Adam Samuelson: Got it. And then, I appreciate you gave different segment level detail for the different can business. I’m not sure if I might have missed a view on the aerospace performance for the year and where you think that’s tracking?
Daniel Fisher: Yeah. So, for 2023, we will be — we’ll exceed 15% earnings growth. Actually, right now, as it’s shaken out, we’re north of 20%. So, we will see — we’re beginning to step into the backlog that we’ve won through the years and starting to see repeat builds. Our defense platform is executing really, really well. And I think we’ve navigated some choppiness in terms of supply chain in 2022 that has stabilized. So, as we sit here today, we should see a much improved operating earnings performance from our aerospace business.
Adam Samuelson: Great. That’s helpful color. That’s all I have. Thank you.
Operator: Next question from the line of Phil Ng with Jefferies. Please go ahead.
Phil Ng: Hey, guys.
Daniel Fisher: Hi, Phil.
Phil Ng: Hi, guys. Good morning. Appreciating earnings will be a little tougher in the first quarter and likely down, do you have enough levers where earnings will be up year-over-year in 2Q. And I think you’re targeting 10% to 15% earnings growth for 2023. Is that predicated on the 4% volume growth you were mentioning? Or is it more of a flattish backdrop like you previously guided to?
Scott Morrison: I think we’ll start to see momentum in the second quarter definitely. And you’ve got to really — it depends on volumes. But as things kind of roll in, we get some PPI pickup here in the first quarter, but as Dan mentioned, the bigger chunk of it comes in the second half of the year. First quarter will definitely be softer year-over-year given some of the challenges. And we’re still working through some of this inventory, both in North America and in South America. So that’s where you’ll see most of that impact. But then I would expect in North America, we’ll see nice earnings improvement as we get into the second quarter and year-over-year as we look through the rest of the year.
Daniel Fisher: You should see sequential improvement, right, 2Q, Q3, Q4 throughout the year, both with the PPI, the fixed cost savings. And keep in mind, 2Q from a volume standpoint was quite challenged in North America. And so, we get a little modicum of promotional activity there in the peak season then I think our plans, as Scott indicated. They’re more on the conservative side. Where we would need volume in order to achieve our plans is Europe, because we are opening up two facilities there. But Europe has been the most resilient and the anchor customers are the most resilient that are going to be the tenants of those facilities.
Phil Ng: But just to be clear guys, to hit your 10% to 15% earnings growth, you need 4% volume growth? Or is it more flat? Because I thought at the Analyst Day, the messaging was more flat, and we still can get to like 10% to 15%.
Daniel Fisher: In North America, it’s flat.
Phil Ng: Okay.
