Jeffrey Niew: Yes. I mean I think from our perspective, in the PD business and also within the MSA business, the pricing has been very, very stable. I mean, I don’t — we don’t think there’s any issues relative to pricing in these markets. What I would say first on the MSA side is the market continues to be very resilient and strong in the hearing health market. And we are very excited about 2024, our position for new products with our customers. The growth of the end market, we feel pretty good. We don’t see any inventory issues in this market today. And in fact, I’d just make the comment, Chris, that there’s kind of like this — although we’ve been kind of tamping down what the belief is about over the counter, well, we’re not seeing like great pickup in over-the-counter demand.
There is starting to be kind of like with our customers in the market — I believe that the marketing of over-the-counter hearing aids is actually drawing more people into the traditional channels than would abnormally come in. And so we feel pretty positive about the MSA business. On the PD side, I would say it’s a little bit more of a mixed bag. But here’s what I would say, is that we had a book-to-bill above one for the first time in six quarters. And I bring that up — I mean, that’s a pretty big step now. I will say a significant amount of the orders that we saw in Q3 were from defense, which typically are not short orders. Like they’re typically longer-term orders that we deliver over sometimes a year, 1.5 years. Now all this being said, I’d say as we look into ’24, I think defense looks pretty good, the Med business and EV look pretty good.
We think the long term of those businesses or markets looks pretty good. But one I think is probably the least clarity on yet is industrial and distribution. And it does remain weak. The bookings remain weak in this portion of the business and the shipments remain weak. Now we’re listening to a lot of other people are saying. We are seeing the work down in our distribution channel. We see the inventory of what they’ve got. We’re starting to see it worked down. But I think, overall, we feel pretty good about growth for 2024 in the PD business. And I think the other side of this is, once we get back to growth, the capacity utilization will improve and the margins will return back to a more like normalized level that we saw when the business was growing.
Christopher Rolland: Yes. The industrial weakness, I would say, is going around. No surprise there. It’s a very solid December guide. And without guiding March, perhaps you can just kind of give us the broad puts and takes given your kind of deemphasizing consumer. And so I don’t think kind of seasonal trends will hold there. If you could talk about it more broadly and what to kind of expect there would be good?
Jeffrey Niew: Yes. So let me start with the Consumer business. Seasonally, Q1 is typically down. That’s — you don’t have launches in mobile. So I think we’ll continue to see a trend like that, that in Q1, mobile will be — CMM will be down. I would also say that we’re having a very, very strong quarter in Q4 for MSA. It will be down sequentially. But I think the theme around the CMM business and the MSA business is year-over-year there will be significant growth, because if you remember, Chris, we had a very weak Q1 of ’23. So there should be some pretty significant growth year-over-year. The PD business, here’s what I kind of would frame it is I would sit the and say we’re probably going to be flattish year-over-year in Q1 for PD, excluding Cornell, right?
