Mig Dobre: Hi, good morning. Can you hear me?
Chris Mapes: Yes. Good morning, Mig.
Mig Dobre: Yes. Good morning. Thanks for the questions. I guess I have to apologize because I’m a little bit confused in terms of what the messaging is here on demand. It sounds like demand was good in the summer, then it kind of slowed through September. I guess that would be consistent with some of the stuff that we turned up in our own channel checks, but you’re saying that there is been reacceleration in October, yet we’re talking about a $5 million to $10 million hit in the fourth quarter from auto, which is obviously a negative. So I’m sort of trying to parse these things out. I mean, if you’re seeing reacceleration, where exactly is this reacceleration materializing? And what’s exactly driving that? And again, is this just a function of timing for automation that’s coming out of your backlog or is this sort of booking ship business?
Gabe Bruno: Yes. So, Mig, think about the core welding business being relatively steady when you normalize for shipping days. So, good activity broadly in the third quarter and that steady pacing into the fourth quarter. And as we talked about over the last couple of quarters is that we have a mix of project business and automation that’s planned for execution and wrap up and completion in the fourth quarter. So, we know on the organic side of the automation business that we have a step up than what you have seen in automation in the third quarter. So, we were essentially flattish in the third quarter for automation. That’s all timing of projects. You saw the mix of automation being driven by acquisitions. We will see a strengthening in organic sales driven by the automation component of our business.
Mig Dobre: And I guess I understand that part. The part that I am trying to figure out is the order commentary, right? Because we are not talking about deliveries, we are talking about orders accelerating. So, how do we square that with the comment on auto, that’s obviously weaker?
Gabe Bruno: But think about the core welding business being the activity level you saw a little choppiness, strength in July, a little softening in August, back up a little bit in September, strengthened in October. So, think about that as balanced in core welding overall. And then you have got the component that’s driven by the labor disruption in that $5 million to $10 million range, that’s all built into what we are talking about in the fourth quarter as an organic assumption in that mid-single digits. So, we have considered that in how we have addressed the sales assumption for the year and the fourth quarter.
Steve Hedlund: Yes. Mig, this is Steve. I would just add that we are still seeing very good demand for standard equipment and consumables in the Energy segment, Heavy Industry segment, General Industry segment. Even in automotive, even though there is going to be a headwind of volume for consumables in the fourth quarter, we are still seeing automotive customers invest in our standard equipment to drive productivity for their operations. So, when you mix that holds two together and you look at the impact of the labor disruption and then the offsetting of continued good performance in the rest of the business, that’s where we are.
Mig Dobre: Okay. Then my last question, you talked about FABTECH. It was a great show and the cobots did seem to get a lot of attention. My question is related to cobot since you mentioned receiving sizable orders, what sort of an impact can this product have on your business as you think about whether it’s the whole business or just automation specifically as you think about 2024. And related to this, maybe back to the interest rate question asked earlier, are you getting the sense that there is any slowdown in the way these automation projects are being considered by your customers, or are we still going strong? Thanks.
