I don’t know in my view that I would predict that Eastern Corn Belt market heats up for us. We did see some of that business back in that ’12, ’13 period during that historic drought in that part of the world. I’m not sure that it’s going to get severe enough that it will drive results in the short term, but I correlate it back to strong commodity prices, irrigators are going to have strong yields. That combination is going to prop up farm income, and we feel could be very supportive for the business.
Brett Kearney: Excellent. And maybe if I could just sneak in one additional one on the infrastructure side. You definitely have heard from a number of other folks on kind of the various constraints that transportation projects have had kind of moving forward. I know you guys interact at a few levels with states departments, transportation. So just curious kind of the data points you’re hearing and the feedback, whether it’s labor or construction crews, materials or kind of what — some of the major bottlenecks on the road safety product side.
Randy Wood: Yes. I think the ones you’ve mentioned, we’ve heard about inflation early on, really impacted project flow and then some projects had to get requoted and rebid because the costs they were quoted under had moved due to inflationary concerns. Access to labor, access to equipment, we’ve heard both of those things, and the ability to kind of get this money to the road. And I think most recently, it’s really more about administration and just the paper flow and approval flow to get this money into the bank account, so it can be spent. So it’s a combination of factors. But like you, Brett, we’re following some of the public companies in the space, and we’re hearing a lot of consistent stories working with, listening to the Association of Equipment Manufacturers, AED, those organizations.
This does appear to be an industry phenomenon. But the good news is, and we’ll talk a lot about, any additional funding is supportive for strong markets. And we’re okay being patient, and we do see, again, some longer-term potential going as far out as 2026, where we think we’re — we’ll have some long-term stability and benefit here.
Brett Kearney: Excellent. Very helpful. Thanks so much, Randy.
Randy Wood: All right. Thank you, Brett.
Operator: Our next question comes from Bill Baldwin with Baldwin Anthony Securities. Please go ahead.
Bill Baldwin: Yes. Good morning, and thanks for taking my questions. Initially, I was going to see what you’re thinking now about the level of capital expenditure here in ’23? And if you can, what’s kind of the nature of the projects that are being focused on in that area?
Brian Ketcham: Yes, Bill, it’s Brian. For 2023, we’re probably going to end up in that $15 million to $20 million range. I think we’ve been looking across our manufacturing footprint to look at where we can add productivity-type investments. You look at a market like Brazil and our facility in Turkey, where there could be a need for additional capacity expansion. But I would say as we go into 2024, the level of CapEx could pick up as we look at ways to continue to improve our overall efficiency. And — but this year, we should end up in that $15 million to $20 million range.
