Steve Hedlund: Yes, Saree, this is Steve. We see a lot of interest in the solutions that we have in the marketplace in terms of both welding equipment that offers higher productivity, greater ease of use as well as automation that helps address a lot of the labor concerns that our customers have. So we’re continuing to see a lot of request for quotation, and we’re seeing a lot of good strong order intake. So we haven’t seen a very significant impact of higher interest rates on the capital equipment side of our business.
Saree Boroditsky: And then I guess, maybe coming to on that framework, Americas volume, step down sequentially, although not as much adjusting for the fewer shipping days. Just can you talk through the cadence of demand through the quarter and provide a little bit more color on what you saw in October? Where did you see demand soften and anything surprised to the positive?
Gabe Bruno: Saree, as we talked, as we reported our second quarter results. We had strong orders to end the quarter and then into July. And then as we’ve talked about in the markets in September, we did see some moderation in consumable activity to essentially flat year-over-year. And so I think on balance, what we saw in the third quarter is what we’ve been discussing in the markets. Now as we wrap up the third quarter now into the fourth, we’ve seen now strength again in order activity to wind down the third quarter and into the beginning parts of this fourth quarter. And that’s what gives us confidence in maintaining that mid-single-digit organic assumption. So we’ve also talked about and it’s going to be a larger component of the Americas progression in this fourth quarter, but the automation projects that we’ve pointed to have positioned for the fourth quarter cycle.
And so we have a strong backlog and in automation, and we see the progression of projects coming to revenue recognition in this fourth quarter. So that’s what gives us confidence in the strength of volumes into the fourth quarter, particularly in the Americas side and the overall assumptions for the fourth quarter. in mid-single-digit growth.
Saree Boroditsky: Appreciate the color, thanks.
Operator: Thank you. Our next question will come from the line of Nathan Jones with Stifel.
Nathan Jones: Good morning, everyone.
Chris Mapes: Good morning, Nathan.
Nathan Jones: I guess I’ll start off on the EV charger side of the business. You guys have previously talked about adding capacity for that and being able to deliver $600 million of revenue but I’ve been pretty cautious on giving us any detail on what you expected to deliver in 2024. Maybe now that we’re a little bit further along, you’ve signed a contract to deliver the first few year net. Any color you can give us on what you’re looking at for incremental revenue from that business in 2024?
Steve Hedlund: Sure, Nate. This is Steve. We have mentioned consistently, right, that the pacing of that business relies a lot on factors outside of our control or outside of our customers’ control in terms of permitting and grid hookups and substation transformers and the like. So we’ve been very cautious not to provide a revenue forecast for that business just because we don’t know exactly how that will all unfold. You’ve seen the news that some of the OEMs are starting to slow the rollout of their vehicles really because the charging infrastructure is not really there to support it yet. So we see that as a positive in the sense it will put continued pressure for building out the charging infrastructure. And we’re currently in what we would call the alpha stage of production.
