. Thank you for your participation.
