Michael Coffey: Yes. I think what we have here is not a blip in the radar. I mean, when margins – when you improve a business like ours, it takes time for those improvements to get ahead of steam and get momentum. But we’re not looking at this as a blip in the radar. As a matter of fact, we’re looking at this as a down payment for how the business is going to perform going forward. So we introduced this three-year strategy to drive 300 to 500 basis points of improvement that would fall to the bottom line. Most of those improvements are going to come from gross margin. And what we’re seeing is that it’s working. The strategy is working. But the first part of that was pricing improvements, production velocity, a little bit of supply chain.
The next wave that comes in will be more of the effects of product mix, market focus, more intense supply chain focus, and then a growth in our parts sales. So it’s a multi-tiered strategy, and these things are going to fold upon each other. But we’re committed to what we’ve set out with this Elevating Excellence strategy. And I think the message of Q3 is that it’s working and really, really Joe and I are exceptionally proud of how the operating teams have come together. The management team at Manitex is very excited about the process. And it’s good for them to see that their efforts are actually winning because they are.
Ted Jackson: Okay. Two more questions. Going back over to chassis. I mean, I know that you’ve gotten them out of your P&L, but it’s still an important part of the business in terms of you got to have them to deliver most of your – big chunks of your product. We had just gone through some labor disruption with the UAW on the Big 3. It has spilled over into some of the commercial vehicle market. And so I guess my question on this front is have you had any issues with regards to at least your customers getting availability to chassis? And do you have any concerns with that as you think about fourth quarter? Because I know there’s still some turbulence, if you would, within the commercial vehicle market as a result of the strikes.
Michael Coffey: Yes, absolutely. I really appreciate your question, Ted, and we’ve been asking ourselves and our suppliers what to expect. Most of the chassis that we – first of all, the chassis in Europe have been unaffected. And so that impacts our work platform business. And so we’re moving along unencumbered there. The chassis in North America are largely Class 8, and there hasn’t been a big impact of the UAW strike. And we’ve been monitoring chassis delivery for both our trucks and our customers’ trucks very intently. And we’re not seeing a significant change. But to tell you that our eyes are not on that as a potential issue would be a misnomer. I mean, we’ve been talking to our suppliers every week. Thus far, we’re not seeing a change in schedule.
And I’m hoping that as the UAW resolves, that threat will go away completely. Our biggest supplier is PACCAR, and they don’t have direct UAW influence, but their suppliers are. So that’s how we’re looking at it. And the short answer is we’re not seeing any impact at this stage.
Ted Jackson: Okay. And then my last question, just more of a strategy one is, over the longer term, one of the efforts, I guess, would be, say, to kind of drive margins and efficiencies, bringing some of – the manufacturing of some of the products that you currently make in Italy and Europe and actually bring some of that manufacturing here to the U.S., you don’t have to ship it. And I just wanted to kind of hear like where are you in terms of that journey there? I mean could you talk a little bit maybe about kind of timeline and where you are within that timeline? Just kind of an update, if you would, and that’s my final question.
