Timothy Knavish: Yes, Josh, actually, it’s a little bit flip flop because Mexico, while it had another great quarter from a kind of sales and earnings standpoint as well as cash, the Easter impact in Mexico was more of an impact than it was up here. It’s a really important holiday for our friends in Mexico. And we actually had decent performance in our architectural U.S. business versus last year and versus the kind of market. We’re confident that we gained share in 2023 and we saw that momentum continuing into Q1. And all on the pro side, though, Josh, DIY remains soft, but we did see a good performance. The way we look at our Pro business now with what we’re doing between our own network, our partner, Home Depot and our many good partners across the private dealer channel, we look at it in totality.
And despite all the negative macros, all the negative news as recently as this week on housing, we were up low single digits for the architectural U.S. business. On the Pro — I’m sorry, that’s on the Pro side.
Operator: Thank you. The next question comes from the line of Mike Harrison with Seaport Research Partners. Your line is open.
Michael Harrison: Hi, good morning. I was wondering if you could give a little more color on what you’re seeing in India. Obviously, you gave us some comments on what you’re seeing in China. But what are some of the key markets that you’re serving in India? What’s your current position? And I guess maybe what stage or inning are we in, in terms of the growth potential that you see in India?
Timothy Knavish: Yes, Mike, I was just there. I just got back a couple of weeks ago and it was fascinating. I’ve been going to India for 25 years and there was always a lot of talk of improvements in infrastructure and public investment and growth. It’s happening now. It is actually happening. It’s very noticeable. If you go regularly, you will see a big difference there. A lot more cranes, a lot more highways being constructed, trains, airports. We’ve got a very good position there, mostly on Automotive, Industrial and Refinish and all of those businesses are growing. And we feel really good about the growth trajectory going forward. Now it is not in our top five countries today. But the reason that we’ve started to highlight it is, one, we do have a very good position there. And for the first time in a long time, we see real tangible industrial production and infrastructure growth on the ground.
Vincent Morales: And Mike, what’s fostering that is we are seeing a significant amount of reshoring in Asia to India. The economy there is growing as robustly as Mexico. And again, that’s driving that industrial activity.
Operator: Thank you. The next question comes from the line of Laurence Alexander with Jefferies. Your line is open.
Laurence Alexander: Good morning. Just one quick one. On the proposed, possible exit of the silicas North and the restructuring of the North America Coatings. How much would that have changed your volatility across your business? And I guess just going forward, I mean, you talked about M&A sort of leading to mostly focusing on higher growth, higher margin. To what degree does the volatility of the businesses you’re acquiring factor in? Or just how are you thinking about that managing that going forward?
Timothy Knavish: Sure. Thanks, Laurence. The volatility, the cyclicality, the seasonality are factors, of course. But I would say the number 1 and number 2 factors are, does it improve our overall organic growth profile on a on a long-term basis for the company? And does it improve our overall margin profile? So those are our first two factors. And then if we can do it without adding cyclicality and seasonality even better. To the first part of your question, clearly, architectural U.S. Canada is one of our more highly seasonal businesses. So if we do separate entirely from that business, you can visualize the outcome there. And I would say the silicas business does have some cyclicality to it, because part of that business is tied to auto OEM production in tires, but only a portion of that business, other parts of it are tied to automotive aftermarket and tires.
Other parts are tied to battery separators, consumer electronics. So I would say it will have some impact, but not enough that it’s going to, I think, affect your modeling of how you might model the company in its entirety from a cyclicality standpoint.
