Kurt Yinger: Right. Okay. Appreciate that. That’s helpful. And then just lastly, in terms of opportunities in the next year, I’m curious whether from a product category perspective and kind of expanding those geographically across more of the platform or specific vendor relationships and any expansions there, are there any areas where you’re particularly excited about in terms of the potential to drive above market growth in 2024?
Shyam Reddy: Absolutely. And I wish I could talk about them now, but there will be announcements coming out that will support, honestly, the faith that our suppliers have in us and the great work our teams are doing to engender that faith and confidence in us. There’s only so much I can do, right? Or anybody on the management team can do, and it’s really about those sales teams and the folks who support them on the product management side. So, yes, there are examples of expansions of our existing strategic product categories into new markets with existing vendors. And more to come on that front, but we are all very excited about the opportunities that will produce long-term growth in those five key specialty product categories.
Kurt Yinger: Okay, perfect. Well, we’ll keep an eye out for that and appreciate the color guys and good luck here in Q4. Thanks.
Shyam Reddy: Thanks Kurt.
Operator: Thank you. Our next question is from Jeffrey Stevenson with Loop Capital Markets. Please go ahead.
Jeffrey Stevenson: Hey, thanks for taking my questions today and congrats on the next quarter. So, I was wondering if you could talk about how volumes trended during the quarter in your core five specialty product categories. And more specifically, did you see any pickup and demand as the quarter progressed from the increase in single-family housing starts this summer?
Shyam Reddy: Yes, we actually did from, again, if you’re looking at sort of Q3 relative to Q2, there was a, through the course of the quarter, our specialty products picked up in volumes. There was a decline with structural that we’re seeing, as Andy alluded to earlier, a pickup in volumes in the first four weeks of Q4. But yes, like I said before, I really believe our product diversification allows us to play in every stage of the construction of a single family home. And we started to see that flow through the P&L in Q3 with volumes picking up in each one of, in our five key product categories, with at least four of them for sure. At the same time, as we think about the market trends, as I alluded to earlier, we are generally trending favorably relative to the markets in which we operate in terms of volume.
So, we’re getting — we’re just doing better relative to market. I think it’s testament to our teams and the focus we have on these five key specialty product categories, as opposed to one disproportionately relative to the other.
Andy Wamser: But Jeff, maybe just a little bit more color. I mean, what I would say is if we had to look at, you know, just a handful that were, you know, pretty favorable from like a TLE perspective, volume perspective, it would have been EWP millwork and siding.
Jeffrey Stevenson: Got it. Got it. No, that’s very helpful color. I appreciate that. And then you guys had another strong quarter of a specialty product margins and they continue to hold well above previous normalized levels in this challenging residential environment. I just wondered if the strong results this quarter and really how they’ve held in this year give you further confidence that specialty margins were normalized at or above that 18% to 19% level?
Andy Wamser: Yes, I mean, I think it seems to be the right range. You know, as we’ve gone through sort of the first three quarters, we’ve gone from 18.8 to 19.8. I’d expect a little bit of softness here in the fourth quarters, you know, as our guidance was between 18% and 19%. But we think that margin profile has really held in well, particularly as we sort of test with this new normalization looks like. And so I think the results sort of speak for themselves at least for this year and that it feels like the right zip code.
