John Michael: I would agree, Andi, in that the — there is still a lot of iterating that goes on before the plan is finally complete. So people are — really want to make sure that they get it right. But I would add to that, there is a growing sense of urgency among CEOs and leaders maybe even a sense of frustration on this topic, which to Andi’s point, is sort of a catalyst for activity and to kind of get off the fence on some of these projects and make decisions. So obviously, that’s positive for us and for our industry.
Reuben Garner: Great. And Jeff, sorry if I missed this, but can we give an update on where we are in the price/cost, journey. I know you guys had an increase out as recently as this summer, I believe? Are the current kind of double-digit margin run rates that you’re seeing in the Americas fully reflecting your price cost? Have you gotten your margin back or is there still kind of room to run there?
Jeff Stutz: Yes, Reuben, I would say it this way. So yes, you are correct. First of all, I’ll confirm we did have an increase that was effective. John, keep me honest here was July or beginning of July. So we — and it was a certainly not the 8% and 10% that we had been seeing in years. Recent years past, it was closer to 3% on average. So more akin to typical history of price increases. And that will take some time to layer in. And so we think there’s some further upside there. I want to maybe take this as an opportunity to highlight the fact that the synergy plan that we have been spending so much time in effort on over the past two-plus years. We have been working hard in the background and market conditions have been such that it’s largely masked all — so much of that work.
And I think what you’re seeing now and you see in the Americas business, we were 800-plus basis points of gross margin expansion year-on-year this quarter. That’s a big deal. And I attribute that it’s pricing, it’s price cost factors, as you highlight, for sure. Those have come back in our favor a bit, and we still have a little room to run there, I believe. But the synergy plan is layering in and you heard my comments a few minutes ago on the remaining projects, we think there’s still some room for further margin expansion there. Now the precondition for that has always been in this business, you have to have some level of demand support. And so that’s why we will continue to watch the macro picture very closely, as you can imagine. But if we get some support there, we think the table is set for even some further margin expansion as we move forward.
Reuben Garner: You stole my thunder. That was my follow-up question. So I think I’ll end with stock repurchase. I believe that was the largest repurchase we’ve seen in some time for the quarter. Maybe just update us on what you’re thinking is there? Is that something we’ll continue to see if the stock kind of remains at these levels? It seems to speak to your confidence that maybe we’re turning a corner here and the stuff is not reflective of that, but I don’t want to put words in your mouth?
Andi Owen: Yes, I would say we believe we’re oversold, but I think we have a very balanced perspective on capital allocation. We’ll continue to pay down debt. But if we continue to see opportunistic time to purchase our stock, we’ll do that too. We believe that’s a great return for our shareholders, and we believe in the future.
Reuben Garner: Great. Thanks, guys. Congrats on the strong results and good luck.
Jeff Stutz: Thanks, Reuben.
Operator: Your next question comes from the line of Alex Fuhrman with Craig-Hallum. Your line is open.
