Dave Rush: Yes. I think we’re the clear leader in the space, first of all. And we have made the most — we’ve put the most emphasis on finding ways to increase our productivity, specifically in our manufacturing truss and door shops to extend that lead. We believe the investment required to do those type of improvements is not insignificant. And we’re — we believe our commitment to us has made a difference. And we see that in the marketplace. We especially saw it coming out of COVID, where it was tough for people to find a truss manufacturer that wasn’t — that didn’t have a significant backlog and people had to pick and choose who they wanted to do business with. And we saw where our customers wanted to do business with us in that environment.
So, we feel good about our position. I think anywhere where you see opportunity, people are going to make investment. I just think we’ve got such a nice lead on our competition today, it will be tough for us — for them to catch us.
Kurt Yinger: Got it. Okay. That’s helpful. And then just second, I was hoping you could just kind of frame how you would characterize your volume performance over the first half relative to what we’ve seen on the Single-Family start side. And I guess in manufactured products as well, I mean it seems like the core organic sales there trailed Single-Family starts a bit. Curious if that’s footprint, maybe some pricing in there and just how you’d kind of reconcile those different data points.
Peter Jackson: Yes. No, that’s a fair question. It’s something we look at pretty regularly, as you know. What I think it boils down to most simply is starts are the best indicator and the best sort of measuring stick for our performance over time. I don’t think it’s accurate at a quarter. And what we’ve seen is sort of as the market turned down, we didn’t go down as much as the market. As the market has turned up, we haven’t gone up as much as the market. And there’s a little bit of product mix to do with that, right? We’ve said in the past, we’re probably two-thirds that’s leveraged towards the beginning of the start, one-third towards the end of the start. So that’s one piece. Another of it is that we’re probably not at the start.
We know we’re not at the start. We’re anywhere from 30, sometimes 60 days later when our first product starts to hit the job site. So, a little bit of shifting around that in terms of timing of when our orders hit. Based on the trends we’re seeing right now, we feel pretty good. We may have given up a little bit of share in our estimation, a couple of hundred million dollars worth. We talked a lot during the time line of the big supply chain disruptions about how advantaged we thought we were by having more product and being more effective at meeting customer needs where others struggle. And we’re probably giving back a little bit of that as we anticipated, but that’s kind of in the numbers you’re seeing now. So, feeling pretty good about where we are versus the overall market.
Operator: The next question comes from Jay McCanless with Wedbush.
Jay McCanless: The first question I had, we’ve seen lumber prices, especially framing lumber, move up sequentially for the last couple of months. I guess, is that starting to flow into your pricing not only on commodity goods, but are you also starting to be able to take some price on the value-add goods?
Peter Jackson: Like always, yes, sure. I mean, it will take some time to fully feather in, but it has started to move modestly and we certainly follow it on a consistent basis. The one point I’ll make on that though is that one of the big movers has been OSB. I’m personally a little bit skeptical on the durability of that, only because we hear so much about incremental capacity coming online over the next year. We’ll see. We’ll see where it pans out, but that certainly is something to keep an eye on.
